The market focus in ANC’s elective conference has shifted to policy positions to be adopted by the party after the rand went gung-ho in the lead up to and after the victory of Cyril Ramaphosa as the ruling party’s president.
The local currency raced to R12.60 against the dollar after the top six officials were announced – it was bid at R12.82 at 5pm.
John Ashbourne, an Africa economist, said the results of the other positions meant there were divergent views on policy: “The new leader’s first task will be papering over divisions at all levels – Ramaphosa failed to get one of his allies elected as deputy leader, meaning that the top leadership of the party will remain divided.