South Africa had already slipped into recession in the final quarter of 2019 before the virus arrived in March. SEE ALSO: Ramaphosa faces major test over virus lockdownThe rand meanwhile has depreciated by 22.9 per cent since January. “This lockdown is costing our economy around 13 billion rand ($742 million) a day,” said DA leader John Steenhuisen. Just two years after winning the presidency by pledging to revive the economy, Ramaphosa has been forced to strike a balance between maintaining public health and ensuring economic recovery. Mathekga said Ramaphosa was walking a tightrope even within the ruling African National Congress, where he was not greatly popular.

Source: Standard Digital June 01, 2020 05:56 UTC