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Vol 66 No 22

Published 7th November 2025


South Africa

Warning lights as G20 looms

Business leaders sound the alarm over the country’s economic drift, despite signs of fiscal recovery

South Africa is caught in a classic debt trap, with the economy growing more slowly than the interest the government pays on its rapidly expanding debt. In recent weeks, leading bankers – historically supportive of the African National Congress (ANC) and the Government of National Unity (GNU) – have broken ranks to warn that a toxic mix of corruption, policy uncertainty, capital outflow and collapsing investment is threatening stability.

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