LEADERSHIP
NEWS ANALYSIS: How ‘Ramaphoria’ song and dance became the tiptoe president
Economic and political problems are piling up for President Cyril Ramaphosa, damping the euphoria that accompanied his election as president of SA. Ramaphosa took office in February after the governing ANC forced Jacob Zuma to resign following a scandal-tainted tenure that lasted almost nine years. While Ramaphosa initially won plaudits from investors and the public for instigating a crackdown on graft, sentiment has soured as record high fuel prices, inflation-busting pay increases for government workers and demands for bail-outs by broke state companies stymie his efforts to turn around the flagging economy. The rand surged more than 10% against the dollar between the time that Ramaphosa secured control of the ANC in December and his election as president. But the currency has surrendered almost all its gains, while foreigners have ditched a net R35.3bn worth of bonds this year. The threat of a global trade war and a shift in sentiment against emerging markets has added to the glo...
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