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Carol Paton | Market rebellion shows ANC must tread more carefully on change

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Carol Paton.
Carol Paton.
Liza van Deventer/Fairlady

The extent to which financial markets were spooked by the prospect of a David Mabuza or a Paul Mashatile taking charge of the ANC was a sober reminder of our place in the world: a small economy, heavily dependent on financial flows from the developed world to finance our imports and support the rand with an increasingly large risk premium attached to our assets. 

Finance Minister Enoch Godongwana's message to the market, conveyed by Bloomberg News, that ANC economic policies have not in the past been affected by the ANC leadership transition and that this will not change in the future, was true enough, but it is only half the story. 

But before we get into what might and might not change under new leadership, it's important to say that change is not imminent now.

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Rand - Dollar
17.77
-1.2%
Rand - Pound
21.44
-1.3%
Rand - Euro
19.03
-1.0%
Rand - Aus dollar
12.30
-0.7%
Rand - Yen
0.14
-0.9%
Platinum
972.00
-1.5%
Palladium
1,643.39
-0.6%
Gold
1,874.34
+0.0%
Silver
22.27
+0.4%
Brent Crude
83.69
+3.2%
Top 40
73,968
+0.7%
All Share
79,976
+0.6%
Resource 10
74,722
+0.2%
Industrial 25
103,851
+1.2%
Financial 15
16,339
+0.0%
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