‘Make sweeping reforms now, Cyril’

South Africa’s biggest lender by assets, Standard Bank, urged the newly elected leadership of the ruling ANC party yesterday to urgently implement sweeping reforms to restore investor confidence and reverse economic decline.

Cyril Ramaphosa won the leadership of the ANC this week on promises to fight corruption and revitalise Africa’s most industrialised economy. That message has been welcomed by investors, who have largely held back their capital during Jacob Zuma’s scandal-plagued presidency.

The ANC’s electoral domi- nance means Ramaphosa, who edged out former Cabinet minister Nkosazana Dlamini-Zuma for the leadership, is likely to become the country’s next president after elections in 2019.

Standard Bank, one of the top four banks, called on the ANC to take quick and decisive action against corruption.

“As a leading contributor to our economic development, Standard Bank has a right and a duty to argue for policies and approaches to governance that will reverse South Africa’s economic decline and that will foster the conditions for much faster and more inclusive growth, more job creation, and further transformation,” the bank said in a statement.

Ramaphosa is seen by business leaders as well placed to turn around the economy. SA’s GDP is estimated to grow by less than 1% this year, while the unemployment rate is nearly at 28%.

Some investors are concerned that Ramaphosa may not be able to push through policy changes because the ANC’s decision-making group was split down the middle, consisting of three politicians apiece drawn from the Ramaphosa and Dlamini-Zuma camps.