Ace Magashule says incoming ANC MPs must nationalise Reserve Bank

Ace Magashule says incoming ANC MPs must nationalise Reserve Bank

- Ace Magashule says the ANC must urgently nationalise the Reserve Bank

- He also called for the party to implement land expropriation without compensation

- This comes despite Cyril Ramaphosa saying the Reserve Bank would not be nationalised

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ANC Secretary-General, Ace Magashule, has urged the ANC members who are elected to Parliament this year to urgently pursue the nationalisation of the Reserve Bank.

Magashule made the remarks while speaking at an event to commemorate Chris Hani.

He said the government should act urgently in nationalising the Reserve Bank, as well pursuing free education and expropriation of land without compensation.

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Magashule was referring to the candidates on the party's election list, which he played a role in crafting. He reiterated his call to nationalise the Reserve Bank - which essentially means that the Reserve Bank would come under direct government control despite Cyril Ramaphosa previously saying that the Bank would not be nationalised.

The Reserve Bank is currently controlled by independent shareholders. Nationalising it would likely see it coming under the control of the finance minister, has gathered.

READ ALSO: Zimbabwe to pay white farmers compensation for expropriated land

Magashule went on to instruct these candidates to implement the policy decisions made during the ANC's national conference, according to Eyewitness News.

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The proposal to nationalise the Reserve Bank is not without its critics, however. One economist, for example, argues that it would be cosmetic change at best and an economic blunder at worst.

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