Both business and Ramaphosa himself once assumed that his presidency alone would be enough to restore the government's and state-owned companies' capacity and integrity. They were wrong, writes Carol Paton.
There was a sombre atmosphere at President Cyril Ramaphosa's fifth investment conference, quite different in tone from any of the investment gatherings he had hosted.
While Ramaphosa still claimed success – investment pledges hit R1.5 trillion over the past five years – his tone was subdued. In the lead-up to the conference, Ramaphosa held close engagements with the captains of industry, where he would have been left in no doubt of the rising anxiety in the investor community as the business environment deteriorated before our eyes.