BIG a non-starter, rand on the rocks, Hichilema hired

The South African authorities appear to be devoting increased attention to the idea of a permanent basic income grant (“BIG”) but, in practice, such proposals are probably dead on arrival. Meanwhile, the sell-off in the South African rand has gathered pace this week and we think that the currency has further to fall. Finally, the election of Hakainde Hichilema as Zambia’s next president has been embraced by investors. While it looks like he will adopt more prudent policies than his predecessor, we think these will only pay off in the long-run.