The South African Policy Disconnect – Is It Accelerating The Country’s Drift To Populism?


South African financial assets have recently enjoyed strong gains on the back of the election of the perceived market reformist Cyril Ramaphosa as the new president of the country’s ruling political party, the African National Congress (ANC), in December. The country’s currency, the rand, in particular appreciated strongly in December, gaining more than 10% against the US dollar for calendar 2017. Since making a cyclical bottom in January 2016, the iShares MSCI South Africa ETF (NYSEARCA:EZA) has nearly doubled.

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