On the eve of President Cyril Ramaphosa’s investment conference in November he attended the glitzy launch in Tshwane of a new automotive special economic zone (SEZ) that was developed next to the Ford vehicle factory. The event was another illustration of the government’s determination to raise $100bn in new investment over five years — and they are already comfortably ahead of target.

So, what went wrong in the budget in February? ..

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