This week’s cabinet re-shuffle in South Africa has hit the rand and, while the new finance minister appears to be an investor-friendly choice, it will be a tall order to stabilise the public debt ratio. Meanwhile, the boost to IMF reserve assets (SDRs) approved by the Fund this week will provide some much-needed breathing space for policymakers in Zambia, Ghana, Ethiopia and Kenya. But the extra SDRs won’t resolve underlying debt problems.
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