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South Africa’s 2026 Budget arrives at a pivotal moment.
Debt is hovering near 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook.
Is this genuine fiscal stabilisation or simply a window of opportunity?
In the latest episode of No Ordinary Wednesday, Jeremy Maggs sits down with Investec’s Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs to unpack:
- What it would take to secure a credit-rating upgrade
- Whether debt has truly peaked
- How meaningful the commodity revenue windfall is
- The risk of further “stealth” tax pressure on households
- Municipal reform and infrastructure momentum
- What it would take to secure a credit-rating upgrade
Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what’s moving markets, shaping the economy, and changing the game for your wallet and your business.
