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It looks like the Phala Phala saga may well achieve the result intended by former spy boss and Zuma-ally Arthur Fraser – ie to prevent Cyril Ramaphosa serving a second term. Over the weekend, a ‘usually reliable source’ told me the incumbent will not be nominated at the ANC presidential elective conference in December.
___STEADY_PAYWALL___His other piece of blockbuster news is that Thabo Mbeki (80) will, instead, be proposed for the post. The idea being SA’s former president’s return to the party’s Luthuli House HQ is the best way to sort out the mess (unpaid salaries, factional in-fighting, etc) there. That would mean Ramaphosa would leave the Union Buildings when his presidential term expires in 2024.
This is similar to what was proposed by ANC elder Mavuso Msimang in our recent interview. How likely is it? ‘Usually reliable souces’ are described as such because the veracity of their information is only probable – not certain. Also, in SA’s fluid political environment something decided today is often reversed tomorrow.
For investors, however, it’s an intriguing prospect. Under Mbeki’s presidency, SA’s economy flourished and fiscal prudence was excellent. Having his hand on the tiller, albeit remotely, is sure to be welcomed by a restive global community. The Rand fell sharply last week, partly because of a stronger US Dollar but also on concerns about SA’s political leadership. Interesting times.
More for you to read today:
- Ramaphosa prays Zuma keeps his ‘get out of jail free’ card. William Saunderson-Meyer says the President does not want to see his predecessor back in prison.
- More Stocks Are Taking Part in Bounceback Rally. Market breadth recently hit a key technical milestone, yet few investors are willing to call a market bottom.
- Ukraine’s Zelensky Warns of Russian Escalation as Putin Ally’s Daughter Is Killed. Daria Dugina, whose father is far-right ideologue Aleksandr Dugin, died when the car she was driving exploded outside Moscow.
- Time to Upgrade Your Old Phone? More Consumers Say, ‘Not Yet’. Global smartphone shipments fell nearly 9% in the second quarter, as inflation worries outweigh the urge to get the latest phone.
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