The SACP has criticised the current banking system which it accused of undermining the ANC and the government.
SACP secretary general Solly Mapaila speaking on the first day of the 6th ANC National Policy Conference taking place in Nasrec on Friday, called on the government to create a state-owned bank.
“The financial sector (banks) is undermining our liberation movement and our government in this country.
“But perhaps it’s much less about them and much about ourselves.
“We have called for an establishment of public banking systems.
“We can have the Gauteng government for instance having its own bank, there is nothing wrong with that, municipalities or metros can have their own banks,” said Mapaila.
“Because in the context of a country that is focusing on feared money, in other words, paper money, money that is not paired to any critical minerals, the gold or any other platinum that we have, the banking system is organised looting by capital worldwide.”
Mapaila said states must create their own banking institutions to prevent public looting of national resources but also to participate in the creation of value of wealth of money for development.
“A sovereign country should not be begging money for development, in other words we have discussed these matters some time with some of the leaders here like it is practised in other countries.
“We need to have a relationship to in particularly in a context of a developing country like ours with high unemployment rate, management of inflation in terms of the reserve bank mandate, job creations and the role of banks particularly in the current system of feared money so that when you are to release money for development you don’t only rely on outside,” he said.
Mapaila told delegates and the media present that the SACP would recommend the alliance to adopt the creation of public banking at the conference.