The Socialist Revolutionary Workers’ Party (SRWP) is launching its election manifesto from Friday, and one of its key focus in eradicating unemployment and poverty is by nationalising the South African Reserve Bank.
Socialist Revolutionary Workers Party launches its manifesto
Since the trade union was expelled from the Congress of South African Trade Unions (Cosatu), it has gained traction as a stand-alone entity, surviving outside of the all-powerful tripartite alliance.
The man who convenes the highest seat in the party, Irvin Jim, has been very vocal about the newly-formed party’s ambitions. According to Jim, its short-term plans include:
- winning more seats in Parliament than Julius Malema’s EFF;
- getting more unemployed South Africans in secure and good-paying jobs;
- restructuring personal income tax to be directly proportional to earnings.
- eradicating poverty and unemployment in five years or less; and
- nationalising the reserve bank.
Jim, in an attempt to drive his party’s message home, ridiculed the slogan of President Cyril Ramaphosa’s campaign, Thuma Mina.
He noted that a billionaire could not be the voice of the voiceless because he is out of touch with the people’s needs.
“A billionaire, he’s got guts to say to the working class, ‘send me’. If I were to be honest, for me, that call by Cyril Ramaphosa is extremely irritating and insulting.” he said.
Why political parties want to nationalise the reserve bank
The party believes that nationalising the central bank will be key in realising a South Africa with a high employment rate.
South Africa’s reserve bank is one of the fewest central banks, in the world, that have private shareholders.
The bank has over 261 000 shares split between more than 600 private shareholders, with Parliament only able to function in a supervisory role within the spectrum.
Many of these shares are owned by people who do not reside in South Africa, the majority shareholder being Michael Duerr, a German with a 57.5% ownership stake in the central bank.
The ANC and the EFF have always pushed for amendments to the Reserve Bank Act.
Ironically, the SRWP’s sentiment is directly synonymous with that of its counterparts, who apparently “annoy and irritate” Jim.
Alas, the newly-formed party has identified this as one of its more critical reform ideologies.
Thus, its manifesto will be rolled out with ownership of the central bank as its key message.