The African National Congress (ANC) says it will not rush the nationalisation of the South African Reserve Bank (Sarb), but the resolution of its conference has to be implemented.
The national executive committee has tasked its economic transformation subcommittee to begin engaging on what will be the best way to go about it.
The Reserve Bank is currently owned by private shareholders, but they have very little power over how the bank operates or who leads it.
When the ANC resolved in December to nationalise the Reserve Bank, the central bank called it a cosmetic exercise that would be costly.
The Reserve Bank claimed that the process of changing the ownership structure of the bank could be too risky for South Africa’s fragile economy.
But Magashule says that when a decision is taken, it is only a matter of finding the right modality for nationalising the bank.
“It has to be implemented with sensitivity in consultation and engagement with various stakeholders and shareholders there.”
The party has acknowledge that there are varying and contradictory opinions on this matter, and promises not to be reckless in implementing its policy.