As we wait for the Reserve Bank's decision today, have South Africans given up on the concept of economic growth?

[View in browser]( [Mail & Guardian]( M&G Mornings | Thu 26 Jan   This afternoon, the South African Reserve Bank governor, Lesetja Kganyago, will in all likelihood raise interest rates again and by 50-basis points. Inflation, while cooling in the most recent data prints from Statistics South Africa, is still outside of its targeted range of 3% to 6% — and dutiful as ever, the Reserve Bank will act. It’s the bank’s mandated job, which is ultimately protecting the purchasing power of the beleaguered rand. Higher borrowing costs won’t be friendly in the short-term to our growth prospects, because it will reduce the purchasing power of those exposed to mortgages, vehicle financing and credit cards. But this is just a tiny percentage of people in the country. For the majority, whether rates go up or decline matters very little in the short to medium term. (The only thing that matters to the most vulnerable when it comes to matters of monetary policy is whether a weak rand is feeding into higher price of staples such as bread and maize meal.) What matters more is that South Africa can’t get out of a low growth trap that set in almost 10 years ago. In all our rightful hysteria about Eskom and creaking infrastructure, we live in an economy that’s been drifting for a generation. For more on our economic station in life, read Sarah Smit’s coverage of Kganyago’s interest rate decision this afternoon and its consequences to our growth trajectory. It has little bearing on it, but affects the most vocal among us. Speak later … Ron Derby | Editor-in-Chief [@RonDerby]( Premium [Standard Bank employee ‘steals’ R6.3 million in clever scam]( Henry McMurray allegedly added zeros to amounts as low as R47 in the apparent theft Join thousands of South Africans who want a more just South Africa. Read past party lines, past the bluster and the distortion. 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Get the best reporting, analysis and commentary that is factual, balanced and fair with uninterrupted access to all Mail & Guardian content online. Plus - Preferential access to Mail & Guardian events - Get daily conversation starters straight into your inbox - An invitation to join the newsroom’s Review session on Friday mornings - Lend your expertise and experience to the stories we tell [// Read more]( Premium [South Africa must rethink how to frame problems and solutions]( Lessons from China and Norway on how capacities can be channelled to deliver on priorities and ensure activity with notable outcomes Join thousands of South Africans who want a more just South Africa. Read past party lines, past the bluster and the distortion. Get the best reporting, analysis and commentary that is factual, balanced and fair with uninterrupted access to all Mail & Guardian content online. Plus - Preferential access to Mail & Guardian events - Get daily conversation starters straight into your inbox - An invitation to join the newsroom’s Review session on Friday mornings - Lend your expertise and experience to the stories we tell [// Read more]( Recommended Reads [Funeral homes ransacked during load-shedding]( Blackouts are putting financial strain on funeral businesses Join thousands of South Africans who want a more just South Africa. Read past party lines, past the bluster and the distortion. Get the best reporting, analysis and commentary that is factual, balanced and fair with uninterrupted access to all Mail & Guardian content online. 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Plus - Preferential access to Mail & Guardian events - Get daily conversation starters straight into your inbox - An invitation to join the newsroom’s Review session on Friday mornings - Lend your expertise and experience to the stories we tell [// Read more]( Premium [How load-shedding hurts people with disabilities]( People with hearing, breathing and mobility disabilities and who depend on devices powered by electricity ‘have been immobilised’ Join thousands of South Africans who want a more just South Africa. Read past party lines, past the bluster and the distortion. Get the best reporting, analysis and commentary that is factual, balanced and fair with uninterrupted access to all Mail & Guardian content online. Plus - Preferential access to Mail & Guardian events - Get daily conversation starters straight into your inbox - An invitation to join the newsroom’s Review session on Friday mornings - Lend your expertise and experience to the stories we tell [// Read more]( Pic of the day Democratic Alliance supporters march to Luthuli House to protest against the ANC due to the recent load-shedding South Africa has experienced. (Photo by Ihsaan Haffejee/Anadolu Agency via Getty Images) [Share]( [Share]( [Tweet]( [Tweet]( [Forward]( [Forward]( This email was sent to {EMAIL} [why did I get this?]( [unsubscribe from this list]( [update subscription preferences]( Mail & Guardian Media LTD · 25 Owl St · Braamfontein · Johannesburg, Gauteng 2001 · South Africa