Derby's County
RON DERBY: You made economics political, Mr President
Someone should correct the president. Ratings and South Africa's battle to avoid sliding into junk status became politicised the moment he fired his finance minister without warning in December 2015. Until that moment, the country's history of prudent fiscal management - more prudent than that of our emerging-market peers - had bought it some favour in capital markets. Ever since those four days in December, when the country's sovereignty was placed in the hands of strangers to the electorate, political risk has moved front and centre on any short-, medium- or long-term decision on the country. And this isn't just a comment on international and domestic investors or "white capital"; it speaks to concerns of South Africans across the spectrum. South Africa's political risk is expected to only heighten in the run-up to the election of the ANC' s next leader in December next year. And it featured prominently in Fitch Ratings' decision to revise South Africa' s outlook to "negative" on ...
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