Rand strengthens after Ace suspension, but SA investors still cautious
The ANC has begun cracking down on leaders implicated in corruption, starting with the recent suspension of Ace Magashule – but is it too little too late? The rand strengthened following the news, but according to Bloomberg, investors in South African assets will need a lot more convincing that the ruling party’s crackdown on corruption will prove effective. As it is, Magashule responded by saying that he is appealing this “unconstitutional suspension” and encourages other “affected comrades” to do the same. – Claire Badenhorst
South African Investors See Long Road Ahead for Graft Crackdown