Finance Minister Tito Mboweni says he will assure investors at the World Economic Forum (WEF) in Davos about the independence of the South African Reserve Bank (SARB) and the government’s intention to implement economic reforms proposed in his economic reform document geared towards boosting the country’s economy.

Mboweni’s comments on the reserve bank follow his tweets where he said that the ruling party’s resolution to nationalise the bank was a mistake.

The African National Congress (ANC) lamented Mboweni’s comments saying he should at all times uphold and defend the resolutions of the ruling party.

Speaking at a media briefing in Rosebank, Mboweni says, “You said that they’ll ask about the South African Reserve Bank and I’ll tell them that the Reserve Bank is by virtue of the constitution is an independent central bank of the republic.”

 

“But we’ll be honest to say that the pace of the structural reforms is not the way we want it to be, so we need to speed up the reforms,” explains the finance minister.