Markets tend to fixate on the finance minister, as they predictably did this week when President Cyril Ramaphosa included a switch of finance minister in his cabinet reshuffle. The fixation is not so surprising: for a bond market investor, the issue is whether a country will be able to service its debt in the medium to long term, and no-one is more important to this than the finance minister.

But when it comes to the issue of how the real economy will fare in the medium to long term, and whether it will grow and create jobs, the other ministers may count just as much...

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