May have pushed South Africa into recession. But the restrictive monetary policies pursued by the South African Reserve Bank are also responsible, not just for this impending recession, but for the sluggish growth and stubbornly high unemployment.

While other central banks, notably the US Fed, the ECB and the Bank of Japan, loosened monetary policy and effected other measures to stimulate economic activity, the SARB has maintained a relatively tight stance. This policy is wrong and misguided.

The platinum strike should be resolved as soon as possible. But the SARB should craft and implement policies that are not just narrowly focused on inflation. It should also play its part in boosting employment and growth.