One thing we can be certain of is that the New Dawn is done, if indeed it was ever a reality or just a figment of our imagination. Last year's optimism when Cyril Ramaphosa became president and which was renewed, for some at least, at his inauguration, has now entirely evaporated as the poisonous politics consuming the ruling party became a toxic spill this week.
Ramaphosa's inauguration, at a price of R100m, was a slap in the face for the 38% of South Africans who are unemployed. Now economic growth has contracted by a shocking 3.2% in the first quarter, hitting all of us in the gut.
Instead of the ruling party and its representatives in the government stepping up to the challenge by single-mindedly devising a plan to tackle the economic crisis, a fight broke out (again) over the Reserve Bank.
Even more alarming was a proposal to investigate quantitative easing - essentially printing money - to settle state-owned enterprises' debts.
It's obvious that more pressing for some in the ANC is not to extend the Reserve Bank's mandate to focus on employment, as they claim, but to use the central bank as a proxy for a power play.
Those determined to push the president into a corner kept at it.
This was in spite of Enoch Godongwana, head of the ANC's subcommittee on economic transformation, the finance minister Tito Mboweni, the Reserve Bank governor Lesetja Kganyago and finally (it took a while) the president himself stating that the Bank's mandate of price stability would remain unchanged.
Soon after the president defended the mandate of the Reserve Bank, Ace Magashule, secretary-general of the ANC, contradicted him via a tweet that was later deleted.
The most pressing issue is fixing state-owned enterprises
— Sunday Times
Magashule said his account was hacked. Even if you believe that, it doesn't offer any comfort. Instead, it draws attention to those working behind the scenes to sow discord.
And in case some in the ANC don't already know this, the Reserve Bank mandate already includes growth, with its website stating: "The primary purpose of the Bank is to achieve and maintain price stability in the interest of balanced and sustainable economic growth in SA. Together with other institutions, it also plays a pivotal role in ensuring financial stability."
It is common in many countries for central banks to be nationally owned, so the ANC's resolution at its December 2017 conference to nationalise it is of itself not alarming. And it remains an ANC plan. Ramaphosa said on Thursday: "It is our desire for the SA Reserve Bank to be publicly owned. However, we recognise that this will come at a cost, which, given our current economic and fiscal situation, is simply not prudent."
But what is alarming is that those who are pushing hard for it to be nationalised had a hand in the corruption that has destroyed so many other key institutions, which begs the question: to what end and why is the Reserve Bank such a battleground? What is the endgame?
Right now the most pressing issue is fixing state-owned enterprises, specifically Eskom, which threatens to sink the country. But investors took such fright this week that the rand has weakened past R15 to the dollar, and this could lead to higher fuel prices and in turn higher inflation, which is one sure way to erode the purchasing power of consumers.
So when those in the ANC claim they are fighting to get the Reserve Bank's mandate extended to address unemployment, they have no idea what they mean. If they did they would recognise that political battles don't hurt investors (they just take their money elsewhere).
Mostly, though, they hurt those who need jobs and puts those who have jobs at risk of losing them.
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