The African National Congress (ANC) has no intention of interfering with the independence of the South African Reserve Bank, party president Jacob Zuma said in Washington, DC, on Wednesday.
”We are often asked if the ANC would stick to the independence of the South African Reserve Bank next year. There is no question about that,” he told a meeting of the Corporate Council on Africa.
”The way in which it has worked up to now is that the National Treasury coordinates with the South Africa Reserve Bank to establish the parameters within which the bank operates, and the Reserve Bank operates independently to execute its mandate. There is no question of changing this practice.”
Zuma said exchange controls had ”saved the day” for South Africa during the current global financial crisis.
”In the current environment it appears prudent to not make any dramatic changes to the current exchange-control environment.
”However, our view is that the policy of incremental relaxation of controls, when conditions permit this to be done without disrupting the economy, should continue.”
Zuma said the ANC was ”firming up” its policies ahead of the next elections.
”The creation of decent work for all South Africans, including the unemployed and under-employed, must be the primary focus of all economic policies, including industrial and trade policy.”
The party was exploring ”all avenues” to do this.
Infrastructure investment, such as the expanded public-works programme and construction for the 2010 Fifa World Cup, would maintain growth in the labour-intensive construction sectors for some years.
”Our pursuit of foreign direct investments will also be in the spirit of providing decent work, in terms of quality and quantity.”
Zuma said when it came to the country’s budget, the ANC wanted to improve outputs.
”For example, per capita spending on education is high by global standards, but the output in terms of skills is low. Making public-sector spending more efficient, generating higher returns is an important objective.”
Other areas of focus for the ANC were health, education, fighting crime, maintaining financial and macroeconomic stability and improving the public service.
It was important to accelerate land and agrarian reform in order to speed up rural development.
While the country’s political landscape might seem ”robust” and ”aggressive” at the moment, there was no cause for alarm.
”There is no political crisis in the country. What you will hear from now until at least June next year will be the vibrancy that comes with any election.”
Zuma said the ANC believed it could weather any storm, ”as we all seek to put our country first before personal interests”. — Sapa