Uploaded February 2026 | Updated September 2026, 1 week ago

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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:

🔘 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

Watch the full episode: link.investec.com/6M48u5-0x4