Quarterly Report | Q4 ’22
Introduction
The South African medium-term budget during October received a positive reaction from markets. This was mainly due to expected strong revenue over runs along with fiscal discipline. The South African debt to GDP is expected to peak around 71%, instead of the 75% as previously announced. The South African Reserve Bank (SARB) stated that they will likely remain hawkish, until inflation slows down and political risks fade towards the end of the fourth quarter. South Africa saw President Cyril Ramaphosa further strengthen his hold as leader of the ANC, after their National Congress in December. A cabinet reshuffle is on the cards early in 2023. Loadshedding continued to grapple South Africa during the fourth quarter, as Eskom CEO Andre de Ruyter, announced his resignation in December.
Previous Reports
Quarterly Report | Q1 ’25
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting.
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