South African President Cyril Ramaphosa on Thursday launched a scathing attack on banks, blaming them for the failure of the R200bn loan guarantee scheme that was supposed to rescue small businesses affected by Covid-19 from collapse and from shedding jobs. Times Live reports that speaking at a masterclass arranged by the National School of Government — headlined by global economist Marianna Mazzucato, a special adviser to the government — Ramaphosa said the country’s financial sector was highly monopolised and highly profitable, but had failed to address challenges faced by struggling entrepreneurs during the pandemic. This comes as the government continues to mull the idea of a state-owned bank.