November 16, 2021
Markets

Ramaphosa on Economic Reform Roll Bolsters South African Markets

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South African President Cyril Ramaphosa is finally making good on a long-standing pledge to enact policy reforms, signaling the tide may be turning for the coronavirus-battered economy.

The ruling African National Congress sidelined his main rival Ace Magashule last month, cementing his control of the party and giving him more leeway to take tough decisions. Since then, his administration has sold a majority stake in the state airline and taken a decisive step to tackle crippling energy shortages. It’s also reduced the debt exposure of the state power utility and a fund that compensates road-accident victims — the government’s two biggest contingent liabilities.

With the unemployment rate sitting at a record high of 32.6%, the country in the midst of a third wave…

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