16 June 2025
Free SA has launched a national campaign opposing the South African Reserve Bank Amendment Bill (B26-2018), which threatens to place the SARB under direct political control. The organisation warns that this is not simply a technical amendment, but a fundamental assault on South Africa’s democratic checks and balances, with far-reaching economic and constitutional consequences.
The proposed bill, alongside renewed calls within the ruling party to nationalise the SARB, seeks to replace institutional independence with executive interference. This would permit the state to appoint all SARB shareholders and potentially direct monetary policy for political ends, jeopardising price stability, weakening the rand, and scaring off investment.
“The SARB is not a piggy bank for politicians,” said Paul Martiz, Director at Free SA. “Its constitutional independence exists to protect ordinary South Africans, savers, pensioners, the unemployed, from runaway inflation and reckless fiscal abuse. To dismantle this firewall is to invite economic instability and authoritarian overreach.”
The SARB’s inflation-targeting mandate (maintaining inflation between 3% and 6%) has been instrumental in shielding the economy from external shocks. Weakening this independence risks turning the Reserve Bank into a tool for short-term political gain, sacrificing long-term prosperity and trust in the currency.
Key concerns include:
Inflation and currency collapse: Political meddling in monetary policy could trigger inflationary spirals, harming the poor and middle class most.
Investor flight: Confidence in rand-denominated assets depends on SARB’s autonomy. Capture would chase away investment and exacerbate unemployment.
Democratic subversion: The amendment process has been rushed, with insufficient public debate or expert consultation.
Free SA has launched an online petition and submission platform, enabling South Africans to formally oppose the bill and make their voices heard in Parliament. Submissions must be sent by 30 June 2025 to Parliament’s Standing Committee on Finance.
“South Africans must act now,” Martiz continued. “This is about much more than one institution. This is about preventing the capture of the state’s last independent bulwark. If we allow this to go ahead unchallenged, we open the door to full-scale economic mismanagement and a drift toward authoritarianism.”
Free SA demands the immediate withdrawal of the Amendment Bill and calls for a full, transparent public consultation process before any changes are made to the governance of the SARB.
ENDS
Media enquiries:
Anneke Burns
Free SA Publicist
071 423 0079
media@freesa.org.za
About FREE SA:
At the Foundation for Rights of Expression and Equality (Free SA), we are committed to empowering South Africans to have their voices heard. In a true democracy, every opinion counts, and we ensure your voice resonates where it matters most: in Parliament, in public policy, and in the laws that shape our country. From advocating for democracy and equality to holding the government to account, we stand with you to demand transparent, responsive, and fair governance.
To learn more or make a submission, visit: https://www.freesa.org.za
[Issued by abpr on behalf of Free SA]
Kind Regards,
AB