If Ramaphosa resigns, economic policy won’t change, says Godongwana.
Should South African President Cyril Ramaphosa resign, economic policy won’t change, the country’s Finance Minister Enoch Godongwana said, while stressing that he expects him to stay in his post.
“Any president is not going to pursue individualistic policies outside the framework of the party,” Godongwana said in an interview with Bloomberg Television on Friday. Economic measures that will be announced in the February budget will follow from last month’s budget update, he said. The day after the findings were released, the nation’s currency posted its worst one-day loss since May, while the government’s borrowing costs surged the most since 2015. The price of South African five-year credit default swaps climbed by the most since March 2020, indicating investor nervousness about political instability.
In 2008, Thabo Mbeki, the president under whom South Africa saw its best post-apartheid economic growth, stepped down under pressure from the ANC after losing an intra-party electoral vote. And in 2018, Jacob Zuma was forced to quit after a series of corruption scandals eroded his party’s electoral support.
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