A robbery that took place in Ramaphosa’s Phala Phala farm in 2020 is not only messing up his political capital but South Africa’s debt reality as well. It is not yet uhuru, and certainly, things are not at ease.
According to a Bloomberg investigation, South Africa’s bond market is bearing the brunt of what appears to be a loss of faith in Ramaphosa’s presidency following the Phala Phala heist and the investigative report into the incident.
A panel headed by South Africa’s former chief justice Sandiule Ngcobo had issued a report that roasted the president over the robbery incident at his farm in which millions in foreign currency had reportedly been stolen.
The incident would have gone unreported and President Ramaphosa would probably not be facing the current crisis had former police chief Arthur Fraser, a notable Zuma loyalist, not gone to town with evidence about the robbery while also suggesting that the president might be involved in money laundering.
With the recent report by the investigative panel that failed to absolve Ramaphosa, South Africa’s local-currency bond market is experiencing one of its performances in years. The basis for this is partly uncertainty and the possibility of the president being impeached or stepping down.
