Moody’s Research Says Ramaphoria Did Not Filter Down

PICTURE: FleetWatch

JOHANNESBURG: Ramaphosa’s populism was not felt by people on the ground after four months he took over from former President Jacob Zuma.

Credit Ratings Agency Moody’s has released a research report that has found that the excitement created by Cyril Ramaphosa has not filtered down to the ground.

Speaking to a Johannesburg-based radio station, an economist at Citi Bank Gina Schoeman says the report looked at the hype around Ramaphoria and secondly took a reality check of South Africa.

“Because it showed us how important the global economy really is to our own smaller economy. And when we started seeing the oil price rise and at the same time we saw emerging markets come under pressure and unfortunately that started to turn the tide quite a lot,” Schoeman said.

“I would also say that Key 1 DGP numbers that came out, they were bitterly disappointing. So it is a reminder that this was very euphoric but actually, we need structural change in South Africa,” added Schoeman.