Ramaphosa is blocking trillions of rands in investments by mismanaging South Africa. The government’s own numbers tell the story: R1.5 trillion in pledges since 2018, but only about R634 billion (under 42%) actually deployed. Gross fixed capital formation sits around 14% of GDP against a 30% National Development Plan target. Companies are sitting on roughly R1.8 trillion in cash instead of expanding. FDI has fallen and even turned negative in some recent periods. Reasons investors and analysts keep citing: • Policy uncertainty and ownership rules. BEE equity requirements and “tax on arrival” for capital deter foreign firms that will not give up control (Starlink is the high-profile example). The 2025 Expropriation Act adds another layer of risk over property, shares and other assets. • Failing municipalities and red tape. Ramaphosa himself has warned that the R890 billion pipeline is at risk because local government cannot deliver water, electricity, roads or approvals. Bureaucratic delays at municipal level stop projects from crossing the line. • Energy and logistics still unreliable. Load-shedding eased, but grid access, Transnet rail and ports remain chronic constraints. Investors need predictable power and freight, not another decade of SOE failure. • Crime, infiltration of the state, and weak rule of law. The Madlanga Commission and related scandals over police and organised crime raise the cost of doing business and destroy confidence that contracts and assets will be protected. • Low business confidence for years. Corporates treat cash as a defensive buffer rather than growth capital. Confidence has not been in positive territory for a sustained period in a decade. Maintenance capex dominates; expansion does not. • Public-sector investment collapse and SOE decay. Real per-capita public investment fell sharply. Eskom, Transnet and municipalities absorbed billions while service delivery deteriorated. Private capital will not fill a hole that government policy and execution created. • Pledges versus reality. Investment conferences recycle planned capex as “new” commitments. Conversion rates lag global norms. Announcing R3 trillion targets does not substitute for fixing the operating environment. The pattern is consistent: conferences and targets on one side, collapsing capital formation, cash hoarding and departing FDI on the other. Investors price risk. South Africa’s combination of policy, crime, infrastructure and municipal failure keeps that risk high.@GovernmentZA is not working for South Africans.