The governor of the South African Reserve Bank said “state capture” has played a major role in “burdening the state with corrupt and fruitless expenditure”.

Speaking in New York on November 1, Lesetja Kganyago noted there had been several factors that have stunted growth in recent years, notably a “hollowing out” of public institutions by private interests, “which is only now coming to an end”.

“South Africa is still a country with significant twin deficits. Their scale is a source of