Ramaphosa Shine Fades as Reality Bites South African Economy

Economic and political problems are piling up for Cyril Ramaphosa, dampening the euphoria that accompanied his ascension to the South African presidency.

A labor union boss turned business tycoon, Ramaphosa took office in February after the ruling African National Congress forced Jacob Zuma to resign following a scandal-tainted tenure that lasted almost nine years. While Ramaphosa initially won plaudits from investors and the public for instigating a crackdown on graft, sentiment has soured as record-high fuel prices, inflation-busting pay increases for government workers and demands for bailouts by broke state companies stymie his efforts to turn around the flagging economy.