On the last day of the conference on Wednesday, ANC's Economic Transformation Committee announced that the party had adopted this resolution and that private shareholding at the bank should be scrapped.
According to New York-based journal Algemeiner, the ANC said that it was in agreement with Palestine's Jibril Rajoub who had asserted at the conference that the downgrade "will send a clear message to Israel that there is a price to pay for its human rights abuses and violations of worldwide law".
Palestinian ambassador to South Africa, Hashem Dajani, called the move "an important decision", and added that he hoped other governments around the world would follow suit.
It said the downgrade "will send a clear message to Israel that there is a price to pay for its human rights abuses and violations of global law".
During the final few days of the ANC biannual National Conference, the party unanimously passed the resolution to turn the embassy in Ramat Gan into a "liason office".
ANC resolves to downgrade Israeli embassy
The issue picked up steam in recent weeks following President Donald Trump's recognition of Jerusalem as Israel's capital and expression of plans to move the United States embassy to that city.
"Maintaining diplomatic relations with Israel allows our country to continue to engage with Israel on issues of mutual interest, including the Israeli-Palestinian conflict", Ramaphosa said at the time. There is generally anger across the board about land, no one who lives in South Africa can deny that fact.
In their joint statement, the SAJBD and SAZF warned that a downgrade of the embassy in Israel would leave South Africa poorer.
"We need a common vision, a leadership that brings the full potential of SA together to address the problems we face", Coovadia said in a statement.
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