Investors and local white voters, alarmed at the economic consequences, don't matter here. My favourite electoral analyst, Dawie Scholtz, notes that in the 12 by-elections held since Ramaphosa became president, the DA has increased its vote against the ANC. Ramaphosa doesn't have white support and he's not even looking for it.

What he wants to do is steamroll the EFF and he is doing that by adopting and adapting their policy positions, thin and implausible though almost all are, and taking territory back from them. Without Jacob Zuma and corruption to throw at the ANC, the EFF is struggling and Ramaphosa is trying not to give them space.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.