The world is changing fast and to keep up you need local knowledge with global context.
Sometimes it takes a foreigner to point out the obvious. Although South African media has been brimming with stories about exploding wealth and influence of the politically-influential Guptas and the expanding network or patronage, being so close to the action means the core message often passes us by. In a thoughtful paper to clients after one of his regular trips to SA, Nomura’s Peter Attard Montalto, refines the national challenge to its core. South Africa’s ruling political party, he avers, is hosting a struggle between those who would benefit from patronage (“tenderpreneurs”) and others who want to eliminate such abuse. Montalto isn’t able to pick a winner. But what he shares surely reflects silent thoughts of other London investors attending the roadshow by Finance Minister Pravin Gordhan and the 30 CEOs who are accompanying him on his “save SA from Junk” campaign. Will the money minders get the answers they want from this unprecedented show of ANC/Business unity? Publicly, perhaps. But privately they’ll be wondering, like Montalto muses, whether the group they’re meeting has the ability to effect promised transformation, Or, rather, that the real power vests with the business grouping accompanying President Jacob Zuma in Nigeria on the other roadshow being conducted right now. – Alec Hogg
By Fadia Salie
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.