President Cyril Ramaphosa at parliament on Thursday. PHOTO: Brendan Magaar/African News Agency (ANA)

Parliament - The government will implement the ruling party's decision to do away with external shareholding in the South African Reserve Bank, President Cyril Ramaphosa told MPs on Thursday.

"That decision is there and it will be implemented," he said in response to a question from Democratic Alliance leader Mmusi Maimane in the National Assembly.

Ramaphosa said there was nothing unusual about this move as South Africa was one of only six countries in the world that still had external shareholding in its central bank. He cited the United Kingdom's decision to do away with this practice in the 1940s and buy out foreign shareholders as an example of how far South Africa lagged behind international thinking in this regard.

"I don't want you to deceive South Africans and think this ANC wants to go ahead with a mad programme. This is the done thing around the world," he said, adding: 'It will confirm our sovereignty."

He said the government would see how best this would be implemented.

"Obviously we have to go through processes."

There are 770 external shareholders in the central bank. The African National Congress' resolution dates from 2017.

African News Agency (ANA)