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Uncertainty with the SARB is doing damage to the economy

If ever there was a time for pres. Cyril Ramaphosa to show his leadership and that he is indeed in charge, this is it.

SA Reserve Bank

The division in the ANC is costing the country a fortune and Ramaphosa is silent. We cannot stand by and watch as the country is turned into a personal chew toy by people in power.

We just learned how the GDP shrunk by -3.2% in the first quarter of 2019 compared to the last quarter of last year, the economy is not growing which may lead to even more job cuts while currently we have high unemployment figures of 27,8%.

UASA, therefore, urges Ramaphosa to step up to the plate and make it crystal clear once and for all what the ANC’s plans with the South African Reserve Bank (SARB) entail. A clear explanation would be a solid move towards reassuring South Africans that he, in fact, intends to take the country forward, stabilise the markets and put us back on the recovery plan as promised by his “New Dawn”.

We cannot afford any more uncertainty.

The squabble about extending the mandate of the Reserve Bank is playing out in the public domain with senior ANC members engaging in arguments and mudslinging on social media instead of sitting down and discussing the issues like responsible public representatives and bringing a solution to the table that will benefit South Africans and the country in general.

These public squabbles send jolts through financial markets and cause immense harm as they render South Africa an unattractive investment destination. The rand started falling again after its earlier fall courtesy of the GDP figures.

Decisions made by the ruling party, or the lack thereof, ultimately affect everyone in South Africa, either through destabilisation of the economy or paving way for corrupt activities.

If Ramaphosa really has the prosperity of all South Africans at heart, he would do well to keep that in mind.


For further enquiries or to set up a personal interview, contact Stanford Mazhindu at 074 978 3415