It’s an issue that, no matter how it is spun, Ramaphosa had to take away from the red-clad populists. They were scoring political points from EWC. In late February, he took ownership. If he hadn’t the ANC would have been further weakened come the next elections.

Nothing balms the pained poor like populist promises.

The causal link between the timing of the new decline in the rand and when he took ownership of EWC cannot escape him. Has EWC stained the allure of “Ramaphoria” or is this just a mild sign of displeasure on the part of investors? Each time he doesn’t rebuke EWC, investors panic, despite his assurances that EWC can be implemented without damage.

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