The ANC is signalling its intent to lure more unemployed people to vote for it in the next elections through what analysts refer to as “fiscal populism” – effectively policies aimed at short-term political gain at the expense of entrepreneurs and investors. President Jacob Zuma isn’t going anywhere yet, it seems.

Bloomberg reports that he has been absolved of blame for the ANC’s dwindling support in local elections. Meanwhile, analysts caution that it looks like South Africa is edging back towards downgrade territory after reading statements by ANC Secretary General Gwede Mantashe about the party’s leaning towards fiscal populism.

After a brief surge of strength against major currencies, the rand is showing signs of weakening again. The South African elections were viewed by many as a referendum of sorts on how the ANC is performing as the controlling political party.