With his picks expected soon, the president’s new Cabinet needs to be free from the ‘taint of scandal’ and ‘Zuma-apologists’, say investors
SA equity investors got the election result they wanted, more or less. Now they’re hoping President Cyril Ramaphosa will follow up by choosing a team of competent ministers that’s lean and free of the taint of scandal.
A line-up that signals a push for clean government and a focus on the economy will boost the mood among traders, said Nolwandle Mthombeni, an analyst at Mergence Investment Managers in Cape Town. “A good outcome in the Cabinet appointments will bring about the sentiment needed,” she said. “SA corporates, in particular, need some level of assurance before they can have the confidence to start investing in the country again.
Investors are looking for signals that will create investment confidence. The appointment of a credible and slimmed down Cabinet will be the first of these. The market will be looking for a Cabinet with experience, competence, integrity, and fresh ideas. Ministers tainted with corruption allegations or ineffective track records will reduce confidence. A zero tolerance for incompetence and corruption must start from the top down.
Positive picks would be finance minister Tito Mboweni; Naledi Pandor, minister of higher education and training; Paul Mashatile, ANC treasurer; and public enterprises minister Pravin Gordhan. If speculation that Thuli Madonsela, the respected former public protector, could be appointed a minister proves correct, that would be positive for the market.Appointing ministers seen as not tainted by scandal, or as Zuma-apologists, will be key.
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