Time to rethink BoB�s mandate?

Thursday, July 13, 2017

The South African Public Protector, an agency related to our own Ombudsman, sparked a storm recently when it proposed constitutional changes that move the SA Reserve Bank’s mandate from its current focus on protecting the Rand and inflation-targeting to “promoting balanced and sustainable economic growth, while ensuring that the socio-economic well-being of citizens is protected”.

Outraged economists, bankers and other monetary policy experts reacted strongly to the Public Protector’s recommendations, with several lawsuits being filed amidst reports of fixed capital flight and rand erosion in that country.

That dust-storm aside, the goings-on in South Africa echo a similar debate in the local economy a few years ago that was effectively muted by the then leadership of the Bank of Botswana (BoB).

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Time to rethink BoB�s mandate?

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