An endgame is fast approaching. Either Zuma will go or South Africa will face its first constitutional crisis of the modern, democratic era.

Just the salaries for South Africa’s 35 ministers and 37 deputy ministers amount to more than R143-million, with hefty increases to come.

Investors will closely eye the African National Congress’s election conference next week, fearing a victorious Jacob Zuma would chart a leftist course. Maarten-Jan Bakkum, an…