David Mabuza — the rand’s poison pill
When controversial Mabuza appeared to rule himself out of being re-appointed as deputy president last week, the rand gained
As investors speculate about who’s in and who’s out of President Cyril Ramaphosa’s cabinet, due to be announced this week, the market is clear about one contender. When David Mabuza appeared to rule himself out of being re-appointed as deputy president last week, the rand gained. And now that he seems set to be re-appointed to the post, the currency is heading for its biggest one-day drop in more than two months. Mabuza was linked to a succession of scandals while he served as premier of Mpumalanga, though he denied the allegations and has never been charged. Still, his reappointment could set back Ramaphosa’s efforts to repair the reputational damage to the party after his predecessor Jacob Zuma’s scandal-marred nine-year rule. An unexpected delay in the appointment of the cabinet is stoking investor concern that Ramaphosa isn’t having it all his own way. “Investors worry that Ramaphosa will not be able to root out corruption from the top echelons of the government as promised, end...
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