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SACP General Secretary Solly Mapaila during a media briefing in Johannesburg.
The South African Communist Party’s (SACP) Conference of the Left has called for sweeping economic reforms that include the nationalisation of the South African Reserve Bank (SARB), state-led industrialisation, and expanded public ownership of strategic sectors.
Delegates from 10 political parties argued that mass unemployment, poverty and inequality are the result of an economy driven by profit rather than needs.
Addressing the media in Boksburg on the Gauteng East Rand after the three-day gathering, SACP General Secretary Solly Mapaila says the conference condemned outsourcing and supports legislation that keeps things local.
“That South Africa cannot build a developmental, employment-creating and socially owned economy while finance is dominated by private commercial banks, asset managers, speculative capital and debt-driven accumulation. Therefore, as the conference rejected austerity and financialisation, it also calls for the nationalisation of the South African Reserve Bank and a fundamental review of its mandate, ownership, governance, and accountability.”
“That monetary policy must support self-employment, industrialisation, developmental finance, public investment, transformation, and the needs of the working class. That’s why the conference at its beginning condemned the increase by the Reserve Bank of the interest rate,” adds Mapaila.
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