'Zuma's refusal to step down is hurting the rand'

Head of Wits University School of Economic and Business Sciences, Jannie Rossouw says the rand has responded positively to the news that the State of the Nation Address has been postponed, as well as the cancellation of the National Executive Committee meeting on Tuesday.

Rossouw says that he is expecting the markets to continue performing well when Zuma's departure is finally announced.

It is clear to me that there has been a discount on the rand which I call the Zuma discount, because of the corruption and the mismanagement that took place on Zuma's account.

Jannie Rossouw, Head of Wits University School of Economic and Business Sciences

On Zuma's watch the international investors avoided South Africa and as a result, the exchange rate of the rand was lower than it should've been if we had more capable leadership in South Africa.

Jannie Rossouw, Head of Wits University School of Economic and Business Sciences

Zuma's reluctance to step down is hurting the rand and it's been hurting the rand since he took office in 2009. We suffered corruption and bad conduct on the side of the government.

Jannie Rossouw, Head of Wits University School of Economic and Business Sciences

According to Rossouw, Cyril Ramaphosa speaks the language which investors understand, and that's the reason why the rand became stronger after he became ANC president.

To hear more of this interview on SA's economy, listen below:


This article first appeared on CapeTalk : 'Zuma's refusal to step down is hurting the rand'


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