Today's Labour News

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cosatuSowetanLive reports that Cosatu is pushing for the establishment of a state-owned bank, in a move aimed at ensuring that poor people can access finances.  

This will be one of the vital issues that will be discussed at labour federation’s national congress in Midrand next week.  Cosatu's alliance partner, the ANC, passed such a resolution last year at its national elective conference.  Cosatu general secretary Bheki Ntshalintshali commented:  "Our issue is that when the ANC go to its conference, it takes positive radical resolutions but when it comes to implementation they seem to be hesitant.  There are numbers of people who are unable to access finances."  In his view, there was no competition among the country's major banks, and the mandate for the state-owned bank should be different from the commercial banks.  The creation of a state-owned bank could see Cosatu members withdrawing their accounts from other commercial banks.  Cosatu will also decide at the congress on whether to support the ANC in the general elections next year.

  • Read this report by Ngwako Modjadji in full at SowetanLive

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