For about a week, it looked like one of the biggest heads in South African politics was on the chopping block, when David Mabuza’s swearing-in as a Member of Parliament was delayed.
This led to much speculation that he wouldn’t be named President Cyril Ramaphosa’s deputy president, with the ANC’s integrity commission (I know, it’s a laugh) investigating some of his past actions.
This would have been a good place to start.
Sadly, with Mabuza sworn in as an MP yesterday, he seems locked in to become Ramaphosa’s understudy once more. That hasn’t served the rand very well, with this below from Business Day:
When David Mabuza appeared to rule himself out of being re-appointed as deputy president last week, the rand gained. And now that he seems set to be re-appointed to the post, the currency is heading for its biggest one-day drop in more than two months…
“Investors worry that Ramaphosa will not be able to root out corruption from the top echelons of the government as promised, endangering his reform agenda,” said Per Hammarlund, the Stockholm-based chief emerging-market strategist at SEB. The rand could reverse declines if Mabuza shows commitment to reform measures, he said…
“Buy the rumor and sell the fact is in full effect right now,” said Wichard Cilliers, a trader at TreasuryOne Ltd. in Johannesburg. “It’s putting the rand under pressure because investors thought there was a chance that the cabinet would be cleaner. But we need to see the official news about Mabuza, the real deal about what his role will be.”
Right, so just the idea of him becoming deputy president caused the rand to suffer.
If you want to know exactly what that ANC integrity commission’s report said about Mabuza, the Sowetan has you covered, but it appears that the commission was both toothless and wilfully incompetent.