While Kganyago said he could not comment on the statement of any political party, he said the conditions for such measures didn't exist.
"Inflation must be so low that it threatens to go beyond zero. Interest rates must be so low, borrowers and savers no longer care where interest rates are. Only then would it be justifiable for the central bank to explore measures like quantitative easing," Kganyago said.
In a statement on Tuesday night, Godongwana said it was "inaccurate" that quantitative easing was on the ANC agenda.
He also said there was no decision by the ANC to expand the mandate of the central bank.
Economists say although the ANC's financial heavyweights have weighed in, this might not be sufficient to counter negative perceptions.
Independent economist Thabi Leoka said Magashule's comments took the country back to the Zuma era where policy uncertainty and inconsistencies was the norm.
"He further confused the markets with his comment on quantitative easing, which implies, among other things, printing money," Leoka said.
"Changing the mandate of the Reserve Bank requires amending the constitution, which [Magashule] did not mention. This begs the question, does he actually understand the role of the SARB? If this is a sign of things to come, then SA is in trouble," she said.
Intellidex analyst Peter Attard Montalto said the presidency was "seriously underestimating the ratchet effect of the debate".
"An official statement from the ANC on mandate change and quantitative easing that is not rebuffed by the president is sending a bad signal.
"This is a political fightback and an unholy alliance between rent extractors and the leftists which needs to be taken head on by the president," he said.
Montalto said it was clear Ramaphosa was not in control of ANC communications and that needed to be corrected.