Africa News blog
African business, politics and lifestyle
The attempt to sink the $10 billion bourse debut of Vodacom, which went ahead on Monday after an 11th-hour court ruling, hurt the rand currency and revived investor concerns over Zuma.
There was no doubt the bid had undermined Zuma’s strenuous efforts before last month’s election to assure business and investors that there would be no policy shift towards his left wing allies once he took office.
Lawyers for the government opposed union federation COSATU’s attempt to stop the listing in court and made clear the Zuma administration stood by what had been agreed already.
Given that the leaders of the world’s most firmly capitalist countries are splashing around unprecedented billions to nationalise banks, prop up industry and try to get economies moving, it might seem churlish for anyone to question South Africa’s ruling ANC for planning to spend a bit more freely.
This weekend, the African National Congress set out its election manifesto priorities of creating jobs and improving education and health – promises interpreted by many as marking a generally leftward shift under the leadership of president in waiting Jacob Zuma.