Bloomberg News

South Africa’s ANC Reviews Reserve Bank Change, City Press Says

March 04, 2012

South Africa’s ruling African National Congress will debate changes to the constitution that include altering the Reserve Bank’s mandate, City Press reported.

The ANC will distribute documents detailing the proposal tomorrow to party members for discussion ahead of a policy conference in June, the Johannesburg-based newspaper said, citing the documents. The paper didn’t disclose how it obtained the proposals.

The ANC wants to change the “narrow mandate” of the Reserve Bank, create a state-owned publishing company and recruit children for the ANC from birth, the newspaper said. The current constitution needs to be reviewed because it is an “impediment to social and economic transformation,” the newspaper said, citing the document.

The ANC won 65.9 percent of votes in the 2009 election, shy of a two-thirds majority necessary to make constitutional changes unilaterally.

To contact the reporter on this story: Andres R. Martinez in Johannesburg at amartinez28@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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