US investment banking firm Goldman Sachs bet in 2017 that Cyril Ramaphosa would emerge the victor at the ANC’s elective conference and that – following his ascendancy to the Presidency – he would implement market-friendly reforms that would drive economic growth in South Africa.
And so it was that just a week after the 8 May 2019 elections in which the ANC clinched victory, aided in no small part by its affable leader, Ramaphosa was back on the investment campaign trail, reiterating government’s commitment to growing the economy and stabilising Eskom. In addition, the firm announced that it had signed an equity trading co-operation agreement with Investec. This is a win-win arrangement that provides Investec with access to Goldman’s strong global footprint, and easier access to South African markets for Goldman clients.We see tremendous opportunity to better serve local and global clients investing in South Africa and the wider region,” says Richard Gnodde, CEO of Goldman Sachs International.
While SA is well served by both domestic and foreign banks, there is no doubt that there are opportunities for those prepared to invest for the long haul — providing the economy grows, of course.South Africa is a highly indebted country — both at the sovereign and state-owned company level,” says Lumkile Mondi, a senior lecturer at Wits School of Economics.This means that the bond market will be vibrant going forward. Goldman Sachs does not want to be seen to be just chasing yield.
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They will see their arses in SA
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