SA’s largest asset manager favours GNU

The CEO of Ninety One, one of SA’s largest asset managers Hendrik du Toit has called for a government of national unity (GNU), warning against taking a path of racism and tribalism that will tear the country apart.

Du Toit said the outcome of last week’s election, which saw the ANC lose its outright majority, setting the country on a course of frantic coalition talks, demands that President Ramaphosa lead and ‘not be a follower.’

“I was the first South African public company CEO to say we need a government of national unity, which is different from what a coalition is. We need some form of cooperation. It’s not about jobs in the cabinet – it’s about reconstructing the SA economy,” du Toit said.

“If we don’t do that, we are going to rue the day and end up in a tribalist, racist, backward and inward-looking economic and political setup. My fear is that if we are not responsible now, that can happen.”

“It’s a bit like 1993/4. South Africans are good at looking down the barrel of a gun. We just have to keep our cool because this could actually be the beginning of the most exciting period in this country’s history since the early 90s. I am excited but also afraid [of the possibilities].”

Financial markets are expected to remain unsettled over the next week or two as coalition discussions progress.

Post-election governing scenarios range from an ANC, DA, and IFP coalition, which markets seem to favour due to the promise of more policy reform, stronger implementation, and a firm stance against corruption, to a GNU involving the ANC, DA, MK, EFF, and IFP.

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