EDINBURGH — The ANC ejected Jacob Zuma from his seat after years of misrule, but the damage the corrupt president left behind is immense. As investment strategist Magnus Heystek and his team at Brenthurst Wealth Management note, a staggering R400bn has left South Africa’s bond and stock market since the start of Zuma’s ruinous reign. Although Cyril Ramaphosa has been making more positive noises in his role as president, the money has continued to drain out of South Africa. October saw the largest outflow since the dark days of apartheid. This trend is expected to continue, with rising interest rates set to make Johannesburg-listed stocks even less attractive. – Jackie Cameron

By Brenthurst Wealth Management

The misrule of the country under Jacob Zuma since 2009, when he was elected as president until he was fired in February 2018, has left behind a shattered economy, a sharply weakened rand and a massive outflow of foreign capital. In fact, since 2014 an estimated R400bn has left the country’s bond and stock market, resulting partly in the massive under-performance when compared to the rest of the world.

It remains a mystery why this massive outflow has not received more prominence in the media, but is one of the financial indicators we follow most at Brenthurst when deciding on investment recommendations and asset allocations.