SACP wants government to create a state bank to prevent public looting

The South African Communist Party (SACP), an alliance of the African National Congress (ANC), wants the government to create a state bank to prevent public looting of national resources.

The party’s General Secretary Solly Mapaila says they will recommend the alliance adopt the creation of a public banking institution at the 55th ANC Policy Conference underway at Nasrec, South of Johannesburg.

Mapaila says the state should not be begging for money for development if it has its own resources. He criticised the current banking system and called them looters.

“We have called for the establishment of a public banking system.  You can have Gauteng for instance having its own national bank, municipalities and Metros having their own bank. Because in the context of a country focusing on feared money, in other words, paper money, money that is not paired to any critical minerals, the gold or platinum that we have. The banking system is organised capital looting worldwide.”

Mapaila says the sixth ANC policy conference has the mammoth task of trying to rescue the governing party from the crisis it faces, from both internal and external factions.

He says the conference should come up with solutions for the party to end divisions so that it can focus on its mandate, which is to serve the people.

Economic crisis

ANC National Executive Committee member, Mmamoloko Kubayi, says one of the main discussions during the party’s sixth National Policy Conference will be to address the country’s economic crisis

Kubayi says the ANC policy document will hope to tackle socio-economic challenges affecting South Africans.

“The Russia and Ukraine conflict continues to impact negatively on the global market. So, it’s not only SA that is battling with the economic environment, fuel prices and inflation. Many Reserve Banks across the globe have raised concerns and for us here in SA, we are faced with high unemployment issues, the cost of living going high while salaries are on the same level – it’s becoming difficult for citizens to survive…We do think delegates will raise the issue around the mandate of the Reserve Bank, issues around unemployment and support the transformation of the financial sector.”

In the video below, Analyst Angelo Fick and Reporter Samkelo Maseko unpack expectations ahead of the conference: