Stephen Cranston Associate editor

There is no doubt that 2018 never lived up to initial expectations. Just look at how the JSE moved from Ramaphoria in the first quarter to negative returns of 11.4% by the end of December. Still, I expect business confidence to improve once there is progress in the counterattack against state capture, especially if it includes jail sentences. And it’s clear that the ratings agencies have warmed to us since the appointment of Tito Mboweni as finance minister and Reserve Bank governor Lesetja Kganyago showed the courage to hike interest rates last month. The question of expropriation without compensation is still the elephant in the room. A property-owning democracy could be created if people got title deeds for their properties in urban areas and if what used to be called "tribal trust land" was handed to those who live on it. Then we could set up a commission along the lines of those in Eastern Europe which processes claims from people who lost their properties to previous regimes, ...

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