South African equity investors got the election result they wanted, more or less. Now they’re hoping President Cyril Ramaphosa will follow up by choosing a team of competent ministers that’s lean and free of the taint of scandal.

Ramaphosa is expected to announce his cabinet within the next few days and the early signs have encouraged investors: former Environment Minister Nomvula Mokonyane, accused of taking bribes, has already been ruled out.

The position of Deputy President David Mabuza, who has been linked to a series of scandals, is also in doubt while he faces scrutiny from the ruling party’s integrity commission. Mokonyane and Mabuza deny any wrongdoing.

A line-up that signals a push for clean government and a focus on the economy will boost the mood among traders, said Nolwandle Mthombeni, an analyst at Mergence Investment Managers in Cape Town.

“A good outcome in the cabinet appointments will bring about the sentiment needed,” Mthombeni said. “South African corporates in particular need some level of assurance before they can have the confidence to start investing in the country again.”

Ramaphosa has vowed to clean up the government after his predecessor Jacob Zuma’s scandal-marred nine-year rule. He needs a team of ministers to help him kick-start an economy that has expanded by an average of just 1.1% in the past five years.

Sluggish Economy. The economy hasn't grown by more than 2% annually since 2013

South Africa’s benchmark stock index rose 0.3% Friday, snapping five days of declines. Here are more comments from investors and analysts about the cabinet:

Investors are looking for signals that will create investment confidence. The appointment of a credible and slimmed down cabinet will be the first of these. The market will be looking for a cabinet with experience, competence, integrity, and fresh ideas.

Ministers tainted with corruption allegations or ineffective track records will reduce confidence. A zero tolerance for incompetence and corruption must start from the top down.

The market will be concerned if Bathabile Dlamini, the minister of women’s affairs accused by the Constitutional Court of lying under oath, Mosebenzi Zwane, a former mining minister accused of improperly influencing the awarding of government contracts, and Faith Muthambi, also accused of involvement in so-called state capture are named in the cabinet.

Positive picks would be Finance Minister Tito Mboweni, Naledi Pandor, minister of higher education and training, Paul Mashatile, treasurer to the ruling African National Congress, and Public Enterprises Minister Pravin Gordhan. If speculation that Thuli Madonsela, the respected former anti-graft ombudsman, could be appointed a minister proves correct, that would be positive for the market.

Ryan Woods, head of trading, Independent Securities

Appointing ministers seen as not tainted by scandal, or as Zuma apologists, will be key. Developments around Mabuza and Mokonyane will be seen as a positive. Mabuza has been mired in alleged dirty dealings for some time now. Mokonyane’s tenure at water affairs was a disaster.

Retaining people in key positions such as Mboweni, and Gordhan staying on in some capacity are all markers for investors that reform is a priority.

Some Zuma apologists and those mired in some scandal will likely be reappointed, but it hinges on what posts they occupy and influence they may have. This will dictate the market reaction.

Casparus Treurnicht, money manager at Gryphon Asset Management

The market is suffering from politician fatigue, and merely making appointments is not going to change investors’ minds. What investors would like to see is people going to jail for corruption and actions over words.

The best thing that could happen now is sorting the debt burden at state power utility Eskom Holdings SOC Limited. Deregulation is also high on the list. It’s become impossible for small businesses to establish themselves and survive.

Fixed investment in South Africa has followed business confidence

Mthombeni at Mergence

A good cabinet would include ministers in key portfolios such as mining & energy resources, finance and public service and administration being suitably qualified and not implicated in any unlawful acts and impropriety.

The presence of individuals negatively implicated in the state capture inquiry or with a poor track record in previous cabinet roles would be a negative sign. (Agency Report/Bloomberg)

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