With the lights back on and freight beginning to move again, in November South Africa won its first credit upgrade in two decades after S&P Global Ratings lifted the sovereign rating by one notch to double B.

Investor confidence is also up. According to Nedbank, private sector investment announcements tripled last year to more than R382bn ($23.6bn). Since the end of 2023, the South African rand has been the world’s best performing major currency on a spot basis reflecting immediate exchange rates, up nearly 15 per cent against the dollar. Over the past 12 months, the JSE all-share index is up 37 per cent in rand terms.

Growth reached 1.2 per cent in 2025, hardly transformative, but double the rate of the previous year. For the first time in a long time, economists are talking enthusiastically about “green shoots” and forecasting year-on-year expansion.

Here is more from David Pilling, Joseph Cotterill, and Monica Mark at the FT.