Attack on South African Central Bank Adds to Ramaphosa’s Woes

Cyril Ramaphosa’s uphill battle to revive Africa’s most industrialised economy has grown steeper after his ruling African National Congress spooked markets with an attack on the independence of the central bank, the Financial Times reported. South Africa’s economy is already skirting with recession and threats to growth are festering problems for the president after the ANC returned to power in elections in May. Now Mr Ramaphosa has to defuse a war of words over control of the South African Reserve Bank, which included a bizarre call for quantitative easing “for developmental purposes” that broke out last week and shook the South African rand. The spat has revived a ferocious internal debate over the independence of the central bank and whether it should nationalise an unusual private shareholder structure. Read more