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Vol 66 No 24

Published 5th December 2025


South Africa

First the good news – then reality bites

A ratings upgrade and stronger fiscal projections boost optimism, but job cuts and slow investment still haunt the ANC

Political sentiment in South Africa is among the most febrile on the continent – if that is any comfort to President Cyril Ramaphosa. After the G20 Leaders’ Summit in Johannesburg, where South Africa drove the agenda on debt restructuring, the green energy transition and food security Ramaphosa’s stock was rising at home and abroad. The mood in his African National Congress (ANC) was also brightening, a year-and-a-half after it was pushed into a Government of National Unity (GNU) with the centre-right Democratic Alliance (DA).

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