The rand is on a rollercoaster ride, fluctuating wildly as the country waits with bated breath for the outcome of the ANC’s discussions on a Government of National Unity (GNU) with the Democratic Alliance (DA).It seems like the rand jumps at the command of its masters, surging amidst news that the ANC is close to finalising discussions on a GNU.
But this development has sparked widespread criticism from South Africans who disapprove of a coalition government with the DA. ANC Secretary-General Fikile Mbalula, who has been criticized for his efforts in pushing for a GNU with the DA, announced on social media that talks are nearing conclusion. “Almost done with GNU discussions, in the best interest of all South Africans,” Mbalula said.
While Bank of America strategists have closed their bearish trade recommendation for the currency, anticipating a coalition government, many South Africans remain sceptical.Online, citizens have expressed their disapproval, citing concerns about the DA’s stance on issues like land reform and economic empowerment.
The rand’s strengthening to R18.1983 per dollar has done little to alleviate these concerns, as many see the potential GNU as a betrayal of the ANC’s historical values. As one Twitter user put it, ‘The ANC is selling out to the DA? No thanks, bru! It’s clear the rand dances to the tune of its political masters.’
Photography : Getty Images
