‘A Herculean task’: Analysts say it now all hinges on Cyril Ramaphosa quickly presenting a political agenda and initiating the urgently required reforms once he has formed a government.
Ramaphosa took office in February 2018 with a pledge to revive a sclerotic economy and attract foreign investors.
It now all hinges on Ramaphosa quickly presenting a political agenda and initiating the urgently required reforms once he has formed a government The economy grew an estimated 0.8% in 2018 after recovering from recession. Growth is forecast at 1.5% this year, and one factor in hitting that target will be how the government manages Eskom's restructuring.
Eskom is one of the firms caught up in what has been termed “state capture” – widespread corruption involving billions of rand in government contracts. Godongwana said the ANC was putting “confidence-building measures” in place, but warned against setting expectations too high. The latter has arguably become more acute with the strong election showing of the EFF party. It won 44 seats and saw its share of the vote rise to 10.8%.“High inequality and the rise of the EFF could prepare the ground for more populist economic policies,” said ratings agency Fitch said.
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