The National Executive Committee of South Africa’s ruling party youth league (ANCYL NEC) is agitating that Moody’s must no longer conduct any form of rating for South Africa.
ANCYL made the call while it was listing the actions that must be take against the rand price-fixing revelations made by the Competition Commission.
They urged that legislation allowing for the establishment of the State Bank should be finalized immediately. The post bank, they said, should be converted to operate as a state bank and the primary banker of government.
“The State Bank will be utilized as a critical instrument to drive Development and Youth Entrepreneurship,” ANCYL NEC suggested.
Afterwards, the youth league NEC remarked that the recent scandal of criminality (rand price-fixing) in the financial sector, proves that the country’s financial sector isn’t patriotic and has an agenda to collapse the economy and sabotage government.
With that, ANCYL NEC championed that the recent development in the financial sector calls for the under-listed actions to be taken.
- Fine all banks involved in collusion that resulted in the collapse of the rand. The money recovered from fines must be used to support Youth Entrepreneurship. The 10% must be considered for increase to 18% on forex trading related revenue, considering they collapsed the rand to nearly R18.00 to US dollar ($1.00).
- Review and withdraw the banking license of ABSA as a repeat offender.
- Government must withdraw all its funds kept with ABSA and use the State Bank as a primary banker of government starting with the payment of Social Grants.
- Immediately initiate and conclude measures that will abolish private ownership of the reserve bank by March 2018
- Moody`s must no longer be invited to do any form of rating for South Africa, as they have been proven to be susceptible to corruption for which they recently paid a fine.
- There must be restructuring of treasury administration and management starting with the re-deployment of comrade Pravin Gordhan.
Also, the NEC demanded for a quick recovering of “all monies owed by banks resulting from apartheid bailouts from all affected banks.” The money, they charged, must be used to fund free education and Youth Development.
Among other things, the NEC resolved that the Freedom Charter ought to be respected and honored when it urges that:
“The mineral wealth beneath the soil, the Banks and monopoly industry shall be transferred to the ownership of the people as a whole.
All other industry and trade shall be controlled to assist the wellbeing of the people.
All people shall have equal rights to trade where they choose, to manufacture and to enter all trades, crafts and professions.”
They lamented that the mineral wealth of South Africa is owned be foreign listed companies that extract the country’s mineral wealth and “beneficiate it in foreign lands.”
“The state can no longer operate mainly as an issuer of mining licenses only, but must now play an active role in ensuring that the mineral wealth of the country benefits citizens of South Africa and the youth in particular,” asserted the NEC.