RICHEST AFRICANS

Markus Jooste

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Aliko Dangote

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Five ways Ramaphosa presidency can fix - or hurt - South Africa

by 12/03/2018 09:13:00 0 comments 1 Views

All of this resulted in the international community continuing to price in high levels of political risk and low levels of productivity growth for South Africa. The rand followed a steady weakening path from the middle of 2018‚ and averaged R16.90/$ in 2022. Weak economic growth‚ sovereign rating downgrades‚ policy uncertainty‚ weak business and consumer confidence and continued poor quality of political governance resulted in disappointing levels of FDI and foreign portfolio investment into the country. All combined‚ these factors resulted in no real progress being made in addressing South Africa’s triple challenges as the country passed the halfway mark of the NDP’s vision for 2030.

- Scenario 3: #Ramaprogress

Probability: 50%

By the time President Ramaphosa finished his maiden SONA on 16 February 2018‚ it was already clear that his government would have a significantly different face from that of the preceding Zuma administration. The first two months of the new ANC leader’s party presidency set in motion changes that lifted the spirits of South Africans and investors‚ helping the rand appreciate to its strongest levels against the US dollar since before the axing of Mr Nene in 2015.

As a new broom swept through the ANC‚ Luthuli House and the national government‚ President Ramaphosa’s ten-point action plan and New Deal agenda were front-and-centre when it came to policymaking and communication with investors. A focus on job creation‚ economic growth and investment was evident‚ as was the prioritisation of turning around financially troubled SOEs. South Africans observed a renewed vigour and focus within the ANC on national issues instead of party politics.

Nonetheless‚ while reforms were implemented at a steady pace in some areas‚ some of the country’s structural weaknesses hampered improvements elsewhere. For example‚ the desire to improve access for all to quality education delivered limited results. The country’s education system had produced a disappointing quality of school leavers over the preceding two decades‚ which was a key challenge for the country concerning employment creation. The education system’s challenges were deep and could not be fixed within a few years.

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