It’s been a rather grim start to the year after the faux post-Mangaung optimism. Kgalema Motlanthe finally showed his hand, got beaten and Cyril Ramaphosa has returned to politics.

The markets loved that, but not so much that South Africa was not predictably downgraded by Fitch ratings agency. This time it came with a whimper as it followed on from last year’s downgrade by Standard and Poor’s.

Source: Cape Times