In keeping with the Socialist principle that the State must own and control everything, as with the ANC’s National Health Insurance Scheme, the National Treasury said it was also moving forward with the establishment of a state-owned bank for South Africa, and that Cyril Ramaphosa, and the Minister of Finance, Tito Mboweni, were supporting it. It might surprise many to discover that the Central Bank is in fact privately owned, as it is worldwide.
Last week, Treasury Director-General Dondo Mogajane said the new state-run Bank was part of the ANC president’s radical reforms and rumor has it that the members of the Committee, who are involved in the matter, are blaming the Treasury for delaying and dragging their feet in carrying out the matter to establish the Bank.
Experts in the economic field have expressed concern about the planned establishment of a state-owned bank and some analysts say it will eventually become just another state owned entity that will not r
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