African National Congress (ANC) Head of Communication in the Presidency Zizi Kodwa says President Cyril Ramaphosa has the final word when there is confusion or policy uncertainty.

He was speaking to the SABC on the Reserve Bank issue.

ANC Secretary General Ace Magashule had claimed that the party had resolved at a recent National Executive Committee Lekgotla to expand the mandate of the central bank to include employment and growth.

This has sent shock waves through the markets with the rand weakening to above R15 to the dollar. Kodwa says they will not be reckless in their implementation of policies. 

Earlier President Ramaphosa says while the ANC recognises views – that the Reserve Bank should be publicly owned – it will come at a cost that’s not currently practical.

Ramaphosa released a statement after a meeting with the party’s National Officials at Luthuli House in Johannesburg on Thursday.

The President says the ANC’s policy on the Reserve Bank, as set out in the Constitution, has not changed.

Ramaphosa says the recent public spats on the Reserve Bank’s mandate has undermined the confidence of citizens and investors and has called the utterances ‘unhelpful’.

Magashule’s comments were subsequently contradicted by NEC member Enoch Godongwana and Finance Minister Tito Mboweni – who say government sets the mandate for the Reserve Bank.