EFF plans to write to Kganyago, Mboweni and Ramaphosa to stop African Bank sale

Cyril Ramaphosa
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The Economic Freedom Fighters (EFF) says it will write to the Reserve Bank Governor Lesetja Kganyago, Finance Minister Tito Mboweni and President Cyril Ramaphosa to immediately stop the sale of the African Bank.

This after the Reserve Bank issued a request for proposals to appoint a transaction advisor to assist the central bank with the future sale of its shareholding.

The SARB acquired its 50% shareholding in African Bank in 2016 as part of restructuring after the bank was placed under curatorship in 2014.

The EFF says the announcement is a deliberate attempt to sabotage government’s attempts to establish a state-owned bank.

In his State of the Nation Address on Thursday President Cyril Ramaphosa unveiled a plan to establish a state bank to extend financial services to all South Africans in an effort to address worsening poverty and unemployment.

The EFF says African Bank should form the foundation on which such a bank is formed.