SA’s finance minister is at a crucial crossroads. He can decide to preside over a failing economy, which is dying not only because of state capture by powerful private interests, but also because it hasn’t been able to alter those structural conditions that have made it so dramatically unequal in the first place. Or, he can face the crisis head-on and be clear that new recipes are needed: innovative ideas that can turn the economy around and make it much more resilient to the always present risk of corruption. Perhaps his hesitancy on the nuclear deal is a sign that things are happening. I have never met Malusi Gigaba and have not been a great fan of his work, especially when he ran home affairs. But I believe people can redeem themselves, so he should get credit for at least being intellectually honest when delivering his medium-term budget speech. If I had an hour of his time I would show him how other economies are innovating out of the current global mess, enabling people to ach...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now