The rand best tells the story of President Cyril Ramaphosa’s six years in office.

On February 19 2018, three days after his triumphant first state of the nation (Sona) speech, the rand strengthened to R11.54 to the dollar. This week, as he delivers his Sona, it hovers around a miserable R18.90. February has consistently been a terrible month for the rand since 2019 and it already breached R19 last month...

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