Rand takes a knock as ANC policy conference concludes

The six-day policy conference of South Africa's ruling African National Congress (ANC) came to a close, leaving the South African rand in decline. Delegates from across the nation gathered to discuss and propose policies that the ANC should adopt, culminating in a series of recommendations that have left many uncertain of their implications. President Jacob Zuma presided over the conference, emphasizing the importance of the quality of discussions and debates that took place among delegates. The conference put forward several significant economic recommendations, including calls for radical economic transformation, the implementation of the proposed mining charter, the establishment of a state-owned bank, and the removal of 'white monopoly capital'. It is crucial to note that while these recommendations have been presented, they are not binding on the ANC until the December conference endorses them, meaning that debates surrounding issues like 'white monopoly capital' will persist. Some delegates expressed frustration at the reluctance to use the term 'white monopoly capital', arguing that it is a reality that must be acknowledged. The proposal for an independent reserve bank also contributed to the decline of the rand, prompting concerns about the misinterpretation of recommendations as decisions. As delegates disperse and return to their respective destinations, South Africans are left eagerly anticipating the ANC's elective conference in December, where the fate of these economic recommendations will be determined. The outcome of that conference will shape the path forward for the ANC and its policies on economic issues. The nation remains divided on these proposed policy changes, with uncertainties lingering until the December conference provides clarity on the ANC's future direction.