巴黎银行-南非-宏观经济-南非：祖马退出的方式和时间-20180129-8页

IMPORTANTDISCLOSURE:I,NicBorain,herebycertifythattheviewsexpressedinthisdocumentareanaccuraterepresentationofmypersonalviewsonthesubjectmatter.IamanindependentpoliticalanalystandasignificantportionofmycompensationiscurrentlyderivedfromBNPSA.Ifurthermorecertifythatnopartofmycompensationis,wasorwillberelated,directlyorindirectly,toaparticularvieworrecommendationbeingexpressedinthisdocument,ThisanalysishasbeenproducedbyBNPSA.Thisanalysisdoesnotcontaininvestmentrecommendations.29January2018Economicdesknotewww.GlobalMarkets.bnpparibas.comSouthAfrica:Theif,howandwhenofaZumaexit?Inourview,avigorousclean-upandretoolingofSouthAfrica’sgovernmentwouldrequiretherecallorresignationofPresidentJacobZuma.?Wethinkthattosustainthecurrentriseinpositivesentimentathiselection,thenewpartyleader,CyrilRamaphosa,wouldhavetoengineeratransfe