JOHANNESBURG - The Congress of SA Trade Unions (COSATU) in KwaZulu-Natal on Friday said that it will stand against anyone who opposes the resolution to expand the mandate of the South African Reserve Bank (SARB).
Officials of the ruling African National Congress (ANC), including Finance Minister Tito Mboweni, Enoch Godongwana and secretary general Ace Magashule, have been at loggerheads about expanding the mandate of the SARB as dictated by the resolution taken and reaffirmed at the party's 53rd and 54th national conferences in 2012 and 2017.
In a statement following its provincial executive committee last week, COSATU said the ANC manifesto promised decent jobs, to broaden ownership in the economy and address these dominant monopolies in the structure of the economy, extend the macroeconomic framework to support socio-economic transformation in order to expand SARB to meet the objectives such as employment and economic growth.
"It is within this context we agree with the ANC resolution which seeks to redefine the role of the Reserve Bank," COSATU said.
"We will stand very boldly against those who seek to undermine this important initiative, including the current minister of finance. We view this move on the Reserve Bank as an important initiative towards the real transformation of our economy."