The relationship between the mandate of the South African Reserve Bank and socio-economic rights

The relationship between the mandate of the South African Reserve Bank and socio-economic rights

Thamsanqa Gxumisa & Paul S. Masumbe

Issue: Vol. 7 No.8 2026 Article 12 pp.2345 – 2359
DOI: https://doi.org/10.38159/ehass.20267812 Published online 5th October 2026

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ABSTRACT

Although the South African Reserve Bank (SARB)’s existing constitutional and policy mandate prioritises price stability, this emphasis often overlooks broader developmental challenges such as unemployment, inequality, and poverty. This study investigated the mandate of the South African Reserve Bank (SARB) and its impact on the realisation of socio-economic rights. Using a qualitative desktop-based research method, the study further examined how the SARB can contribute to sustainable socio-economic growth within the framework of a developing economy and considers the following central question: (i) Is it possible to reinterpret the SARB’s constitutional mandate to align monetary stability with the advancement of social justice and economic equality? (ii) If expanded, could monetary policy serve as a more effective instrument for promoting employment and inclusive development? The paper argues for recalibrating the SARB’s mandate to align economic governance with constitutional values and socio-economic transformation. The study finds that the SARB can play a greater role in promoting employment, reducing inequality, and supporting socio-economic rights while maintaining monetary stability. The study concludes that SARB’s mandate should be broadened to better support social justice, reduce economic inequality, and promote inclusive development in South Africa. The study contributes to policy and legal reform that supports a more inclusive, equitable, and socially responsive economic order in South Africa.

Keywords: Monetary Policy, Employment, Social Justice, Economic Equality, South African Reserve Bank, Mandate Reform.

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ABOUT AUTHOR(S)

Thamsanqa Gxumisa (LLB, LLM) is a Practicing Attorney of the High Court of South Africa. His research interests include Constitutional Law, International Law with an emphasis on treaties, Administrative Law, and Company Law with an emphasis on lifting the corporate veil and the duties of the company secretary.

Professor Paul Masumbe (LLD) is the Head of the School of Law at iYunivesithi Walter Sisulu. He is a dedicated, focused, and accomplished legal scholar with expertise in International Criminal Law, Human Rights Law, Labour Law with emphasis on dismissal, and selected areas of Private Law. He earned his LLD from the Nelson Mandela School of Law at the University of Fort Hare, an LLM from the University of the Western Cape, and an LLB from the University of Yaoundé. Before his appointment as Head of the School of Law, Professor Masumbe had served as a Postdoctoral Research Fellow, Senior Lecturer, and Chairperson of the Faculty Research and Higher Degrees Committee. He has taught, examined, and supervised at LLB and LLM levels, and is an examiner for LLD/PhD degrees. Besides serving as an external examiner for universities, he is a member of learned societies in Africa, Europe, and Asia, a reviewer for journals in South Africa, Europe, and the United States, and an Editorial Board Member of Journals. Professor Paul S. Masumbe is a member of the University Senate and the South African Law Deans’ Association (SALDA).

TO CITE ARTICLE

Gxumisa, Thamsanqa, and Paul S. Masumbe. “The Relationship between the Mandate of the South African Reserve Bank and Socio-Economic Rights.” E-Journal of Humanities, Arts and Social Sciences 7, no.8 (2026): 2345 – 2359. https://doi.org/10.38159/ehass.20267812