This time last year there was so much hope. Cyril Ramaphosa had been president of the republic for just over a month. The rand was surging and confidence among businesses and consumers was on the up. It was a period that became known as Ramaphoria. It was always too optimistic of course, but for most people, after a decade of universal gloom during Jacob Zuma’s presidency, this was a welcome change. With all the tales of state capture and corruption, having someone who was one of the authors of the constitution also gave rise to optimism that the rule of law would once again prevail.

On the economy, the promise is far from being fulfilled. In fact the expansion in 2018 was less than what was achieved the year before, when Zuma was still in charge...

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