The facts confirm SA is on a growth path

Billion-rand projects signal renewed confidence in the economy

- SANJITH HANNUMAN

THE response to our first article on South Africa’s quiet transformation revealed something profound: business leaders and citizens alike are hungry for a narrative that acknowledges both challenges and undeniable progress.

Now, as concrete pours and cranes rise across our cities, the evidence of South Africa's reform renaissance is becoming impossible to ignore - even as the Madlanga Commission proceedings remind us of governance failures and alleged state capture we must forever leave behind. Standard Bank chief economist Goolam Ballim recently noted that South Africa is in the midst of a “reform renaissance” and is demonstrably “at the cusp of a potential economic inflection point.” This isn’t speculation - it’s a conclusion forged in hard data by one of Africa’s most respected financial institutions. A strengthening rand signals a decisive vote of confidence in South Africa's future.

The foundation of progress we documented continues to widen. Beyond the historic R139 billion in bond inflows previously cited, foreign direct investment is now following decisively. South Africa witnessed a staggering 67% year-on-year increase in FDI project numbers in 2024 — a clear vote of confidence in our reform trajectory. Old Mutual economist Johann Els has consistently pointed to a “surprisingly resilient consumer sector” as a key driver of near-term growth, with retail sales outperforming gloomy forecasts and sustained inflation moderation finally boosting real household disposable income. This consumer resilience creates a virtuous cycle of increased demand, higher production, and job creation.