[ADVISOR VIEW] MichaelHaldane of GlobalLocalZA shares some tips on how to safeguard yourself from the negative consequences of the declining rand. PersonalFinance Investing
The South African rand has been depreciating over the last few years, but there are a lot of things that we can do to avoid weakening it further. They include avoiding bad political choices, selecting qualified candidates for important government positions, budgeting sensibly, and encouraging investment.
Internationally, foreign investors want to invest in stable countries with promising returns. South Africa over the last few years has been riddled with corruption issues, labour strikes, and of course, electricity shortage issues, all of which have taken a toll on the country’s economy, especially the manufacturing sector. All these factors make it very difficult for South Africa to attract foreign investment. A lack of foreign investment eventually leads to the rand depreciating.
If you are concerned about your cash becoming meaningless pieces of paper, do not worry; there are a few ways you can safeguard yourself from the rand depreciating. If you invest in a diverse range of assets, you may purchase bonds or other assets in different countries in different currencies. With a diversified portfolio, you will be safeguarded against any individual asset class.
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