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“Farmgate”, Ramaphosa and South Africa’s economy

The damning report into corruption allegations surrounding South Africa’s President Cyril Ramaphosa has increased the possibility of him either resigning or being removed from office. Even if he stays on, the ruling ANC’s popularity will take a hit. To shore up support ahead of the 2024 general elections, fiscal policy is likely to tilt towards a looser direction, putting the sovereign debt ratio on an upwards trajectory.

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