Nationalisation of banks is not government policy‚ says Gigaba

Finance Minister Malusi Gigaba on Tuesday distanced himself from his advisor’s controversial “personal” take on the economy.

“The nationalisation of banks is not government policy‚” said a statement by the Ministry of Finance.

Finance minister Malusi Gigaba. Picture: Martin Rhodes /TIMESLIVE

Gigaba’s advisor‚ Professor Chris Malikane‚ wrote an opinion piece in the Sunday Times at the weekend that called for the “expropriation of white monopoly capitalist establishments such as banks‚ insurance companies‚ mines and other monopoly industries to industrialise the economy“.

He also called for the establishment of a state bank to consolidate all state-owned financial institutions.

His comments contradicted recent statements by Gigaba who appeared to backtrack on radical economic transformation‚ reported the Sunday Times.

The Ministry of Finance said on Tuesday that Malikane‚ an economics professor from the University of the Witwatersrand‚ had written the piece in his “personal capacity as an academic and activist”.

His views were not “necessarily government policy”‚ said the ministry.

“Minister Malusi Gigaba wishes to place on record that the work of the Ministry of Finance will continue to be guided by policies of the ANC‚ as articulated in conference resolutions and in the 2014 election manifesto.

“The nationalisation of banks is not government policy.”

Gigaba is on a finance roadshow this week‚ meeting foreign investors in the US.