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In Davos in 2020, finance minister Tito Mboweni identified three “critical turnaround developments” for SA: “Government’s reform agenda must gather momentum; policy certainty needs to be secured; and investment needs to recover at a fast pace.” 

Of these, policy certainty is a rare point on which the government is prepared to admit, from time to time, that it has underperformed. Indeed, it would argue that stable policy would be integral to a “reform agenda”, and would underwrite an investment boom. The country is perpetually “working towards” policy certainty...

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