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It’s probably safe to assume that President Cyril Ramaphosa’s investment envoys are, once again, tearing their hair out. Just to recap, the group, which includes former finance minister Trevor Manuel and former Standard Bank CEO Jacko Maree, was appointed at the height of the so-called Ramaphoria after Ramaphosa took over from Jacob Zuma as president. It was tasked with going out and securing $100bn in investment over five years, which Ramaphosa said was needed to boost the economy. Not everyone is convinced that this is the right order, arguing that foreign investment can’t be a driver of growth, that we need to first get our house in order and generate the confidence and economic expansion that will then see foreign capital flocking here in search of attractive returns. An economy that’s struggling to eke out growth of 1% is hardly enticing for holders of capital, who have many other choice destinations. It wasn’t that long before Ramaphosa scored what could probably be described ...

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