John Campbell

Africa in Transition

Campbell tracks political and security developments across sub-Saharan Africa.

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Showing posts for "Pravin Gordhan"

S&P Leaves South Africa’s Bond Rating Unchanged

by John Campbell
South Africa's President Jacob Zuma before speaking to members of the Twelve Apostles' Church in Christ at the Moses Mabhida Stadium in Durban, South Africa, December 4, 2016. (Reuters/Rogan Ward)

Standard & Poor (S&P), the international credit rating agency, left its assessment of South Africa’s foreign-currency debt unchanged. It remains at the same level as Italy’s and India’s. However, it did lower South Africa’s local-currency rating, which remains above “junk.” On the S&P news, the South African currency, the Rand, rose 1.6 percent against the U.S. dollar, and yields of rand-denominated government bonds fell nine basis points to 9.02 percent. Read more »

South Africa’s President Zuma as Mafioso

by John Campbell
South African President Jacob Zuma laughs ahead of Finance Minister Pravin Gordhan's medium term budget speech in Cape Town, South Africa, October 26, 2016. (Reuters/Sumaya Hisham)

Critics worldwide of South African President Jacob Zuma characterize his administration as “Mafiosi” in style. South African society is characterized by gross inequality, generally with blacks on the bottom and whites on top. Ostensibly, the president’s goal is the “transformation” of this characterization of society, even if that means an assault on constitutional institutions and the rule of law. However, in cahoots with personal allies, notably the Gupta family, instead of “transformation” he is seeking to remain in power and preserve his wealth. Thus far, he has been successfully countered by the strength of South Africa’s institutions, a mobilized civil society, and the democratic faction within the African National Congress (ANC). Calls for his early recall are mounting within the ANC. A trenchant exposition of this “Mafioso” perspective is provided by Richard Poplak, in the Daily Maverick. Read more »

Exit of South Africa’s Finance Minister? Not So Fast

by John Campbell
Finance Minister Pravin Gordhan reacts during a media briefing in Johannesburg, South Africa, March 14, 2016. (Reuters/Siphiwe Sibeko/File Photo)

Pravin Gordhan faces charges of fraud and has been summoned to the Pretoria Regional Court on November 2. The charges appear to be spurious. They concern Gordhan’s approval of the early retirement of a government employee and his subsequent re-employment under contract. The claim is that the amount of money involved is just over ZAR 1.1 million (approximately $76,000). Early retirement followed by re-engagement on contract is commonplace in many governments, including that of South Africa. Read more »

Big South African Union Endorses Cyril Ramaphosa for ANC Party Leader

by John Campbell
South Africa's President and African National Congress (ANC) party president Jacob Zuma gestures at Deputy President Cyril Ramaphosa ahead of the party's National Executive Committee (NEC) three-day meeting in Pretoria, South Africa, March 18, 2016. (Reuters/Siphiwe Sibeko)

The National Union of Mineworkers (NUM) endorsed Deputy President Cyril Ramaphosa for the presidency of the African National Congress (ANC) on September 26. The election of party president will take place in 2017; the next presidential elections will take place in 2019. Under South Africa’s system of proportional representation the ANC party president is likely to be the next president of South Africa. Read more »

Remarks on Morning in South Africa

by John Campbell
Wild flowers bloom on Cape Town's Table Mountain heralding the coming southern hemisphere spring, August 19, 2015. (Reuters/Mike Hutchings)

The following text is the entirety of John Campbell’s speech delivered as part of the Department of State’s Ralph J Bunche Library Series, on June 8, 2016. 

From a certain perspective, South Africa is a mess. Many South Africans are disappointed by the way the country has seemingly squandered its promise as the ‘Rainbow Nation.’ Under the Jacob Zuma presidential administration, the country is treading water with respect to poverty and addressing the lasting consequences of apartheid. Corruption is rife. You can read all about it in the Mail and Guardian or the Daily Maverick. Read more »

South Africa’s Currency Falls Again on Rumors of Finance Minister’s Arrest

by John Campbell
South African Finance Minister Pravin Gordhan gestures during a media briefing in Sandton near Johannesburg, March 14, 2016. (Reuters/Siphiwe Sibeko)

On May 15, the Sunday Times (English, Johannesburg) published rumors of the impending arrest of Finance Minister Pravin Gordhan over alleged revenue service irregularities. However, on May 16, Beeld (Afrikaans, Johannesburg) reported that President Zuma denied the Sunday Times report. Nevertheless, the South African national currency, the rand (ZAR), fell the following two days, reaching its weakest level in two months; it has fallen 2.1 percent against the U.S. dollar since March 15. Read more »