South Africa has suffered a massive decline over the past 12 years after research conducted by Eunomix Business & Economics concluded that Mzansi has experienced a fall from grace only matched by “war-torn countries”. In fact, it’s a slump that could be devastating for Cyril Ramaphosa.
Jacob Zuma era blamed for economic downturn
The startling admission is based on security, governance and prosperity indicators that compare SA’s economic performance on an annual basis. After being ranked 31st in the world in 2007, our country now finds itself at 88th – Bloomberg report this is the single biggest drop for a nation not involved in an international or civil conflict.
Initially buoyed by the “orthodox” policies of Thabo Mbeki, South Africa enjoyed economic stability in the mid-2000s. But, after Jacob Zuma was chosen to lead the ANC in 2007, things went downhill quickly. He assumed the presidency in 2009 and stayed in power for nine years thereafter – a “waste of time” if you believe some politicians.
Bad news for Cyril Ramaphosa
So if the last leader was so terrible, it should be easy to outshine him, right? That’s really not the case. Eunomix now
Claude Baissac is the head of the group. He said that the president isn’t likely to make it past 2024 if he’s elected, thanks in part to the populist legacy of Zuma’s final days in charge. Both free education and land expropriation could prove to be Cyril’s biggest undoing:
“There is the strongest likelihood of Cyril Ramaphosa being a one-term president. He’s starting with a weak economy – the weakest of any president since Mandela. He also starts with a fairly weak hand from a political standpoint, with many policies he’s inherited coming from a populist base.”
South Africa endures “one of the worst declines”
Only the likes of Mali, Ukraine and Venezuela have had a worse time of it in the past decade than South Africa. Whereas they have an armed struggle to blame, all we can really point to is a criminal lack of good governance.
To an extent, Cyril can only play with the cards he’s been dealt with. His sweeping promises to clean-up corruption and rid the ANC of bent officials isn’t a one-man job, and it requires cooperation. However, it doesn’t seem like Ramaphosa can count on support from all sides of his party.