The South African courts are for the most part independent, competent and play a key role in holding the worst excesses of Zuma and his cronies in check - and hopefully ultimately ensuring they go to jail. The National Prosecuting Authority and the Hawks (part of the police) are 'captured' by Zuma and merely do his bidding - mostly to keep him out of jail (there are 786 charges of fraud, corruption and racketeering against him) and to torment people like Gordhan who seek to limit the thieving and waste. SA does not really have single party rule either - the moderate opposition DA now runs Johannesburg, Pretoria, Cape Town (and the Western Cape provincial government) and Port Elizabeth. The ANC secured only 53.9% of the overall vote in the recent municipal elections, much of that from the rural areas.

Eoin Treacy's view

Thank you for sharing your on-the-ground perspective of political and regulatory developments in South Africa. An independent judiciary is a very important component in assessing the standards of governance and the potential for them to improve for any country. Zuma’s interference in the judiciary, not least prosecuting his rival, Gordhan, is a negative development.

The fact most judges are independent and competent is positive but is not enough to foster confidence. If the Democratic Alliance is gaining ground that is positive but an ousting of Zuma would be required to act as a truly bullish catalyst for the South African market.

The Dollar has been consolidating in the region of the progression of lower rally highs and the trend mean. A sustained move above ZAR14.50 would signal a return to demand dominance.


In nominal terms the Johannesburg All Share remains range bounds but the US Dollar denominated iShares MSCI South Africa has paused in the region of the lower side of the overhead range and has fallen to test this year’s progression of higher reaction lows. It will need to rally soon if potential for additional higher to lateral ranging is to be given the benefit of the doubt