| When Nelson Mandela led South Africa out of the shadows of apartheid more than a quarter century ago, there was genuine hope the multiracial "rainbow nation" would show the world's poorest continent the way toward a brighter, democratic future. It didn't work out that way. Under the presidency of Jacob Zuma, the ruling African National Congress oversaw the entrenchment of corruption that slowed growth, hollowed out public institutions and bankrupted state companies. The government says more than $35 billion was stolen from its coffers. Instead of charting a new way, South Africa seemed to be following the well-worn path of other developing nations like Angola, Venezuela and Zimbabwe. But then something changed. Cyril Ramaphosa, who led the negotiations to end apartheid and later became a wealthy businessman, took over and staged a fightback to reclaim Mandela's legacy. It's been a long haul, but this week it culminated in the suspension of the president's biggest rival, ANC Secretary-General Ace Magashule, who's being prosecuted for graft. Zuma too is facing charges and possible prison time. The result has tightened Ramaphosa's grip on a party that's handily won every national election since the end of white-minority rule, but what will he do with it? So far, as Antony Sguazzin writes, his promise to rescue the indebted power utility Eskom has come to little, with debilitating blackouts continuing. And he faces a myriad of crises. Africa's most developed economy saw its biggest contraction in a century last year as pandemic restrictions ravaged output and disrupted trade. Unemployment and inequality are rampant. Yet an anti-corruption campaign that's starting to bare its teeth at least offers a chance to breathe a new sense of hope into South Africa. — Karl Maier  Office buildings stand on the skyline beyond Alexandra township in Johannesburg, South Africa. Photographer: Waldo Swiegers/Bloomberg Click here to follow Bloomberg Politics on Twitter, and tell us how we're doing or what we're missing at balancepower@bloomberg.net. | 
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