SA’s political climate is the most uncertain since the end of the apartheid era, with investors acutely concerned about a potential coalition between the governing party and a leftist group after next year’s elections, Investec Bank’s ceo said.
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Anxiety is intensifying over the implications of the African National Congress falling short of the 50% it needs to retain control of the continent’s most industrialised economy, Richard Wainwright said in an interview with Bloomberg TV on Wednesday. That may push the party to tie up with the Economic Freedom Fighters, which advocates for the nationalisation of banks, mines and land.
The ANC has governed South Africa since the end of white-minority rule almost three decades ago. Opinion polls show it risks losing its majority next year because of a voter backlash over the party’s failure to tackle record power outages, along with rampant poverty, unemployment and inequality.
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