19 June 2026
Members of unions affiliated to the Congress of SA Trade Unions (COSATU) marched to the offices of the South African Reserve Bank in Pretoria on Friday. Photo: Warren Mabona
More than 200 members of unions affiliated to the Congress of SA Trade Unions (COSATU) marched to the offices of the South African Reserve Bank (SARB) in Pretoria on Friday to protest about the high cost of living and unemployment, among other concerns.
This follows a recent decision by the Reserve Bank to increase interest rates by 25 basis points, raising the repo rate to 7% and prime to 10.5%.
Gauteng chairperson Amos Monyela told GroundUp that workers were battling with the high cost of living. “We want the SARB to slow down and not increase interest rates,” said Monyela. “The price of food has gone up since the start of the war between the US and Iran. We also want the Competition Commission to work effectively against unnecessary increases of essential grocery items.”
Provincial secretary Louisah Modikwe said the union handed memorandums to the departments of health, employment and labour, transport, education, and water and sanitation.
Modikwe, reading out the memorandum, said workers are increasingly forced to choose between buying food, paying transport costs, servicing debt, accessing health care or providing quality education for their children.
“This is not only an economic crisis, but also a crisis of human dignity and social justice. The rising cost of food, electricity, transport, fuel, education, healthcare and basic services have become unbearable for workers and their families. This march represents a collective demand for urgent interventions to protect workers, the poor and the unemployed from economic collapse and social devastation.”
Other demands called for: government intervention to regulate excessive food price increases; lower fuel prices, public transport subsidies, and a comprehensive job creation programme.
The Chief Operating Officer of SARB Khutjo Mabetwa accepted the memorandum and promised to give it to the relevant officials.
