Such is the credibility of Futuregrowth’s chief investment officer Andrew Canter that his firm’s decision to stop lending money to six South African State Owned Enterprises knocked the value of the Rand and raised the national cost of borrowing.
He explains the rationale in this powerful interview, hitting out at criticism that he is acting for “white monopoly capital trying to effect regime change”.
Cantor admits he should have acted sooner, but says there are now compelling reasons for the Futuregrowth lead to be followed by other South African money managers. We expect there to be similar announcements from other financial institutions before the weekend, confirming an investment strike in the wake of President Jacob Zuma’s attacks on Finance Minister Pravin Gordhan. – Alec Hogg