SACP: Inflation targeting was not working

Briefing the media after its central committee meeting yesterday SACP deputy secretary-general Jeremy Cronin echoed calls by trade union federation Cosatu for improved economic alternatives. He said the ANC, SACP and Cosatu discussed the need for a macroeconomic policy shift at the recent summit of the tripartite alliance.

"We said the matter should be looked at with urgency as the country was bleeding."

He said that the government's policy of inflation targeting was not working and this, with related matters, would be discussed in the new discussion forum that the appointment of Gill Marcus as governor of the Reserve Bank had provided.

The SACP is to hold its second special national congress next month.

Source: The Times