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This was President Cyril Ramaphosa's third state of the nation address (Sona) in just 16 months, but for investors, sadly, it may have mattered less than the first two. That's because it has become increasingly evident that while Ramaphosa says all the right things about growth and job creation, that doesn't mean anything will happen.

The president has made progress delivering the governance and leadership reforms he promised, but despite the energy he has put into wooing investors and the priority on growth and jobs which he underlined again in this week's Sona, the reform momentum has stalled...

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