The Investment Perspective, with Ninety One

South Africa's budget windfall is real. So is the discipline behind it

A R30 billion tax surprise in June, driven by mining royalties, has put South Africa's fiscal turnaround back in the spotlight. Adam Furlan argues the real story isn't the windfall, it's what Treasury does with it: two straight years of primary surpluses and a coming fiscal rule point to an improving credit story that bond markets haven't fully priced in.

19 Aug 2026

8 minutes

Adam Furlan
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