Hopes have receded in the past three weeks for a steady recovery of South Africa’s fragile economy with the downgrade earlier this month of the country’s credit rating to junk status. The immediate trigger was the move on March 30 by South African President Jacob Zuma to reshuffle the leadership at 10 ministries. That purge ejected finance minister Pravin Gordhan, who was widely seen as instrumental in pushing reforms on several fronts including revitalizing the private sector and helping create jobs. More significantly, he was credited with measures to stanch corruption in government.

“The executive changes initiated by President Zuma have put at risk fiscal and growth outcomes,” S&P said when it downgraded the country on April 3.…