SA’s patience may finally be running out
Bloomberg View: SA doesn’t need a stronger president, it needs to safeguard the integrity and effectiveness of its institutions
The ANC has a choice: it can help President Jacob Zuma, or it can help the country. Its survival as a respected national force depends on doing the latter. Support for the ANC has fallen amid charges of corruption and incompetence. Now Zuma is embroiled in a struggle with Finance Minister Pravin Gordhan and other Cabinet members, saying that Gordhan and his allies are seeking to undermine him. Zuma’s possible firing of Gordhan has rattled investors, sparking talk of a downgrade of bonds to junk status — a setback that would raise SA’s debt burden and deter badly needed foreign investment. Underlying this recent volatility is a deeper malaise. Economic growth under Zuma has been anaemic — less than 1% in 2016 — and SA’s already high levels of unemployment have risen from 23.6% in 2009, when he was elected, to nearly 27% today. The national debt has doubled. State companies and agencies are in disarray. Business confidence has fallen, and the country has slumped in global rankings of ...
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