“Ramaphoria” fades

(Bloomberg) --

The “Ramaphoria” that spread in South Africa after Cyril Ramaphosa ended the scandal-ridden reign of his predecessor, Jacob Zuma, in February seems like a distant dream.

Africa’s most industrialized nation yesterday entered a surprise recession, hit by the president’s failure to enact quick reforms and by the perfect storm of global trade wars and market turmoil that’s rocked countries from Brazil to Turkey.

To detractors, Ramaphosa has taken his eye off the economy as he deals with ruling party infighting, rooting out graft in state companies and pursuing constitutional change to allow for the expropriation of land without compensation — a move that’s popular among parts of the black majority but has spooked investors. Unemployment is close to a 15-year high.

Arguably South Africa’s most gifted politician since Nelson Mandela — he co-founded the biggest mineworkers’ union and negotiated the constitutional arrangements to end apartheid — Ramaphosa appears to critics to be too cautious.

That could come back to haunt him when his African National Congress faces a general election next year. The danger is a population running out of patience for the delivery of what the ANC — Africa’s oldest political movement — has long promised: economic liberation.

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What to Watch
- Nafta talks resume as U.S. and Canadian negotiators push for a deal amid Trump’s threats to abandon the pact.
- Democrats are set to start grilling Supreme Court nominee Brett Kavanaugh after contentious exchanges yesterday about Republicans' handling of the confirmation process.
- South Korean envoys return from Pyongyang and report on efforts to revive nuclear talks between the U.S. and North Korea.
- Michael Pompeo meets Imran Khan, after the U.S. secretary of state said he would tell the prime minister that Pakistan hasn't done enough against terror groups to warrant a resumption of security assistance.

And finally ... Trump aides and Cabinet officials are contesting excepts of a forthcoming book by Pulitzer-Prize winning journalist Bob Woodward that portray the president as mercurial, untruthful and inept and his staff as disdainful of their boss. One of the more intriguing tidbits is Woodward writing that then-economic adviser Gary Cohn stopped the president from ordering an exit from Nafta and the U.S.-South Korean trade deal by swiping documents authorizing the withdrawals from Trump's desk — without him realizing.

--With assistance from Rosalind Mathieson, Daniel Ten Kate, Brendan Scott, Kathleen Hunter and Ben Sills.

To contact the editor responsible for this story: Caroline Alexander at calexander1@bloomberg.net

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