Grant Pascoe
If the political parties in Parliament refuse to fight bank corruption, voters must not support them in 2026. Their silence makes them complicit.
For years the Competition Commission has been fighting big banks accused of fixing the rand against the dollar. Two have already admitted guilt. The rest are still in court. The case is now before the Constitutional Court, and judgment is pending.
Recently the South African Reserve Bank (SARB) Governor Lesetja Kganyago said that the rand is incredibly undervalued, with studies showing that the rand should be around R7 to the dollar.
Banks Rob The Poor With Artificially Weakened Rand
Advocate Tembeka Ngcukaitobi told the Court that this was not normal trading but a cartel operation. Traders shared secret information, fixed prices, and weakened the rand for profit. He said it was a direct attack on South Africa’s economic sovereignty that raised the cost of living for everyone.
When the rand falls, prices rise. Food, fuel, and transport cost more. Salaries buy less. The poor suffer most while the rich protect themselves.
We’ve needed and still need stronger government intervention to protect citizens. The state cannot stay silent while global banks exploit the country.
If the parties in Parliament will not defend the rand, then the people must.
