South African President Cyril Ramaphosa pledged on Wednesday that his government would not interfere with the independence of the Reserve Bank, despite a proposal by the ruling party to broaden its focus to boost employment and economic growth.
“We do not seek to interfere with its independence,” Ramaphosa told a news conference at the World Economic Forum in the Swiss ski resort of Davos.
The central bank’s mandate now focuses on price stability, but the African National Congress said in its 2019 election manifesto that monetary policy should also “take into account other objectives, such as employment creation and economic growth”.