The rand may have rallied this week on the news that South Africa’s current account deficit narrowed in 2024, but we think worse terms of trade, GNU instability and the associated risks in the public finances could all easily put the currency on the backfoot again. Elsewhere, Angola’s IMF Article IV report released this week was highlighted the country’s recent fiscal slippage, reaffirming our concerns it could be the next African country to tumble down the path towards sovereign default.
We will be online on Wednesday 12th March to discuss the key takeaways from South Africa’s budget and to take your questions. Register for the event here.
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