The International Monetary Fund (IMF) just pointed out that "SA’s vulnerabilities have become more pronounced". That’s one way of putting it. A potentially prosperous and dynamic economy is on the fast track to ruin. Altering its course will take real political reform. Unemployment has risen five percentage points since 2008, to a hope-crushing 28%. The population is expanding faster than its economy, which lately has grown at less than half the rate of sub-Saharan Africa as a whole. And inequality is among the highest in the world. These are the fruits of failed economic policy. Yet far from grasping the need for change, at a recent conclave of the ANC, President Jacob Zuma championed ideas for entrenching his dominance and enriching his supporters. He’s trying to engineer the succession of his ex-wife, Nkosazana Dlamini-Zuma, as head of the ANC. And he’s pushing his programme for "radical economic transformation" — a toxic brew of all-too-radical populist policies. Zuma wants, amo...

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