South Africa Finance Minister Rebuffs Ruling Party Call to Pressure Central Bank
- Godongwana reaffirms independence of nation’s central bank
- Treasury likely to reduce growth forecast on power outages
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South Africa’s finance minister rebuffed a call by some in the nation’s governing party for him to push the central bank to use measures other than lifting borrowing costs to curb inflation, as he reaffirmed the bank’s independence.
The African National Congress on Sunday asked Enoch Godongwana to hold urgent talks with the South African Reserve Bank about ways to address the surging cost of living “other than raising interest rates.”