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Ramaphosa and Mboweni push for new state bank in South Africa
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President Cyril Ramaphosa has expressed his support for a state bank, indicating that a number of other developing countries have these institutions in place.
Speaking to journalists as part of a SA National Editors Forum meeting on Friday (26 February), Ramaphosa said that the country’s banking sector is controlled by just a few banks and South Africans need more options in terms of accessing loans,
“I fully support the establishment of a state bank at an organisational and state level. There is space for a state bank. The Land Bank is a state bank. The IDC (Industrial Development Corporation), if you like, is a state bank. Many developing countries have a number of state banks.”
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