Soothed by President Cyril Ramaphosa and the sensible economics team around him, the markets and the wider public have discounted the ANC’s promise of prescribed asset legislation in its election manifesto.
The EFF, the third-largest party in South Africa, and the one likely to make the biggest percentage point gain in the election, has even more strenuous promises of forced investments dotted across its detailed and very long election manifesto. If the EFF doubles its support from its maiden result of 6% of the national and provincial poll in 2014, then there will be double the number of red-suited MPs in the National Assembly and the wider legislature.
"The EFF government will give banks and asset management companies six months to change their management to mainly black people, particularly Africans, to make a up a majority. This would, theoretically, support the party’s plans to protect South Africa from imports and re-industrialise the economy through a radical localisation programme. It’s mad as mad economics gets, but I wouldn’t discount it as unimportant. EFF leader Julius Malema is batting his eyelashes at the ANC. Last week, he discounted coalitions with the DA after the elections; this week, he indicated that the ANC is his natural partner party.
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