No one should underestimate the mini-miracle that has just occurred in South Africa. The African National Congress, a liberation party that has ruled unchallenged for 30 years, was humbled in a free and fair election last month. It accepted the result, eschewed a potential lurch into radical populism and set about forming a government of national unity in which its main partner will be the market-oriented Democratic Alliance.
The prospect of a centrist government bolstered by the DA’s proven administrative skills has energised investors. The rand and the stock market have rallied since the prospect of a coalition government became real. Investors who have not looked at South Africa seriously for 15 years are re-evaluating its prospects.
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