South Africa’s finance minister has given warning against a lurch to the left after next year’s presidential elections, arguing that global recessionary pressures are introducing “vulnerabilities” to an economy he has done much to stabilise over the past 12 years.

Trevor Manuel, who refuses to be drawn on whether he would stay on under a new administration, issued the warning amid falls in local stocks and bonds that have led to a plunge in the rand. The currency has lost nearly a third of its value against the US dollar since the beginning of the month.