“Confidence,” opined former US Treasury secretary Larry Summers, “is the cheapest form of stimulus.” So, how confident should South Africans and foreign investors feel after Cyril Ramaphosa unveiled his slightly less gargantuan cabinet and last week’s central bank mandate debacle?

An apt question is, “Who governs?”, given Ace Magashule’s disastrous intervention in the realms of monetary policy. But nominally, at least, the national executive of the country and not the party is constitutionally mandated to steer the ship of state...

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