A Reckless shot at the Central Bank of South Africa by the Public Protector Spells Economic Disaster for the Country Amidst a Recession and Ratings Down Grades: More Kicks for the Economy and South Africa in Turmoil

Abstract

This paper delves into the perplexing issue as captured in the title of the paper. The announcement by the Public Protector will further dampen the economy of South Africa. It will lead to further economic downgrades by the ratings agencies in an era of recession, very high employment, and rising inflation. The issue straddles the reckless shot at the Central Bank by the Public Protector, pushing for change in the Bank’s role, which saw the rand fall by two percent and has deteriorated even further to trade at R13.50 to the US dollar. She has called for a revision of the Reserve Bank’s constitutional mandate. The Public Protector charged that protecting the value of the rand, to a focus on the protection of ‘citizens’ socio – economic wellbeing is cardinal to South Africa’s development. The question arises – Is she doing this at the bidding of the ruling ANC and, supporting the misguided notion of radical economic transformation of the economy, propounded by the President of the country and the African National Congress, given the failure of the ruling ANC government to bring about coordinated development after 23 years of South African democracy. The paper will therefore look at this issue and, elaborate on the possible devastating effects upon an already compromised economy and the, effects upon the general population.  In adding to the narrative, the policy documents of the ANC were critiqued very briefly, in order to show the paranoia that exists within the ruling ANC government, which is aimed at hanging on to power at all costs and, not serving the people of the Republic of South Africa.