MTN Nigeria, the biggest subsidiary abroad of the JSE-listed pan-African telecoms group MTN, increased earnings per share by 166,1% to N16,95 for the quarter to March 31.

Total subscribers increased by 6,5% to 89,5 million in the first quarter of the group's financial year. Active data users increased by 9,5% to 55 million. Service revenue increased by 41,8% to N1,5 trillion. Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 68,1% to N828,3 billion.

CEO Karl Toriola said the group had maintained strong commercial momentum even though they were operating in a “complex and evolving operating environment.” Elevated geopolitical tensions towards the end of the period drove higher energy prices and renewed inflationary pressures.

However, this was partly mitigated by a relatively stronger naira, which closed at N1,387/US$ (December 2025: N1,436/US$).

"As a result, we delivered service revenue growth and EBITDA margin performance in line with our medium-term guidance. Commercial performance remained strong, underpinned by robust underlying trends across customer additions, consumption patterns, and data traffic," he said.

Some 2,3 million revenue-generating subscribers and 1,8 million active data users were added in the first quarter, while data traffic grew by 22,9%.

"To support this momentum, we invested N390,3bn in capex excluding leases, prioritising network capacity and quality of experience. The more supportive FX backdrop enabled us to accelerate this investment while strengthening our ability to capture future revenue opportunities," he said.

Operating expenses were well contained. Free cash flow was up 55,6% to N326.5bn, reinforcing the ability to fund priority investments, maintain financial resilience, and continue to create value for stakeholders, he said.

“We remain confident in the structural demand drivers underpinning our business, while recognising that the operating environment will remain dynamic. We will continue to prioritise network investment and customer experience, ensuring we are positioned to capture growth opportunities,” said Toriola.

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South Africa has begun to benefit from a major export boost amid China’s decision to introduce a temporary zero-tariff preference scheme for selected African economies, including South Africa.

The move, announced by Chinese President Xi Jinping earlier this year, sees qualifying South African goods exported to China enter the Chinese market free of customs duties from 1 May 2026 until 30 April 2028.

The signing of the China-Africa Economic Partnership Agreement (CAEPA) was a key breakthrough in providing South African exports with duty-free access to the massive consumer market.

The policy extends preferential treatment to 20 non-least developed African countries that maintain diplomatic ties with Beijing, complementing existing duty-free access already granted to least developed countries under the Forum on China-Africa Cooperation (FOCAC) framework.

According to China Xinhua News, 24 tons of South African apples became the first batch of imports to enter China at the stroke of midnight under a landmark initiative.

Minister of Trade, Industry and Competition, Parks Tau, said the development signals a strengthening economic relations between China and the African continent while opening meaningful opportunities for South African exporters to tap into one of the world’s largest consumer markets.

However, access to the zero-tariff regime will not be automatic. Exporters must comply with strict rules of origin requirements and provide valid certification to Chinese customs authorities.

The Department of Trade, Industry and Competition (the dtic), working alongside the South African Revenue Service, is currently finalising customs procedures and legislative adjustments to support implementation.

Tau cautioned that exporters who fail to secure a Certificate of Origin before shipment may face upfront costs. In such cases, importers in China will be required to pay a deposit, refundable once the correct documentation is submitted. Retrospective certificates will be allowed but must be clearly marked and will remain valid for one year from shipment.

While the scheme spans a wide range of products, certain categories may still be subject to conditions such as tariff-rate quotas. Exporters are therefore urged to familiarise themselves with detailed tariff schedules and compliance rules to maximise the benefits.

The dtic has positioned the initiative as a strategic lever to enhance South Africa’s export competitiveness, particularly in higher value-added goods, while supporting industrialisation and job creation. Sectors expected to benefit include agriculture, manufacturing and beneficiated products.

To support businesses, the department has activated its Export Help Desk as a central support hub and will publish a detailed FAQ guide to assist companies in navigating compliance and market entry requirements.

Tau said the scheme aligns with South Africa’s broader export diversification strategy, aimed at building economic resilience and reducing dependence on traditional markets.

“This preferential access offers a real opportunity for South African firms to scale up exports and deepen participation in global value chains,” Tau said, adding that the initiative marks a tangible outcome of recent FOCAC engagements and growing trade cooperation between Africa and China.

Last month, acknowledged that global trade conditions have become increasingly uncertain, with rising protectionism and disruptions affecting open economies like South Africa, but emphasised that the country has responded with agility rather than retreat.

Central to this response is the so-called “Butterfly Strategy,” which has seen South Africa redirect its trade efforts toward high-growth markets across Africa, Asia, the Middle East and Latin America.

BUSINESS REPORT

Resilient Reit is in a strong position to achieve a good growth performance in 2026, even off the high base of 2025 when the dividend was raised 11.4% and the value of its portfolio was revised upward by 9.4%.

Chairman Alan Olivier said the South African economy is showing “promising signs of growth”, and consumer and retailer demand growth had been identified at the group’s shopping centres. Resilient has 28 centres in South Africa, worth R32,17 billion in total, each with at least three anchor tenants. Its centres include Galleria Mall, Tubatse Crossing and Highveld Mall, and it has investments in one retail centre in Spain and 4 in France.

“Resilient is pleased to return to an environment where lower interest rates are enabling income-enhancing projects. Construction is underway to extend Irene Village Mall and bulk earthworks to extend Tzaneen Lifestyle Centre have started,” he said in the integrated report released late last week. The extensions are expected to complete in the second half of 2026.

He said they continue to remain responsive to consumer demands and changes in retail trends, ensuring dominance in the areas in which the shopping centres operate.

"Resilient will continue to seek opportunities for growth with every opportunity robustly considered to ensure that decisions made will enhance the quality of the portfolio and the delivery of the group’s strategy for shareholders,” he said.

A well-established energy strategy had seen the installation of solar systems at each of its 28 South African shopping centres, resulting in the supply of approximately 39.8% of Resilient’s total energy requirements.

To further improve sustainability and contain costs, two large-scale battery energy storage systems (BESS) had been piloted at two shopping centres, The Grove Mall and Irene Village Mall, over time, which had performed in line with expectations and had allowed for arbitrage, whereby the shopping centres are able to reduce grid consumption during peak tariff times by discharging the BESS, and recharging them when tariffs are cheaper.

In 2025, a further two BESS were installed, and the board had approved a further six BESS for installation at shopping centres during 2026. The board had approved an additional 27.2 MWh of additional battery energy storage capacity for 2026 - by the end of 2025, total storage capacity came to 20.7 MWh across the portfolio.

Solar generation capacity had also increased to 88.0 MWp by the end of December 2025, from 76.5 MWp the year before. Some R239,5 million (Resilient’s share: R218,9m) was spent on energy-related projects on the portfolio in 2025.

CEO Johann Kriek said their energy strategy leverages the use of batteries to expand solar installation benefits, contain costs and effectively manage demand, and it will be one of the factors that would contribute to the group’s continuing strong performance in 2026.

In addition, strategic asset management initiatives initiated in 2025 were expected to benefit the portfolio in the coming year, he said.

Offshore distributable earnings would be enhanced by favourable forward exchange rates that were currently in place.

The board forecasted growth in distribution of at least9% or 534.56 cents per share for the 2026 financial year versus 490.42 cents a share in 2025, assuming there is no change in interest rates.

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South African professionals facing sudden career transitions, such as resignation or retrenchment, are at a critical financial crossroads where the first 90 days can determine their long-term financial security. While this is a “high-risk financial window”, it can also be a great opportunity for recalibration and growth.

The first 90 days are critical because it is a period of acute transition and are typically marked with emotional and circumstantial instability. Whether the exit was voluntary or involuntary, one’s emotional state can significantly influence immediate financial behaviour, and the actions you take can either create renewed financial security or result in unintended and rapid financial destabilisation.

There are three key considerations to keep in mind to avoid common mistakes and achieve the best long-term financial outcomes:

Do not hold on to a past lifestyle

The most common mistake and the easiest to make is maintaining the same lifestyle as before. This is typically a function of a lack of proper budgeting. Without adjusting spending habits to align with a new financial reality, individuals risk depleting their resources far too quickly. Once depleted, this could lead to a dependency on debt.

The priority should be a thorough cash flow analysis and financial risk management. This includes assessing available liquidity, understanding current financial obligations, and creating a realistic and disciplined budget. During this time, it is crucial to cut back on discretionary expenses and focus on preserving capital to ensure that available resources can sustain you for as long as possible, particularly in the absence of a predictable income stream.

Avoid the risk of emotional spending

Periods of uncertainty often trigger fear-based or comfort-driven spending behaviours. Some individuals may spend impulsively to cope, while others may make reactive financial decisions without fully considering the long-term implications. This can exacerbate an already fragile financial situation.

It is critical to stabilise emotionally before making major financial decisions. A disciplined, intentional approach to money management, grounded in logic rather than emotion, can help individuals maintain their quality of life more cost-effectively.

Protect your retirement capital

Retirement savings should be treated with discipline and respect for their intended purpose. You should prioritise preservation as far as possible and only withdraw what is necessary for survival as an absolute last resort.

If you must withdraw, look to do so in a way that minimises the tax implications and future loss. It is also important to be aware of the difference in the tax implications for retrenched individuals and those who have voluntarily resigned and are accessing the “savings pot” of their retirement capital. You may access your savings pot once a year (after you have exhausted all other liquidity options), but it is important to be aware that this withdrawal is taxed at your marginal tax rate from the first rand.

Resignation withdrawals are taxed according to the withdrawal lump sum tables, wherein a lifetime tax-free limit of R27 500 applies. While the R550 000 lifetime tax-free withdrawal limit offers a potential lifeline for the retrenched in terms of the retirement lump sum table.

The risks of early access to retirement savings are both immediate and long-term and often deeply underestimated. Firstly, there is a permanent loss of compounding. By withdrawing funds early, you are not only reducing your capital but also eliminating its ability to generate future returns over time. Secondly, early withdrawals are often taxed more aggressively. Thirdly, there is a behavioural risk. Once you normalise accessing retirement savings for short-term needs, it becomes easier to repeat this behaviour in the future. Lastly, there is the risk of a retirement shortfall. You are effectively shifting the burden to your future self, who may need to contribute more, delay retirement, or accept a reduced standard of living.

Stabilise before you strategise

Ultimately, the goal of the first 90 days is to create the mental and financial space needed to make informed choices that, if grounded in wisdom and intention, could become a powerful catalyst for financial growth.

Do not make permanent financial decisions based on a temporary emotional state. In many cases, it is not the event itself that causes long-term financial damage; it is the decisions made in response to it.

Rather than being discouraged, individuals should feel empowered to use their free time to rebrand, network, and seek opportunities to reapply their skills and experience in new ways, positioning themselves for future opportunities. Much like financial markets, life moves in cycles - it does not remain in a downturn indefinitely. With intention, discipline, and a focus on what is within your control, circumstances will shift.

* Zungu is an advisory associate at Citadel.

 PERSONAL FINANCE

The average cost per square meter of building a standard home in South Africa has nearly doubled over the past decade. While these costs vary widely across the different provinces and depending on what materials are used, it’s safe to say that building a home is one of the biggest financial investments a family will make.

First-time builders and renovators should get it right from the get-go. Whether you’re building your home from the ground up or planning on extending the exterior, it’s critical to get the basics right and involve experts to avoid any costly surprises down the line

To make sure nothing falls through the cracks,  I have put together the following practical checklist:

Start with a clear building plan

Start with a comprehensive building plan that clearly reflects your long-term vision, even if the construction will be completed in phases. Planning doesn’t mean executing everything at once, but having a well-structured plan is essential to ensuring a successful build.

Get plans approved by the relevant local authority

Before breaking ground or making any alterations, ensure that all building plans are approved by the relevant local municipality or authority. Unapproved structures can lead to legal complications and may invalidate your insurance cover in the future.

Do the groundwork

Assess soil conditions carefully and ensure that foundations are properly designed and reinforced. Soil conditions can vary significantly across regions, and without proper preparation, foundations may crack, shift, or sink over time. This not only compromises the structural integrity of the building but can also significantly reduce its lifespan.

Use quality materials

While more affordable options may appear attractive. Using sub-standard or informal materials can often lead to significantly higher repair costs and increased safety risks in the future. What may seem like a saving during construction can quickly become a costly problem later on.

Plan for future extensions

Many South Africans are choosing to build or extend their homes incrementally. While this approach offers flexibility and affordability, it also carries significant risks. Without a long‑term plan, these additions can place excessive strain on the original structure. Even heavier roofing materials without reinforcing the original foundation can be a cause of structural failure.

Seek professional advice

Before making changes such as enclosing verandas, removing internal walls, or altering roofing materials, it is essential to consult a qualified builder or engineer. Even minor structural modifications can have serious consequences if not properly assessed.

Understand your insurance policy

Insurance is designed to cover unforeseen events, not construction defects. Before undertaking any building work, it is essential to clearly understand what your policy covers and what it excludes.

Ensure full disclosure with your insurer

 It’s critical always to keep insurers informed about any structural changes or additions. Failing to disclose modifications can limit or even invalidate your cover when you need it most.

Safety first

Prioritise safety and durability over short-term savings. Cutting corners may save money upfront, but it can put your family and investment at risk.

Education is power

Education remains one of the most effective ways to protect homeowners. Community-based education initiatives, partnerships with local authorities, and accessible guidance from industry stakeholders are essential to empowering people to make informed building decisions.

With building costs escalating year on year, making informed decisions today can save significantly in the long term. The cost of rebuilding or repairing in the future will inevitably be far higher than getting it right the first time. To make matters worse, insurance cover may be compromised if the correct building processes and requirements have not been followed.

*Hariprasad is the general manager of claims assessment at Miway Insurance.

PERSONAL FINANCE

As the colder months set in, many homeowners might feel the pressure to pause their selling plans, assuming that the warmer months offer better chances of a sale. However, market dynamics don’t just freeze when it gets chilly outside, as serious buyers remain active regardless of the season.

While seasonal trends can potentially influence activity levels, factors such as pricing, property condition, and personal circumstances play a far greater role in determining a successful sale.

The best time to sell is not dictated by the calendar, but by when it aligns with your personal circumstances and property goals. Well-prepared sellers who price their properties accurately and are clear on their next steps can achieve stronger outcomes at any time of the year.

Instead of concentrating on the perceived seasonal advantages, sellers should focus their attention on whether they are financially and practically ready to make the next move in their property journey. Listing a property when it suits your broader life plans can lead to a more seamless and less stressful experience.

A well-considered pricing strategy remains essential, regardless of when a property is listed. Overpricing can seriously deter buyers, especially in winter when buyers want to avoid going out in the rain. Working with a knowledgeable property professional can help you set a competitive price and market the property effectively, helping to achieve a successful outcome.

While timing can influence market conditions, it should not be the only factor guiding a seller’s decision. Personal readiness, financial considerations, and plans often carry more weight than seasonal trends.

* Goslett is the CEO and regional director of REMAX Southern Africa.

PERSONAL FINANCE

Sun International is already executing on a five-year strategy they adopted last year to unlock the group’s full potential, and the gambling and resorts group’s performance year-to-date is broadly in line with the second half of the last financial year.

This was according to the recently appointed CEO Ulrik Bengtsson, who said the group had conducted a thorough operational review in the last financial year, and the five-year strategy had been borne out of that.

“The plan is anchored in clear economic objectives: sustainably growing revenue, expanding margins through scale, operational discipline and technology, and improving returns on invested capital through disciplined capital allocation,” Bengtsson said in the annual report late last week.

“Delivering on this vision will require consistent execution, a strong growth mindset and the right behaviours across the business. We will continue to drive operational efficiencies, strengthen our technology foundation, and use digitalisation and innovation to enhance our value proposition, expand our offerings and enter attractive markets.”

He added that they were well-positioned to achieve their targets and deliver sustainable long-term value through continued investment in technology, talent, and disciplined capital allocation.

During the last financial year, income from continuing operations increased by 3,2% to R13 billion and, excluding the impact of the Table Bay Hotel lease cessation, continuing income was up 7,1% to R12,9bn.

Group adjusted EBITDA (earnings before interest, tax, depreciation, and amortisation) was R3,4bn. Performance was driven by Sunbet, where income grew 75,9% to R2,1bn, while Sun International continued to gain market share in a contracting land-based casino market, increasing share by 0,7 percentage points to 46%.

“Our resorts and hotels delivered a resilient performance, with rooms, and food and beverage revenue (excluding the Table Bay Hotel) increasing by 6,9%, supported by improved momentum in the second half of the financial year,” said Bengtsson.

He said they had strengthened their executive team in the past year, enhanced organisational capability, and transformed the operating model to improve efficiency, particularly in the land-based operations.

“By introducing new talent and capabilities aligned with our strategic ambitions, we have laid a strong foundation for the next phase of growth. Combined with our high-quality physical assets and growing online business, this positions us to deliver a differentiated omnichannel experience,” he said.

Bengtsson became CEO  from July 1, 2025. His remuneration total value came to R32,68 million for the 2025 year - it included R16,91m in value for the long-term incentive share scheme, and R2,94m in other benefits including medical aid, car allowance, relocation expenses, and retention bonuses. Anthony Leeming, who retired as CEO, received remuneration valued at R12,66m for the 2025 financial year.

Chairman Sam Sithole said that the South African gambling market is rapidly shifting to digital channels, intensifying competition and pressure on traditional casinos and LPMs (limited payout machines).

“While this creates challenges, it also presents a significant opportunity for Sun International to leverage its first-mover advantage through an accelerated omnichannel strategy. The group is well-positioned to defend market share, meet evolving customer needs, and deliver sustainable long-term value by investing in technology, AI, digital platforms, and enhanced casino experiences,” he said in the report.

The report said South Africa’s gaming market shift toward online channels means these now account for about 60% of market share and generate around R51bn in gaming revenue per year.

“This migration, with new entrants and changing consumer preferences, is placing pressure on traditional land-based formats, with total land-based casino gross gambling revenue declining 4,6% in 2025 and segments such as LPMs contracting over the longer term,” the report said.

The group’s net gaming wins came to R10,29bn in the 2025 year, versus R9,59bn a year before.

“A robust and adaptable business model ensures Sun International is well-positioned to deliver memorable experiences, sustainable value, and growth for all stakeholders,” Sihole said.

Financial director Norman Basthdaw said they would continue to allocate capital prudently, maintain a target of two times debt to adjusted EBITDA, distribute 75% of adjusted headline earnings a share as dividends, and implement a three-year share buy-back programme, subject to pricing and liquidity discipline.

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South Africa’s workforce is often defined by a single, sobering statistic.

The national unemployment rate remains above 31%, rising to over 40% when discouraged work seekers are included.

It is a number that dominates headlines and shapes national debate, and rightly so. But it is not the whole story.

Alongside it sits another reality, one that is often overlooked but no less important. More than 17 million South Africans go to work every day, and for many of them, employment is not a marker of financial comfort but the beginning of a far more complex responsibility.

To be employed in South Africa today is to carry weight. It is to stretch a salary across rising costs, extended family obligations, and the persistent expectation to build some form of future security. 

While inflation may be moderating on paper, the lived experience tells a different story.

According to the Competition Commission South Africa, electricity prices have increased by 85% over the past six years, with water costs rising by 68%.

These are not abstract figures. They are monthly realities that shape how households survive, adjust, and often sacrifice.

For many workers, a payslip is already spoken for before it arrives. It must feed a household, support relatives, service debt, and still somehow stretch toward savings for a retirement that can feel distant and uncertain. In this environment, employment becomes a daily balancing act between what is needed now and what will be needed later.

Data from Momentum Corporate’s 2025 behavioural research points to a workforce that is trying to engage, to understand, and to make better decisions.

The growth in digital engagement, with thousands of members actively using tools to track their benefits and model future outcomes, reflects a clear shift.

People want visibility. They want control. They want to make informed choices, even when those choices are difficult.

At the same time, the data reveals a divide that cannot be ignored.

Those who feel financially informed and supported are far more likely to preserve their retirement savings, even under strain.

Those who feel uncertain or disconnected from their benefits are significantly more likely to withdraw, often trading long-term security for short-term relief. The difference lies not only in income, but in access to information, in clarity, and in confidence.

Consider the experience of a mid-level manager in Pretoria who, when changing jobs, faced the very real temptation to access his retirement savings to settle a high-interest debt.

With the benefit of clear projections, he was able to see what that decision would cost him over time, including the loss of hundreds of thousands of rand in compounded growth.

Faced with that reality, he chose to preserve. It is a simple example, but it speaks to something much larger. When the long-term impact becomes visible, the decision itself begins to change.

This is where the role of the financial sector becomes critical. It is no longer enough to measure how people are coping.

The real question is whether we are creating an environment where better financial outcomes are genuinely possible.

That means simplifying complexity, improving transparency, and ensuring that the tools designed to support people are not only available, but usable and understood.

As South Africa marks Workers' Day, there is an opportunity to shift the narrative. Not away from unemployment, but alongside it. To recognise that being employed in this country often means carrying more than one’s own livelihood, and that the resilience of the workforce is doing more heavy lifting than we sometimes acknowledge.

Because behind every working South African is not just an individual earning an income, but a network of dependence, responsibility, and hope.

If employment is the engine of the economy, then financial resilience is what sustains it. Strengthening that resilience is not a nice-to-have. It is essential to ensuring that the effort people put in every day translates into something more secure, more stable, and ultimately more lasting.

Siyasanga Kashe, Executive: Member Solutions at Momentum Corporate.

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BUSINESS REPORT 

Homeowners in South Africa who have embraced Standard Bank's innovative LookSee platform have collectively salvaged R890 million while preventing an impressive 43 000 tonnes of carbon emissions.

This dual impact underscored the tangible benefits of climate-smart housing choices, particularly in an era marked by soaring energy prices that consistently outpace inflation.

The incredible savings and emissions reductions have been realised through a strategic approach that encompasses the installation of residential solar panels, completion of energy-efficient home upgrades, and access to preferential home loan pricing for properties located in EDGE-certified green developments.

These initiatives not only reduce reliance on the electricity grid but also promote long-term financial resilience for homeowners grappling with escalating utility bills.

“The past year marked a deliberate drive to scale solutions that make sustainable living accessible and affordable,” said Marc du Plessis, Head of Standard Bank LookSee.

“Homeowners are under increasing financial pressure as electricity and living costs rise. We've focused on delivering practical, end‑to‑end solutions that help households lower their energy costs while actively reducing emissions,” Marc du Plessis added.

Since April 2022, electricity costs have escalated by a staggering 64%, with projections indicating continued increases that will outpace inflation in the years ahead.

In response, Standard Bank’s LookSee platform has provided a lifeline, guiding thousands of homeowners through a seamless process encompassing solar energy assessments, installation, financing, and ongoing optimisation of energy systems.

Last year alone, R4.7 billion in green-aligned financing was disbursed to assist homeowners in integrating sustainable solutions into their residences.

As a result, many households have implemented solar solutions and converted electric geysers to solar-powered systems, which can slash monthly electricity bills by up to 40%.

The LookSee platform not only offers insightful guidance tailored to individual homeowners' needs but also features a savings guarantee, providing cashback if anticipated savings are not achieved within the first six months.

Du Plessis emphasised a crucial shift in the perception of green homes.

He said, “Sustainable homes are increasingly becoming a smarter financial choice. They reduce ongoing costs, improve energy security, and are proving more resilient and attractive as long‑term assets.”

This evolution indicates that sustainability and affordability can indeed coexist, reshaping the narrative surrounding eco-friendly housing.

For homeowners aspiring to emulate these savings, the journey begins by understanding their home's energy profile and pinpointing impactful upgrades.

Employing tailored finance options rather than relying solely on upfront cash allows for a gradual distribution of costs.

“When homeowners can reduce emissions, cut monthly expenses, and protect the value of their biggest asset simultaneously, sustainability becomes not just the right choice but the smart one,” du Plessis said.

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BUSINESS REPORT 

In the whirlwind of modern leadership, a rarely discussed form of burnout often lurks just beneath the surface, one that does not manifest in the dramatic collapse or breakdown we typically envision.

Instead, this type of burnout is characterised by meticulously organised schedules, snap decisions, extensive travel, and the high expectations that accompany leadership roles.

For many senior executives, it is a silent struggle that frequently goes unnoticed, even by themselves.

As economic instability, the rapid pace of technological advancements, and the expectation of unyielding availability become the norm, the weight of leadership remains heavy.

Many executives describe this pressure not as an intermittent event but as a constant "background hum" that engulfs their every decision.

Though they may appear to function well, there’s an invisible cost to their performance—a cost that could be detrimental not only to their own well-being but also to the organisations they lead.

The World Health Organization categorised burnout as an occupational phenomenon resulting from chronic workplace stress that has not been effectively managed.

For those in executive roles, this classification takes on alarming implications.

When leaders experience sustained stress, their thinking, decision-making, and ultimately their leadership effectiveness can deteriorate.

The sharpest minds become clouded, patience wanes, and creativity diminishes under relentless pressure.

What was once a comprehensive strategic outlook can devolve into a series of quick, reactive decisions fuelled by a persistent sense of urgency.

This phenomenon does not reflect on a leader's competence; in fact, it often highlights their high-performing nature.

Such individuals excel in high-pressure environments, continuously driving themselves to solve problems and shoulder responsibilities.

However, this strength can also render them blind to the perilous signs of impending burnout.

They might disregard their exhaustion, framing it as merely a tough phase to persevere through.

In light of this silent epidemic, a shift is taking place in how organisations view and address burnout.

A growing chorus of experts is advocating for a new perspective, recognising burnout not merely as a personal issue of well-being but rather as a critical concern affecting performance, cognitive function, and organisational sustainability.

One such initiative, The Foundry Reset, focuses on C-suite executives, aiming to restore clarity, rebuild cognitive capacity, and foster sustained high-level decision-making, rather than encouraging leaders merely to step back from their roles.

Craig Kinnear, Founder and CEO of The Foundry Reset, highlighted the broader implications of leadership clarity.

Kinnear said, “I once worked with a founder whose decision fatigue quietly cascaded through her team; her uncertainty became theirs. If clarity at the top starts to erode, the consequences do not remain private. They move through the business.”

This underscores the crux of the issue: the mental state of a leader is far from personal; it profoundly shapes the organisational culture, strategic direction, and long-term value.

The discussion surrounding burnout must evolve beyond simplistic wellness jargon or generic advice about work-life balance.

Kinnear added, “For senior leaders, burnout is not only about exhaustion. It is about capacity, judgement and sustainability.”

While endurance is indeed crucial, relying solely on it fails to provide a robust blueprint for future leadership.

As we advance into an era marked by volatility and rapid change, the leaders who will make a significant difference will not merely be those who endure higher levels of pressure.

Instead, they will be the ones who proactively design, protect, and renew their capacity for sustained performance.

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BUSINESS REPORT 

President Cyril Ramaphosa recently called tourism the jewel in South Africa's crown.

He is right. It is a jewel. However, somebody needs to ask the obvious question. Who has been doing the polishing?

Africa's Travel Indaba turns forty this year and Minister of Tourism Patricia de Lille has done something refreshing.

She has looked at four decades of the same model and said out loud what the industry has been thinking for years: it is time for a change.

Her plan to bring private-sector partnership and sponsorship into the event from 2027 is welcome news. 

However, the private sector needs to put something on the table too. We already fund the marketing through our levies.

We are not opposed to doing more.

We’re ready  to step up and help build a world-class showcase. However, a real partnership works both ways.

With President Ramaphosa confirmed to open the event, this is the moment to have that honest conversation. Here is what I believe we need to see from the state to make this work.

Recognise the Domestic Backbone

It is easy to get caught up in the glamour of international arrivals and trophy leisure destinations, but the real engine of our tourism economy lies in places like Bloemfontein, Richards Bay, Kimberley, Pietermaritzburg, Empangeni and the outlying towns and commercial hubs beyond our major cities.

Mid-market hotels are the lifeblood of commerce, conferencing and business at large.

These properties do not get the same red-carpet treatment as our leisure hubs. These hotels clearly demonstrate their resilience to micro- and macro-socioeconomic factors, and they operate almost entirely on private sector grit.

Entire towns and tourism ecosystems are being struck off the map as a result of municipal failures.

We need clear plans from government on how municipal services and infrastructure will be prioritised to support these regional economic hubs.

Incentivise Growth Corridors

Once we have protected what we already have, we need to talk about growth.

The Minister wants private partners to help carry the load and we are ready to do so. Look at models like the Club Med development as a blueprint for what happens when the state provides the right concessions and the private sector builds the engine.

We need to resurrect Tourism Investment Zones where the state offers tax or sustainability rebates for hotels that invest in their own green infrastructure and develop properties in defined spaces earmarked for incentivised growth.

If the private sector is expected to help the fiscus, we need complete transparency on where the government’s responsibility ends and our investment begins.

Level the Playing Field

Growth corridors and investment zones will mean very little if the playing field remains unfair.

For years the formal hotel sector has shouldered the primary cost of our country's international marketing through our tourism levies.

As the Minister seeks more sponsorship and partnership, it is only fair that we finally bring the short-term rental market into a fair regulatory framework.

Everyone who profits from South Africa's brand should contribute to its upkeep and marketing. Progress in this area would be a massive signal of good faith to the formal industry and would greatly strengthen our marketing position abroad and across the continent.

Transparency on Safety

A fair playing field is also a safe one.

The call for partnership must extend to safety where the private sector is currently filling massive gaps.

We see private sector led patrols like those in the Kruger Lowveld stepping in because the state resources are simply not there. We need facts rather than generalities.

How many tourism monitors are actually deployed and where are they located? If the industry is being asked to fund more of the showcase, we must have a transparent and integrated security framework that we can proudly market to the world.

Fix the Dysfunction in our Marketing Entities

None of the above will matter if the entities responsible for marketing our country to the world remain dysfunctional.

When the Minister first took office, she showed real fighting spirit by halting the Tottenham Hotspur sponsorship deal.

That was a necessary and welcome intervention. We now need permanent stability and absolute commercial competence within these marketing entities.

If the industry is going to partner with government and increase our financial contributions, we must have absolute confidence that these bodies are run with corporate efficiency and clear accountability.

Indaba has the potential to be a professional powerhouse where real, direct business gets done – not just a reunion of familiar faces.

The Minister has shown her fighting spirit before, and there is every reason to believe she has what it takes to make this happen.

That same energy, focused alongside the President on these specific priorities, is what the moment calls for.

The ask is not a complicated one.

A seat at the table, straight answers on what the state is delivering, and a partner willing to pull in the same direction.

Get that right, and this jewel will shine brighter than it ever has before.

Guy Stehlik is the founder and CEO of BON Hotels.

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BUSINESS REPORT 

Retail giant and one of the country's biggest banks have announced that FNB and Pick n Pay have together unlocked over R600 million in rewards for South African customers within the past year.

Launched in April 2025, the partnership integrated banking services seamlessly into the daily routines of millions, providing value as economic pressures continue to mount on households across the country.

The partnership epitomised a significant shift in consumer experience, where banking becomes as accessible and intuitive as purchasing daily essentials.

Lytania Johnson, CEO of FNB, said, “From the outset, this partnership was about reimagining how banking can support people in their day-to-day lives, especially at a time when many households need it most. By showing up in spaces customers already trust, we’re able to remove barriers and unlock practical value.”

FNB said its ambition has always been to bridge banking with the everyday needs of the South African populace.

The rationale is clear; as the cost of living continues to escalate, families are seeking smart solutions that will help stretch their budgets further.

Qualifying FNB eBucks customers now enjoy up to 30% back on their Pick n Pay asap! purchases and can also benefit from substantial savings on clothing items, reinforcing the practical financial support this partnership aims to provide.

Sean Summers, CEO of Pick n Pay, said, “Everything we do is focused on helping our customers get more value from their daily shop. This partnership with FNB has been a game changer for customer rewards.”

The integration of FNB’s eBucks program is enhancing the existing Smart Shopper rewards framework, allowing customers to get more out of their spending, which is especially critical in today's challenging economic climate.

Initiatives under the partnership have showcased its dynamic impact.

The “Burger Friday” initiative, for example, has seen 6.2 million burgers redeemed, while the innovative R70 million “99c Bread” initiative has aided entry-level banking customers, ensuring that vital essentials remain within reach.

Additionally, over R45 million in Pick n Pay vouchers have supported customers in purchasing groceries and essentials.

Pieter Woodhatch, CEO of eBucks, described the partnership's strength in its ability to convert everyday spending into financial rewards, asserting that their aim is to work tirelessly to expand the ecosystem further.

Woodhatch said, “As we continue to scale, our focus remains on deepening our impact, making eBucks rewards more relevant and more useful for customers.” 

As FNB and Pick n Pay look to the future, they remain committed to expanding their reach and refining their services, delivering even greater value as part of a cohesive, customer-centric ecosystem that meets the daily needs of South Africans across the board. 

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BUSINESS REPORT 

The Industrial Development Corporation (IDC) is set for a strategic overhaul as government moves to reposition the State-owned financier into a central driver of industrial growth, partnerships and investment mobilisation, Trade, Industry and Competition Minister Parks Tau said on Thursday.

Speaking at an event in marking the IDC’s 86th anniversary, Tau outlined a shift away from the corporation’s traditional role as a direct lender towards a broader platform that unlocks industrial ecosystems and crowd in capital across key sectors of the economy.

“The IDC’s role is evolving from being a traditional direct lender towards becoming a platform for industrial ecosystem development, mobilising capital, partners and capability to unlock high-impact sectors and rebuild South Africa’s industrial base,” Tau said.

The strategic pivot comes as South Africa grapples with slow economic growth, declining industrial capacity and weak investment in productive sectors, alongside infrastructure backlogs and entrenched market concentration.

Tau said the revamped IDC would align closely with government policy priorities, including infrastructure investment in energy, logistics, water and digital networks, as well as the revitalisation of Special Economic Zones and industrial parks.

Trade policy tools, regulatory reform and investment facilitation would also play a central role in enabling industrial expansion. Central to the new approach is a partnership-driven model aimed at leveraging both public and private capital.

Tau emphasised that collaboration would be critical to tackling the country’s “stubborn trifecta” of poverty, unemployment and inequality.

“To deliver on this, the IDC is working to mobilise partners so that we co-invest across value chains and extend reach through intermediaries,” he said, adding that the corporation is strengthening ties with international partners including countries in Europe, Asia and the Middle East, as well as across the African continent.

The IDC’s strategy will prioritise five key areas: co-investment with State-owned entities in network industries such as energy and freight rail; collaboration with development finance institutions; partnerships with academia to commercialise innovation; expanding access for small businesses; and working with private sector consortia to enable technology transfer.

Earlier this year, Parliament said it would establish a formal inquiry into the affairs of the IDC following allegations that it discriminated against black-owned enterprises and deviated from its transformation mandate.

The National African Federated Chamber of Commerce and Industry (Nafcoc) petitioned Parliament in October 2025, accusing the IDC of undermining black industrialists through aggressive recovery actions, premature legal enforcement and liquidation processes.

Tau also highlighted governance reforms, pointing to the appointment of a new board chaired by Gloria Serobe, alongside a new CEO, Mmakgoshi Lekhethe. The board, comprising experienced professionals across sectors, has already begun steering the institution towards its expanded mandate.

“The board has a responsibility to address the negative and real challenges experienced by black entrepreneurs,” Tau said. “Through the chairperson, I have tasked them with the responsibility to solve these challenges through an agreed-upon approach that has strict timelines and measurable milestones.”

Serobe, in her first formal public engagement as IDC chairperson, stressed the importance of governance, accountability and operational discipline in ensuring the institution delivers on its developmental mandate.

“The IDC remains a strategic institution for our country. Its mandate is developmental — to advance industrialisation, jobs and transformation — and it must be sustained through sound governance, risk discipline and financial stewardship,” she said.

She underscored that the board’s role goes beyond oversight, actively shaping strategy and holding management accountable for execution during a period of heightened scrutiny.

“This board is not ceremonial. We approve strategy and the Corporate Plan, test management’s assumptions, ensure alignment to government’s priorities, and hold the institution accountable for execution,” Serobe said.

Addressing concerns raised by stakeholders, Serobe said the board would prioritise improvements in responsiveness, transparency and client experience, including the establishment of an independent complaints review panel.

“Some concerns relate to responsiveness, process fairness, delays and breakdowns in communication — and those must improve,” she said. “The Board will engage them with urgency and care — and we ask to be judged on the seriousness of our process, the evidence that emerges, and the concrete improvements that follow.”

Looking ahead, the IDC’s renewed focus will include future-facing sectors such as critical minerals, green industries, digital infrastructure and advanced manufacturing, while continuing to support traditional industries vital to jobs and localisation.

Tau said the shift reflects changing global dynamics, with countries increasingly investing in strategic industries and securing supply chains.

“South Africa cannot stand still in this environment,” he said. “The IDC must continue to support traditional industrial strength where it matters but also move decisively into new growth frontiers.”

BUSINESS REPORT

South Africa’s National Health Insurance (NHI) debate is increasingly being shaped by assertion rather than evidence. That is a risk the country can ill afford.

There is broad agreement on the goal, a healthcare system that provides access to quality care for all, without financial hardship. But agreement on the destination should not obscure the need for honesty about the path.

A central claim in support of NHI is that South Africa already spends about 8% of GDP on healthcare, and that this funding can simply be pooled into a single system. It is a compelling narrative but it is also incomplete.

Only about half of that spending flows through government. The remainder is paid voluntarily by approximately 4.5 million South Africans through medical schemes, using income that has already been taxed. This is not a technicality; it is fundamental to the feasibility of NHI.

There is no R500bn pool of public money waiting to be reorganised. Government is effectively starting with around R250bn in public health expenditure. The rest is private spending, belonging to individuals who have made a deliberate choice to fund their own healthcare. Any credible NHI proposal must therefore explain, in concrete terms, how the additional funding required will be raised.

But the funding debate is only part of the issue. A number of persistent narratives about the private healthcare sector continue to shape public discourse on NHI in ways that warrant closer examination.

One is that the private sector is “stealing” healthcare professionals from the public system.

This characterisation oversimplifies a complex workforce challenge.

Healthcare professionals move between sectors for many reasons, including working conditions, infrastructure, career opportunities and management stability.

Retention challenges in the public sector are more closely linked to systemic constraints within facilities than to the existence of a private alternative.

Another is that government subsidises private healthcare.

Medical scheme tax credits are often framed in this way, yet this does not fully reflect their purpose.

These credits recognise that individuals who fund their own care reduce demand on the public system.

They are a policy tool that supports self-provision and alleviates pressure on state resources. Removing or repurposing them would not create new fiscal space; it would shift costs back onto an already strained public sector.

Similarly, employer contributions to medical schemes, including those for public servants, are sometimes presented as funds that could be redirected to NHI.

In practice, these are negotiated employment benefits, embedded in contracts and labour agreements. They are neither discretionary nor easily reallocated.

Concerns about the cost of private healthcare are also frequently reduced to the issue of provider remuneration.

While costs are a legitimate concern, this framing overlooks broader drivers such as regulatory constraints, hospital infrastructure, technology and the absence of mechanisms like collective tariff negotiation.

South Africa also competes globally for scarce clinical skills. Competitive remuneration is part of retaining that expertise.

Taken together, these narratives risk reinforcing a false binary between the public and private sectors. In reality, South Africa’s health system depends on both. The question is not which should prevail, but how they can be better aligned to deliver improved outcomes.

Both sectors are under pressure.

The public system carries the bulk of the disease burden under constrained conditions, while the private sector faces rising costs that limit affordability.

Treating this as a zero-sum contest obscures the need for a more integrated approach.

At the same time, the governance and implementation risks associated with NHI require careful consideration.

The proposed NHI Fund will be one of the largest public entities in the country, managing substantial financial flows.

In a context where public sector governance has faced well-documented challenges, it is reasonable to expect safeguards that are stronger, not merely comparable, to existing frameworks. Recent findings by the Auditor-General highlight persistent weaknesses in financial management, internal controls and infrastructure delivery within the health sector, all of which have direct implications for service delivery.

Legal uncertainty adds a further layer of complexity. The growing number of court challenges to the NHI Act reflects unresolved concerns about both process and substance. The BHF’s cases, in particular, focus on whether constitutional requirements, including meaningful public participation, were met.

These proceedings will shape the trajectory of the legislation.

None of this detracts from the importance of universal health coverage. It remains a shared national objective. But achieving it requires more than ambition. It requires credible funding pathways, institutional capability, and policy choices that are responsive to evidence.

There are practical reforms available now, within the existing regulatory framework, that could expand access and improve affordability without waiting for NHI.

Enabling collective tariff negotiations between medical schemes and willing healthcare providers, modernising prescribed minimum benefits, and permitting schemes to offer low-cost benefit options could extend coverage to millions while reducing pressure on public facilities.

The greater risk is not that reform is attempted, but that it is deferred in favour of a future system that remains uncertain.

If South Africa is serious about healthcare reform, the debate must shift from assertion to evidence. It must engage directly with the realities of funding, governance and implementation.

Because in the end, healthcare reform will be judged not by its intentions, but by whether it delivers access to care - reliably, affordably and at scale.

Dr Katlego Mothudi is the Managing Director of the Board of Healthcare Funders (BHF).

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BUSINESS REPORT 

South Africa just celebrated Freedom Day, but it’s worth asking what financial freedom looks like in the digital age.

There are about six million South Africans who remain unbanked or underbanked, according to the GSMA, but who do have access to cell phones.

This is where mobile money services step in, providing a clear path towards financial inclusion, as players like M-Pesa have proved in Kenya, which has a mobile money penetration rate of 87%.

It’s a wondrous case of technological leap-frogging, but to ensure its momentum isn’t hobbled, we need to look at how to secure such a vast digital space.

In South Africa, only 32% of adults use mobile money services, mainly due to the high existing banking penetration of 75%.

Even so, for those who rely on mobile money services to store, send and receive money without needing a traditional bank account, they need to know that the platforms they are using are safe.

Mobile payment systems are the digital “rails” that move money across the country, connecting millions of previously unbanked citizens to the economy. In this way, digital safety for mobile money transactions must be seen as critical infrastructure and as essential to the economy as electricity or roads. 

Putting safety first

Because mobile money is a gateway to financial inclusion, it’s important that this gateway is protected. Mobile services are a primary access point for financial transactions in many parts of Africa.

However, even though mobile-first banking is accelerating financial inclusion across the continent, it is also expanding the attack surface for mobile-based fraud, including SIM-swap attacks. 

In South Africa alone, nearly 60% of mobile banking fraud cases are linked to SIM-swap attacks, according to a 2025 telecoms security report from the Communication Risk Information Centre (COMRiC). The same report estimates that telecommunications-linked fraud costs the country about R5.3 billion per year. 

Making financial services resilient to shocks

As financial services become more mobile and cloud-driven, cybersecurity is becoming a foundational part of financial stability.

In wanting to protect payment systems from external shocks, it’s essential that operational resilience is considered. 

Historically, regulators have encouraged banks to be resilient through guidelines and best practices.

But now regulators are making resilience a legal requirement. Increasingly, financial regulators are requiring banks to prove they can keep critical digital and financial services running during cyberattacks, outages or other disruptions, using regulatory models similar to the EU’s DORA framework.

A key part of this type of resilience hinges on data sovereignty and the importance of keeping critical data in-country. This is particularly important in an era where financial services increasingly depend on global cloud platforms and digital ecosystems. 

A disruption to a cloud provider, a cyberattack on a third-party service or a breakdown in data governance could quickly ripple across the financial sector. Ensuring that security inspection and data oversight remain within national jurisdiction is therefore, more generally, also a matter of financial sovereignty.

Building trust in the digital economy

Ultimately, the success of mobile money and digital banking depends on one thing above all else: trust.

For millions of South Africans entering the formal financial system for the first time, a mobile device effectively functions as a bank branch in their pocket. If that gateway is compromised through fraud, cyberattacks or system outages, the consequences go far beyond financial loss. It can erode confidence in digital services and slow the progress of financial inclusion.

Freedom Day reminds us that freedom is not only political – it is also economic. The ability to save, send and receive money safely is a fundamental part of participating in modern society and the global economy as a whole.

Mobile money and digital banking have the potential to bring millions more South Africans into the financial system. But as the financial sector becomes more connected and cloud-driven, the resilience and security of these systems will become just as important as their accessibility.

If South Africa wants to unlock the full promise of financial inclusion, the next step is ensuring that the digital infrastructure behind mobile finance is secure, resilient and trusted.

Doros Hadjizenonos is the Regional Director – Southern Africa, Fortinet.

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BUSINESS REPORT 

By Thanda Sithole

South Africa’s automotive industry is being quietly but materially reshaped. A growing influx of lower-cost Chinese vehicle brands is changing the affordability equation for consumers, with many buyers now able to purchase a brand-new vehicle at a price once associated with the used market. For households under financial strain, that is an attractive proposition. For the domestic automotive industry, however, the implications are more complex.

Recent market data underscores the pace of this shift. According to National Association of Automobile Manufacturers of South Africa (naamsa), Chinese vehicle brands have rapidly increased their footprint in the local market, collectively accounting for over 9% of total new passenger vehicle sales in 2024, up from low single-digit levels just a few years ago. Brands such as Chery, Haval (Great Wall Motors), and BAIC have been key contributors to this growth, with Chery alone recording year-on-year sales growth exceeding 80% at various points in 2023 and 2024.

The shift is already becoming visible across the market. Lower-priced new vehicle options are beginning to place pressure on the used vehicle segment, where relative value has historically supported demand. Consumers who may have previously opted for a pre-owned vehicle are now increasingly able to access new models with more competitive pricing, attractive features, and, in many cases, better financing options.

From a motor finance perspective, this trend is not without upside. Greater affordability in the new vehicle market can support credit demand and stimulate fresh activity in a sector that has remained under pressure from weak household income growth, elevated borrowing costs and subdued confidence. In the short term, this may prove supportive for new vehicle finance and associated dealership activity.

But while the financing story may be constructive, the broader economic and industrial implications deserve more scrutiny.

South Africa’s automotive industry is not simply another consumer-facing market. It is one of the country’s most strategically important manufacturing sectors, a major employer, exporter and contributor to industrial output. The sector supports a wide ecosystem of component manufacturers, logistics providers, retail networks and downstream services. Pressure on the domestic market, therefore, has implications well beyond showroom floors.

The concern is not that Chinese brands are entering the market. Competition, in itself, is not the problem. In fact, increased competition can be healthy. It can improve affordability, raise product quality, expand consumer choice and force incumbents to adapt. In an economy where many consumers have been priced out of major purchases, lower-cost mobility solutions are not trivial. They matter.

The real concern is whether South Africa’s domestic automotive base is sufficiently competitive to absorb this shift without a meaningful erosion in local industrial capacity.

That question matters because South Africa is competing in a global automotive environment that is changing rapidly. Chinese manufacturers have become formidable competitors, not only because of price, but because of scale, supply chain integration, technological capability and speed to market. In several segments, they are no longer merely low-cost alternatives; they are increasingly credible mainstream contenders.

If that competitive pressure accelerates faster than local producers can adapt, the risk is not simply lower margins. It is a gradual weakening of domestic productive capacity, reduced model relevance, shrinking local value-add and, ultimately, pressure on investment and employment over time.

This naturally raises the policy question: should South Africa respond with higher import duties or other trade restrictions to limit the influx?

At first glance, the case for intervention appears straightforward. If lower-cost imports are placing local OEMs under pressure, tariffs may seem like a reasonable way to level the playing field and buy domestic producers time to adjust. For a country trying to preserve industrial jobs and protect its manufacturing base, that instinct is understandable.

But import duties are a blunt instrument, and blunt instruments often create as many problems as they solve.

Higher duties may offer temporary relief to domestic producers, but they would also raise costs for consumers, particularly lower- and middle-income households already facing strained affordability. They could reduce competitive discipline in the market, shield structural inefficiencies and delay the very adaptation that the industry ultimately needs. In the absence of broader competitiveness reforms, tariffs risk becoming a defensive policy response rather than a strategic one.

There is also the question of whether tariffs would address the root causes of the problem. South Africa’s automotive competitiveness is not determined by pricing alone. It is shaped by a broader set of structural constraints such as logistics inefficiencies, port bottlenecks, electricity insecurity (though this seems to have improved recently), input costs, localisation challenges and the general cost of doing business. These are not issues that can be solved at the border.

In that sense, the rise of Chinese imports is less a problem in itself than a symptom of a larger challenge. South Africa’s domestic industry is being exposed to a more demanding and more competitive global market, and policy can no longer rely on inertia.

That does not mean government should be passive. It does mean the response should be more thoughtful than blanket protectionism.

A more credible policy approach would be one that preserves the consumer benefits of competition while strengthening the domestic industry’s ability to compete. That includes reassessing whether existing industrial support frameworks remain fit for purpose, deepening localisation where economically viable, improving infrastructure and logistics performance, and ensuring the domestic sector is positioned for future product and technology shifts, including the gradual transition in vehicle platforms and propulsion systems.

In other words, the right question is not whether South Africa should resist competition. It is whether it can build an automotive ecosystem capable of surviving and adapting to it.

The growing presence of Chinese vehicle brands is exposing a genuine policy dilemma. Consumers benefit from affordability and choice, while domestic producers face a more intense competitive environment. Both realities are true at the same time.

The temptation will be to reach quickly for tariffs. But if the response is limited to import duties alone, South Africa risks protecting yesterday’s structure at the expense of tomorrow’s competitiveness.

The better response is harder, but ultimately more sustainable, improve the domestic industry’s ability to compete rather than simply trying to insulate it from competition.

* Thanda Sithole is a senior economist at FNB and WesBank.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.

BUSINESS REPORT

South Africa has committed significant resources to fighting organised crime.

A new national task team, backed by a R1bn budget and a sharpened mandate, signals intent at the highest level.

Yet the most consequential shift may not lie in funding, structure or enforcement capacity. It lies in leadership philosophy.

When Nhlanhla Mkhwanazi, the newly appointed head of the national organised crime task team, outlined his approach, it did not begin with force. It began with trust.

That may sound counterintuitive in a country confronting sophisticated criminal networks. But it reflects a deeper reality: South Africa’s crime challenge is not only about capability; it is about connection.

The economic stakes alone demand a rethink. Crime is not just a social burden; it is a material constraint on growth.

According to the World Bank, crime costs South Africa at least 10% of GDP each year—a composite estimate that captures direct losses, security spending and the opportunity cost of foregone investment and productivity. It is, in effect, a structural drag on the economy.

Against this backdrop, Mkhwanazi’s emphasis on community partnership is more than a policing tactic. It is a recognition that the state cannot solve this problem in isolation.

From enforcement to partnership

At the core of Mkhwanazi’s approach is a simple but powerful premise: communities are not bystanders; they are intelligence networks.

In many cases, the earliest indicators of organised crime are not detected through formal systems but observed in everyday life—sudden, unexplained wealth; public officials whose lifestyles far exceed their known income; patterns of behaviour that raise questions long before they trigger investigations.

These signals are visible to neighbours, colleagues and communities long before they reach law enforcement.

By explicitly calling on citizens to report such anomalies, Mkhwanazi is reframing the fight against crime as a shared responsibility. This marks a departure from traditional models, where information flows are tightly controlled and engagement with the public is often reactive. The implication is clear: effective policing in a complex society requires distributed intelligence.

The discipline of transparency

Equally important is the institutional mechanism he is introducing to support this philosophy.

Station commanders in KwaZulu-Natal have been instructed to hold mandatory monthly engagements with their communities. These are not optional outreach initiatives but structured forums for accountability. Communities are to be updated on crime patterns, investigative progress and case outcomes—including, critically, what happens after arrest.

This requirement addresses one of the most persistent weaknesses in public institutions: the absence of feedback loops. Too often, citizens report crimes or share information and hear nothing further. Over time, this erodes trust and discourages participation. Silence becomes interpreted as inaction, regardless of what may be happening behind the scenes.

By institutionalising regular communication, Mkhwanazi is attempting to close this gap. Transparency, in this model, is not an abstract value; it is an operational discipline. For business leaders, the parallel is instructive. Trust is not built through intention alone—it is built through consistent, visible communication.

Trust as an economic variable

The connection between trust and economic performance is frequently underestimated. In high-trust environments, transactions are smoother, compliance is higher and collaboration is easier. In low-trust environments, every interaction carries friction—from additional security costs to longer decision cycles and reduced investment appetite.

South Africa’s crime burden amplifies this friction. Companies invest heavily in private security, logistics are disrupted by theft and vandalism, and reputational risk deters both domestic and foreign investment. If crime is consuming at least 10% of GDP, then improving the effectiveness of crime prevention is not only a social imperative; it is an economic one.

Mkhwanazi’s model implicitly recognises this. By strengthening trust between communities and law enforcement, it seeks to unlock information flows that improve detection and deterrence. Over time, that has the potential to reduce the systemic cost of crime.

Leadership beyond policing

While this initiative sits within law enforcement, its relevance extends far beyond it. Many South African institutions—across both the public and private sectors—continue to operate on hierarchical, closed models of decision-making. Stakeholders are informed selectively, engagement is episodic, and accountability is often reactive.

In contrast, the approach being proposed here is participatory, transparent and continuous. It rests on four principles: open channels of communication; regular, structured engagement; clear accountability for outcomes; and shared responsibility between institution and stakeholder. These principles are not unique to policing. They are hallmarks of effective leadership in any complex system.

The risk of execution

The success of this model will depend on implementation. Monthly meetings can quickly become procedural if not handled with intent. Information shared must be substantive, not superficial. Communities must see that their contributions lead to tangible outcomes.

If these conditions are not met, the initiative risks reinforcing cynicism rather than building trust. Conversely, if executed with discipline, it could create a virtuous cycle: increased information leads to better enforcement; better enforcement leads to visible results; and visible results strengthen public confidence and participation.

A broader question

South Africa’s fight against organised crime will not be won through enforcement alone. It will require a reconfiguration of relationships between institutions and the society they serve. Mkhwanazi’s approach offers an early indication of what that could look like. For business leaders, policymakers and public officials alike, it raises a broader question: are we designing systems that people engage with—or systems they merely endure?

In an environment where crime is extracting a significant economic and social cost, the answer matters. 

Because ultimately, the effectiveness of any institution is not determined solely by its resources or authority, but by its ability to mobilise the people it serves.

In that sense, trust is not a soft concept. It is hard infrastructure. And in South Africa’s current context, it may be one of the most underutilised assets in the fight against crime.

Dr Nik Eberl is the founder and executive chair: The Future of Jobs Summit™ (Official T20 Side Event). He is also the author of Nation of Champions: How South Africa won the World Cup of Destination Branding).

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BUSINESS REPORT 

South Africans are still spending, but the way they shop is changing fast, and retailers who fail to adapt risk being left behind.

For years, the assumption in retail was simple: if consumers were under pressure, spending would fall. But the latest Easter trading data tells a more nuanced story. Consumers have not stopped spending; they have simply become more strategic, more digitally driven, and far more selective about how they part with their money.

That shift should be setting off alarm bells and ringing opportunity bells across the retail sector.

Recent Easter-period figures from PayJustNow suggest South Africans are embracing digital shopping and alternative payment methods at a pace many retailers may still be underestimating. Between April 1 and 13, the buy-now-pay-later (BNPL) provider recorded year-on-year gross merchandise value growth of 71.5%, while order volumes rose 72.9%. For the full month, GMV is on track to increase by 83.3%, with order growth at 82.9%.

Yet average basket size barely moved, slipping by 0.8%.

That matters because it signals a fundamental behavioural shift: consumers are not splurging more in one go — they are shopping more often, in smaller, more deliberate increments.

“Consumers are still under pressure, but they have not stopped spending,” says Dean Hyde, chief operating officer at PayJustNow. “What has changed is how they are doing it. We are seeing more frequent and deliberate purchases, often across a broader mix of categories and price points.”

In plain terms, South Africans are not abandoning consumption; they are redefining it.

This is hardly surprising in the current economic climate. With inflationary pressures, elevated interest rates, and stubbornly high household debt levels continuing to squeeze disposable income, many consumers are being forced to stretch their money further. According to the South African Reserve Bank, household debt as a percentage of disposable income remains elevated, underscoring the pressure many families continue to face.

What is notable, however, is that this financial strain is not suppressing retail activity altogether. Instead, it is accelerating the migration toward flexible, digitally enabled commerce.

The rise of structured payment platforms such as BNPL reflects a broader demand for control and predictability in household finances. Consumers increasingly want to spread payments, manage cash flow more carefully, and avoid the burden of traditional revolving credit facilities where possible.

Hyde says digital shopping destinations are no longer just channels. They are becoming environments of repeat engagement, where consumers browse, compare, and return before committing to a purchase. When you combine that with structured payment options, you remove friction at the point where decisions are made.

That frictionless experience is becoming central to modern retail success.

Retailers can no longer treat digital storefronts as mere extensions of physical shops. Online platforms are now primary battlegrounds for consumer attention, and increasingly the spaces where purchasing decisions are shaped long before checkout.

PayJustNow says it processes more than 11,000 transactions daily and boasts an 88% repeat customer rate — figures that point to structured payment options becoming embedded in regular consumer shopping habits rather than being reserved for exceptional purchases.

Critically, the data also challenge the notion that alternative credit models automatically encourage reckless borrowing. PayJustNow says its default rate remains below 2%, supported by a controlled lending model tied to repayment behaviour.

That may offer some reassurance to sceptics who view the BNPL boom as a potential debt trap. While concerns around over-indebtedness remain valid, disciplined underwriting and responsible affordability checks will ultimately determine whether the sector matures sustainably.

Still, the broader takeaway for retailers is unmistakable: accessibility and convenience are increasingly driving purchasing decisions as much as price and product.

For retailers, the implication is that access to digitally engaged consumers, combined with structured payment options, is translating into higher participation, more frequent transactions, and stronger customer retention over time, says Hyde.

The South African consumer has evolved. Shopping is no longer defined by the big monthly trolley or occasional high-ticket splurge. It is increasingly shaped by smaller, smarter, digitally enabled transactions spread across the month.

Retailers who continue to rely solely on traditional spending patterns may find themselves chasing a customer who has already moved on.

The future of retail in South Africa will not belong to those who simply sell products. It will belong to those who make spending easier, more flexible, and more aligned with how consumers now live.

Because in 2026, South Africans are still spending, just not the way they used to.

PERSONAL FINANCE

In honour of the fight for workers’ rights, the focus around Workers' Day often falls on elements such as wages and working conditions.

However, for small and medium-sized enterprise (SME) owners, who typically operate with smaller teams, the day should also serve as an important reminder that employees should not be seen as an operating expense to be managed, but a strategic business resource that needs to be actively developed, upskilled and invested in year after year.

This ongoing investment not only supports individual employee growth but also strengthens productivity, resilience and ultimately medium to long-term business growth.

The latest data from Productivity South Africa drives this point home.

While the national workforce has grown and become more educated over time, labour productivity has deteriorated in recent years.

This means that without deliberate investment in employees, growing your team – even with highly educated people – does not automatically translate into growth for your small business.

This is particularly significant for SMEs that expect new hires to “hit the ground running”.

The right onboarding can make a crucial difference in the level and speed at which employees are empowered to add value to a business.

Training also shouldn’t stop at onboarding. Roles evolve quickly, particularly in small businesses where employees often wear multiple hats. Ongoing training – whether through on-the-job mentorship or short courses – ensures that skills remain relevant and aligned to the business’ needs.

While the right capability is important, even the most appropriate skillset can fall short without role clarity.

Investing time in clearly defining roles, setting measurable outcomes and aligning these with business goals creates accountability and focus.

Not only does this minimise the potential for duplicating efforts, it also reduces frustration and improves morale.

Another critical form of employee investment that often gets overlooked in the SME daily hustle is supportive people management.

Employees who receive regular feedback, clear direction and recognition for their work are more likely to stay engaged and perform consistently.

Conversely, a lack of communication or inconsistent management can quickly erode performance, regardless of skill level.

There is an undeniable link between employee wellbeing and productivity. In a challenging economic environment, many employees are under financial and personal pressure.

While SMEs may not have the resources of large corporates, non-financial benefits like flexible working arrangements and a supportive work environment contribute to resilience and reduce burnout. 

Outside of quality contribution, one of the greatest payoffs of employee investment is retention.

High staff turnover is costly, particularly for small businesses. Beyond recruitment expenses, there is lost institutional knowledge, disrupted workflows and the time required to onboard new employees.

In many cases, retaining and developing an existing employee is far more cost-effective than replacing them.

Investing in your employees can also result in positive customer outcomes. In SMEs, employees are often the face of the business.

Their interactions shape customer perception, loyalty and repeat business. Well-trained, motivated staff are more likely to deliver consistent service, resolve issues effectively and build long-term relationships, translating directly into business growth. 

Despite these clear benefits, there is still a misconception that employee investment is a luxury reserved for larger organisations. If anything, because SMEs operate with limited resources and cannot afford inefficiency, the opposite is true. 

Productivity is not just a function of hours worked, but of how effectively those hours are used and how much value they add to the business.

This means that every hour of unproductive work, every avoidable error and every disengaged employee has a tangible cost.

For SMEs, investing in employees is one of the surest ways to drive quality productivity and position a business for sustainable, long-term growth. 

Jeremy Lang, Managing Director at Business Partners Limited.

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BUSINESS REPORT 

Credit is integral to modern life. Most people couldn’t afford to buy a house or car, or pay for tertiary education without it. But the terms associated with credit and debt aren’t always easy to grasp.

This is despite provisions in the National Credit and Consumer Protection Acts that information and documentation provided to consumers must be in plain and understandable language.

The disconnect may result from financial people assuming that consumers are familiar with commonly used financial terms.

It’s not that financial services providers are intentionally trying to confuse their customers. Rather, they may believe that sector-specific language is generally understood. The issue is worsened if consumers are embarrassed to ask for an explanation.

This Financial Literacy Month, there are five important terms credit consumers should understand to ensure they make sound financial decisions, avoid unnecessary costs, and steer clear of long-term financial strain.

Credit score

A credit score is a three-digit representation of a person’s creditworthiness. Credit bureaus use a consumer’s borrowing and repayment history to compile a credit report and calculate the score. Lenders use this information to decide whether to approve a loan and the interest rate that should apply.

A higher score generally results in better borrowing terms, while a lower score can limit access to credit and make it more expensive. Consumers can access their credit reports free of charge once a year from any of the credit bureaus.

Interest rate

This is the cost of borrowing, expressed as a percentage of the loan amount. Interest rates can be fixed, remaining the same for the full loan period, or variable, changing when interest rates move up or down. Even seemingly small changes can significantly affect the total repayment amount.

Debt-to-income ratio

This ratio is the proportion of a person’s income needed to repay their debt. A high debt-to-income ratio indicates that a large portion of income is being used to repay current debt, and may reduce the likelihood of further credit approval.

Secured and unsecured credit

Secured credit is underpinned by an asset, such as a home or car, which the lender can repossess if repayments are not made. Unsecured credit, such as personal loans or credit cards, doesn’t require an asset as collateral, but interest rates are typically higher because of the increased risk for the lender.

Arrears

A consumer is in arrears when one or more loan repayments are missed. This can negatively impact their credit score, trigger penalty fees, and potentially lead to legal action.

Understanding these terms is helpful when considering or applying for credit, but it’s especially important not to sign a credit contract that you don’t fully understand.

If you are in any doubt, ask. The credit provider is obliged to explain your rights and responsibilities clearly and simply.

* Sager is the executive head of DebtBusters.

PERSONAL FINANCE

South Africa's personal savings rate fell to -1.4% of disposable income in the fourth quarter of 2025. According to the South African Reserve Bank, this is the deepest level of household dissaving since 2016. In real terms, this means South Africans are collectively spending more than they earn. Roughly 40% of urban working households have no formal retirement savings, and around 50% of low-income workers have no savings at all.

In a country where every rand has to work this hard, the South Africans who are actively investing cannot afford to waste what they put away. And yet, one such mistake is more common than most investors realise: over-diversification.

I've sat across from investors who own fifteen unit trusts and can't tell me what a single one of them does. They feel safe because they own a lot of things. But when you look under the bonnet, half of those funds are holding the same five shares. That's not diversification. That's duplication with extra fees.

A rule that stopped being useful

The advice to "diversify, diversify, diversify" has been drilled into South African investors for decades, and for good reason. Concentration in a single stock, sector, or country is genuinely risky. But somewhere along the way, the rule lost its nuance. Diversification is meant to manage risk, not eliminate returns. If your portfolio is so spread out that you can't explain what you own or why, you're not managing risk - you're managing confusion. And confusion has a price tag. That price tag shows up in three places: higher combined fees, watered-down performance, and an inability to track whether your money is working for you.

The real cost of holding too much

Imagine you own ten funds, and each one charges a management fee of 1.5%. Now imagine six of those funds are all holding variations of the same twenty JSE-listed companies. You're paying six sets of fees to own the same shares, but in six different ways. The market doesn't reward you for that - it simply charges you.

This kind of over-diversification is particularly common in portfolios built gradually over time. People add one fund here and another there every time they read an article or get a tip, yet nobody ever audits the whole picture. Ten years later, they've built something they don't understand.

A country that cannot afford passive investing

Against a backdrop of deepening household dissaving and historically low retirement savings participation, paying duplicated fees on duplicated holdings is a luxury South African investors cannot afford. In South Africa, every rand has to work as hard as you did to earn it. If you're one of the South Africans actually putting money away each month, you owe it to yourself to make sure that money is doing a job and not just sitting in a portfolio that looks impressive on paper. 

Smart diversification looks different

The solution isn't to abandon diversification - it's to do it properly. Here are three questions every investor should be able to answer about what they own: what is this investment for? What does it give me that my other investments don't? And if I took it out tomorrow, what would I actually lose?

A focused, well-constructed portfolio can hold as few as four or five investment vehicles and be genuinely diversified. The question isn't how many funds you own. It's whether each one is doing a job that the others can't. If you can't answer those three questions, you're not invested. You're collecting.

Where to start

For South Africans who suspect they may be over-diversified, I recommend a simple portfolio audit - ideally with an independent financial adviser who isn't selling a specific product. Lay it all out on one page. Every fund, every fee, every underlying holding. You'll be surprised how often the same names come up again and again. That's the moment it starts to make sense. The goal isn't to own fewer things for the sake of it. It's to own things with intent. Every rand in your portfolio should be there for a reason you can defend. That's what disciplined investing actually looks like.

* Reyneke is the CEO and Fund Manager at Findotec.

PERSONAL FINANCE

By Dr Ali Hamdulay

South Africa’s health system is changing rapidly. Clinical demand is rising, people’s expectations are shifting, and technology is now mature enough to remove distance, time, and cost from many first points of care. Digitisation is no longer a future possibility; it is already reshaping healthcare. The question is whether we will shape it deliberately, fairly and with the leadership required to make its benefits real for every community.

We are already seeing strong signals from decision-makers. Adoption of remote monitoring, virtual consultations and data-driven decision support is accelerating, in some areas faster than global averages. These choices reduce pressure on facilities, extend care into the home, and give clinicians timely insight. Policy has also laid the foundation. The National Digital Health Strategy sets out how interoperable systems, appropriate governance, and person-centred design can turn digital tools into dependable clinical pathways, rather than isolated pilots.

Digitisation, however, is only half the story. The other half is hyper-personalisation. For decades, healthcare has been designed around episodes and averages, yet most determinants of health sit between visits. When secure data, risk models, and human insight come together, care can shift from reactive to proactive. That can mean identifying a member at high risk of metabolic disease before diagnosis and intervening early with targeted lifestyle support to prevent progression, alongside reminders for a diabetic trending out of range, a call to a hypertensive patient who misses a refill, or tailored guidance for a young parent after being discharged from a labour ward.

International evidence reinforces this promise, with multiple global reviews showing that telemedicine achieves outcomes comparable to in-person care, and can strengthen chronic disease management, reduce missed appointments, and improve patient engagement. Hyper-personalisation is not about replacing clinicians. It gives them a clearer view of who needs help now, who may deteriorate soon, and which small interventions will matter most. It supports earlier action, protects clinic time, and builds trust, which aligns with national goals for integrated and person-centred care.

Yet even the best tools depend on the people who use them. South Africa’s health workforce is under significant pressure. Reports from 2025 showed several provinces facing acute shortages, with more than 90% of facilities in some regions reporting too few clinical staff. Parliamentary disclosures confirmed more than 27,000 unfilled posts across clinical categories. The 2026 Budget recognised these realities, allocating funding to support doctor employment, goods and services, HIV and AIDS programmes, and increased provincial and municipal allocations. These investments help, but numbers alone will not close the gap.

This is fundamentally a people challenge. South Africa has exceptional clinicians and managers, but the sector must do more to support the next generation with mentorship, real responsibility, and pathways into digital, data-enabled care. Young leaders cannot be asked to choose between their values and viable careers. Teams cannot be rebuilt without space for growth and contribution. And digitisation cannot succeed without equipping frontline managers and clinicians to lead change, not merely absorb it.

These realities underpin Metropolitan Health’s long-standing collaboration with the Board of Healthcare Funders. The BHF brings funders, administrators, clinicians and policy voices together to share evidence, align on reforms and recognise the people who keep the system moving. Its research and events have highlighted rising utilisation, workforce constraints, and the shift toward value-based contracting, while keeping universal health coverage at the centre. Supporting this platform helps surface talent, strengthen mentorship, and build a leadership culture grounded in collaboration rather than blame.

Metropolitan Health has also partnered with the National School of Government to expand leadership capability across the ecosystem. Through this collaboration, emerging managers and supervisors gain access to development programmes and public-sector-aligned training that build confidence and readiness for a more digital, data-enabled future of care. These partnerships are deliberate investments in future leaders, creating pathways for mentorship, developing capability, and strengthening the culture needed for long-term system renewal.

There are practical steps we can take in the next twelve months to turn these principles into progress.

First, standardise digital-first contact and use data to personalise care. Clear national protocols for virtual triage, remote monitoring and referral pathways will reduce unnecessary footfall and protect clinic time. Combining this with targeted, data-driven prompts such as reminders, alerts for missed steps, and guidance in a person’s home language, will strengthen continuity and reduce pressure on teams.

Second, protect time for care. Streamlining forms, improving interoperability, and clarifying referral rules will remove avoidable friction. Technology can remove administrative obstacles; leadership must ensure they do not return.

Third, invest in future leaders and create career paths that keep talent in South Africa. Joint mentorship and development programmes can build digital fluency, ethical data use and change leadership. Recognising excellence and offering progression, along with demonstrating that leadership is possible locally, will help retain skilled clinicians and attract new graduates.

None of this detracts from the central role of the public sector or the ambition of universal health coverage. It strengthens both. Person-centred digitisation will make care more attainable. Hyper-personalisation will make it more relevant. A new generation of leaders will make it sustainable.

We have the building blocks. Now we must back them with mentorship, measurable standards, and the will to learn at speed. That is how we move from promise to practice, and keep more care within reach for every household, every day.

* Dr Ali Hamdulay is the CEO at Metropolitan Health.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.

BUSINESS REPORT

Market dynamics reflected a somber mood yesterday as investors grappled with warnings from the US Federal Reserve regarding inflation alongside escalating tensions sparked by the US-Iran war.

These factors conspired to keep market participants on edge, leading to a largely mixed performance on Wall Street.

The major indices displayed a cautious posture as the S&P 500 edged slightly lower, while the Dow Jones Industrial Average sank by 0.6%, heralding a day of pervasive uncertainty across US markets.

Bianca Botes, Managing Director at Citadel Global, aid,  "However, shortly after the closing bell, the landscape appeared to shift slightly as earnings reports streamed in from key players within the so-called “Magnificent Seven” tech stocks. Despite this positive news, Meta Platforms found itself under pressure, struggling with pessimistic spending forecasts that kept its shares subdued." 

She added that conversely, tech stocks across Asia showed resilience in response to promising earnings, fuelling a rise in the MSCI Asia Pacific Index, which is anticipated to see a robust 16% gain for the month, offering a glimmer of hope amidst global uncertainties.

Oil prices surge

The energy market also witnessed significant movements, with oil prices surpassing the $120-per-barrel mark.

This spike followed a high-profile meeting between former President Donald Trump and representatives from various oil companies, which reignited fears of sustained blockades and persistent pressures on oil supply.

It also follows the United Arab Emirates' withdrawal from OPEC which will take effect from 1 May 2026.

It represents the most significant fracture in the organization's 66-year history and increases the risk of oversupply weakening prices. 

The UAE, which joined OPEC in 1967 and grew to become the group's second-largest producer by liquids capacity, announced its departure on 28 April 2026.

The country's Ministry of Energy and Infrastructure said the decision follows a review of production policy and capacity outlook and aligns its strategy to accelerate domestic energy investment.

Simon Flowers, Chairman and Chief Analyst at Wood Mackenzie, said, "As the nation with the second-largest liquids capacity in OPEC, the UAE's exit is momentous. However, it's not entirely surprising as political tensions between the UAE and Saudi Arabia have been building over the last few years and have intensified in recent months amid the ongoing conflict in Iran.

"UAE's departure from OPEC will have minimal impact on market fundamentals in 2026, even if the Strait of Hormuz reopens. Gulf countries, including the UAE, will take months to return to pre-war production volumes. Beyond this year, losing the UAE will compound OPEC's challenge to balance the market and increase the risk of oversupply weakening prices."

Meanwhile, the price of gold has declined by 3% for the week, now trading at $4,556 per ounce, as central banks’ cautious narratives weigh heavily on investor sentiment. The US dollar has strengthened, buoyed by the hawkish tone emanating from Federal Reserve communications.

"As we move forward into today, all eyes are set on the Bank of England (BoE) and the European Central Bank (ECB), in addition to the release of the EU Consumer Price Index (CPI) and local Producer Price Index (PPI). Market analysts are keenly assessing how these developments could influence the landscape amid an increasingly volatile economic environment," Botes further said. 

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BUSINESS REPORT 

South Africa has cemented its status as the continent’s aviation leader after achieving a preliminary safety audit score of 95.12%, placing it eighth globally and first in Africa.

The milestone, confirmed following an International Civil Aviation Organization (ICAO) Coordinated Validation Mission on Wednesday, marks a significant improvement from the country’s 91.23% rating in its 2023 full-scope audit.

The audit outcome underscores the strength of South Africa’s aviation oversight system and reinforces confidence among international airlines, investors and travellers. With a final ICAO report expected within 90 days, the early results already position the country among the world’s top-performing aviation regulators.

Transport Minister Barbara Creecy hailed the achievement as a collective victory for both the regulator and the broader aviation industry. She credited the South African Civil Aviation Authority (SACAA) for its leadership and preparation, alongside industry stakeholders who contributed to demonstrating compliance with global safety standards.

“We are very proud of this achievement for South Africa. It reflects the strength of the systems we have in place and the collective effort to ensure the safety of our skies,” Creecy said.

SACAA director of civil aviation Poppy Khoza added that the result reflects years of sustained commitment to regulatory excellence and continuous improvement.

She also pointed to South Africa’s longstanding safety record, noting that the country’s commercial airline sector has maintained a zero-fatality accident rate for over four decades.

“This remarkable outcome is further testament to the zero fatal accident rate in the commercial airline sector which South Africa has enjoyed for over four decades,” Khoza said.

Beyond national pride, the ranking carries broader implications for Africa’s aviation sector.

South Africa’s performance not only sets a benchmark for other countries but also strengthens the continent’s credibility in global aviation markets. A robust safety oversight system is widely regarded as a cornerstone for expanding connectivity, unlocking tourism growth, and supporting trade across borders.

This development comes at a time when Africa’s aviation market is experiencing strong growth, even as global conditions remain uneven.

According to the International Air Transport Association (IATA), African airlines recorded a 19.2% year-on-year increase in international passenger demand in March 2026—one of the strongest growth rates globally. Capacity in the region rose by 4.2%, while the passenger load factor climbed significantly to 77.7%.

Overall, Africa’s total air travel demand grew by 20.6% compared to the same period last year, far outpacing the global average of 2.1%. This highlights the continent’s rising importance in the aviation landscape, driven by increasing intra-African travel, economic recovery, and improved route networks.

However, global aviation trends reveal a more complex picture. While domestic travel worldwide expanded by 6.5%, international demand dipped slightly by 0.6%, largely due to disruptions in the Middle East. The region experienced a dramatic 60.8% decline in passenger traffic after geopolitical tensions and airspace closures linked to the ongoing conflict.

Despite these headwinds, demand outside the Middle East remained robust, growing by around 8%. Industry leaders have cautioned, however, that rising jet fuel prices and potential supply constraints could pose risks in the coming months, particularly for regions dependent on fuel imports.

For Africa, the current growth trajectory presents both opportunity and responsibility. Strong demand must be matched with continued investment in safety, infrastructure, and regulatory frameworks to sustain momentum. South Africa’s top-tier safety ranking demonstrates what is possible when these elements align effectively.

As the continent works towards greater air connectivity under initiatives such as the Single African Air Transport Market, South Africa’s achievement provides a model for others to follow. Enhanced safety standards not only improve operational reliability but also open doors to new international routes and partnerships.

BUSINESS REPORT

Why overseas claims can take longer

If a claim is submitted from another country, your insurer may need to confirm details with overseas hospitals, authorities, and document issuers. This can make the process more complex, and sometimes, slower than a claim handled in South Africa. Even though South African insurers are used to paying claims, an international claim often involves extra checks like confirming the cause of death, requesting medical records from an overseas facility, verifying documents, and working across different legal systems and time zones. Knowing this upfront helps you and your loved ones set realistic expectations if you ever need to claim from abroad.

How payouts work if you’re overseas

Most South African life policies pay out in rands, even if the claim happens in another country.

If your beneficiaries live overseas (or your family expenses are in a foreign currency), exchange rates can affect how far the payout goes. It’s worth planning for this with your adviser – especially if you’ve moved abroad permanently or you support dependants in another country.

What can stop a claim from being paid?

Exclusions and policy rules still apply when you travel. Common reasons claims are delayed, disputed, or rejected include:

• Non-disclosure: Not sharing important medical, financial, or lifestyle information when you applied. Full disclosure helps protect your claim.
• High-risk activities: Some policies exclude certain hazardous sports or activities unless you disclose them and they are accepted.
• High-risk destinations: Travel to war zones or areas with severe civil unrest may be excluded, depending on your policy.

A quick checklist before you travel

• Confirm your policy has worldwide cover (and whether any destinations are restricted).
• Check if you must notify the insurer for trips, long stays, or business travel.
• Make sure your beneficiary details are up to date, and your loved ones know how to claim.
• If you’re living abroad, speak to your adviser about currency risk and whether additional cover is needed.

A few minutes of checking your cover now can save your family stress and delays later, whether you’re away for two weeks or two years

* Van der Westhuizen is the chief financial officer at BrightRock.

PERSONAL FINANCE

Whether you’re going on holiday, travelling for work, or planning a longer move, it’s worth checking how your South African life insurance works outside the country. With Statistics South Africa recording over 36.5 million border movements in 2025, more of us are crossing borders than ever. Below is a simple guide to what’s usually covered, what you need to do before you leave, and what can complicate a claim if something happens while you’re away.

Will your South African life insurance policy cover you while you’re overseas?

In many cases, yes. Most South African life insurance policies offer worldwide cover. That means a valid claim can still be paid if you suffer a qualifying illness or injury, or if you pass away while you’re travelling or living abroad.

But the detail matters. Some insurers ask you to notify them when you travel, especially if you’ll be away for an extended period or you’re visiting certain destinations. Policies may also exclude claims linked to travel in high-risk areas (for example, active conflict zones) or places with limited infrastructure. Before you go, check your policy wording and speak to your financial adviser so you know exactly what is and isn’t covered.

Urgent government enforcement is needed to enforce existing standards on cables, proper investigation of suspiciously low-priced shipments, and the implementation of targeted duties on dumped products.

This call was made by South Ocean Electric Wire (SOEW) CEO Andre Smith, who has warned the continued flood of low-priced imports is accelerating the hollowing out of South Africa’s cable manufacturing sector, and is also posing serious risks to infrastructure safety and job security.

SOEW, a subsidiary of JSE-listed South Ocean Holdings, is one of South Africa’s largest manufacturers and distributors of low-voltage electric wire, cable, and accessories.

“Data confirms what we have been seeing on the ground for some time. China has almost doubled its exports to South Africa, and we are now seeing individual shipments entering at prices as low as R3.00 per kilogram, levels that are simply not commercially viable for any legitimate, locally compliant manufacturer,” said Smith.

The latest Commodity Trade Observer report on low-voltage cable imports from March 2024 to February 2026 indicates that low-voltage cable imports have jumped 18% year-on-year to 19,27 million kilograms. Average prices have fallen sharply to R129/kg from R161/kg despite worldwide raw material and logistics cost increases.

“One trader alone brought in nearly 985 tons at R3/kg, which the report itself describes as a clear indication of illicit trade,” he said.

Mishak Matlsa, Aberdare Cables executive director, said they were struggling to load their production lines to full capacity because the market was so weak, the main cause of which was the recent surge in cable imports.

While South African cable manufacturers were globally competitive with similar import parity costs such as for copper and aluminium, imports were coming in at well below local manufacturing cost, which also raised questions about standards and safety compliance of the imported cable, he said.

He said the cable manufacturers had submitted an application to Itac (International Trade Administration Commission of South Africa) in January for interim import tariff relief, and they were awaiting the outcome.

South Africa imported 35,57 million kilograms of low-voltage power cables over a two-year period, valued at R5.12 billion.

In the March 2024 to February 2025 period: 16,30 million kg's were imported at a value of R2.63bn at an average of R161/kg.

In the March 2025 to February 2026 period: imports rose to 19,27 million kg, an increase of nearly 3 million kilograms – valued at R2.49bn at a significantly lower average of R129/kg.

Smith said the report also indicated that China had dramatically strengthened its position as the dominant supplier of suspected inferior and non-compliant products.

“While Chinese exports almost doubled year-on-year, Portugal, Italy, Zambia, and Poland followed in terms of kg exported into SA. Durban remained the primary port of entry, handling the vast majority of these imports,” he said.

He said the report drew attention to concerning patterns among individual traders. While the top 10 importers accounted for the bulk of volume, one trader imported 984,877 kg at an average price of just R3/kg, which was flagged in the report as "a clear indication of illicit trade" that "should be investigated in greater detail and reported to SARS for further review".

Another trader imported at R85/kg, about 50% below the overall average.

“Many (imports) are entering the market without proper SABS compliance, using inferior materials and failing critical local safety standards,” said Smith.

He said they had already documented widespread failures in household installations, commercial buildings, and critical mining infrastructure among others, caused by non-compliant cables.

“The human and economic cost of these failures, from fires and downtime to lost productivity, is enormous,” he said.

“South Africa’s electrical cable industry supports thousands of direct and indirect jobs, from raw material suppliers to drum manufacturers and logistics service providers.

“Local manufacturers have the capacity here in South Africa to supply most of the country’s needs with safe, fully tested, SABS-compliant cables. What is missing is decisive government action to protect the local industry,” he said.

BUSINESS REPORT

Pressure is mounting on the government to urgently overhaul the country’s fuel price regulatory structure, as economists and industry stakeholders warn that temporary relief measures are failing to address deeper structural challenges in the energy market.

This comes as the National Treasury and the Department of Mineral and Petroleum Resources on Tuesday confirmed an extension of the R3 per litre temporary fuel levy reduction into June.

According to projections by the Central Energy Fund, petrol prices could rise by more than R2 per litre, while diesel could surge by as much as R6 per litre. Paraffin, widely used by low-income households, is also expected to climb significantly, intensifying energy poverty.

The relief, which will be gradually phased out by June, comes at an estimated cost of R17.2 billion to the fiscus.

While the intervention has been widely welcomed, experts argue that without meaningful reform of the pricing mechanism, South Africa will remain vulnerable to repeated external shocks.

North-West University (NWU) Business School economist Professor Raymond Parsons said the scale of the global energy crisis makes continued government intervention unavoidable, but stressed that deeper changes are needed.

“In managing the new geopolitical economic challenges, it therefore remains possible for South Africa to deal with the global energy shock in ways that need not jeopardise fiscal credibility,” said Parsons.

“These include the urgent overhaul and reform of the fuel price regulatory structure by the Ministerial task team coordinating the government’s response holistically to mitigate the impact on the cost of living, fuel and food security. Timelines should be set to finalise this review,”

Parsons noted that while the intervention is justified, it remains a short-term solution.

“The magnitude of the global energy price shock to the economy makes an extension of the partial petrol and diesel relief to further mitigate the impact of negative global developments inevitable and desirable,” he said.

However, he cautioned that “available fiscal space nonetheless needs to be critically interrogated,” warning that difficult policy trade-offs lie ahead as government balances support measures with fiscal sustainability.

The basic fuel price (BFP), the single largest component of South Africa’s petrol price, is directly influenced by global supply and demand, decisions by major oil producers, and movements in the rand-dollar exchange rate. As South Africa imports the majority of its fuel, these external factors leave little room for domestic control over price movements.

Industry players, particularly in agriculture, have echoed concerns about the sustainability of current fuel pricing dynamics.

SA Canegrowers welcomed the extension of fuel levy relief but warned that rising diesel costs continue to place severe strain on farmers.

“Extending the fuel levy reduction is therefore not just short-term relief; it is essential to protecting jobs, sustaining rural economies, and ensuring the continued viability of South Africa’s sugar industry,” said Higgins Mdluli, chairman of SA Canegrowers.

Fuel accounts for a significant portion of production costs in agriculture, with sugarcane growers spending between 17% and 29% of their total costs on fuel and transport. Despite increased rebates, stakeholders say these measures do not translate into immediate relief as global oil prices continue to climb.

Beyond immediate pressures, there is growing consensus that South Africa’s fuel pricing framework needs structural reform to improve resilience and reduce dependence on imported fuels.

Zero Carbon Charge (CHARGE) also warned that the current system leaves the country exposed to global volatility. Co-founder and chair Joubert Roux said temporary tax relief does little to resolve underlying issues.

“Government’s intervention is necessary and welcome in the short term, but it highlights the reality that South Africans remain exposed to global oil price volatility,” Roux said. “This is not a problem that can be solved through temporary tax relief.”

CHARGE estimates that South Africa spends around R300bn annually on petrol and diesel, much of it linked to imports. The organisation argues that long-term solutions lie in transforming the energy mix and reducing reliance on traditional fuels.

“We cannot continue to respond to a structural problem with temporary measures,” Roux said. “If we want to protect the economy from repeated financial shocks, we need to reduce our dependence on imported fuel.”

BUSINESS REPORT

MTN is beefing up its governance and has formed a “nation-state program” to address growing volatility in the global telecoms market that has become roiled with factors such as AI disruption, geopolitical fragmentation and regulatory complexity.

Board chairman Mcebisi Jonas said in the integrated report released Wednesday that the group, which trades in 16 African countries and services 307.2 million customers, is also seeking “the most suitable governance model for the group and its subsidiaries,” a process that he expects will continue into 2026.

An AI search by BR showed MTN has faced several governance issues since 2020, including investor requests for more disclosure on executive remuneration and ESG metrics, the withdrawal from Syria, Yemen, and Afghanistan that exposed geopolitical risk management, and board-level monitoring of regional operations weaknesses, investor requests for stronger board independence and diversity, and better oversight and compliance due to regulatory, tax, and licensing issues in countries such as Ghana, Nigeria, and Uganda.

As an example of changes in the global environment, Jonas said that several years ago, the strategic discussion in the telecoms sector was largely about market share, spectrum allocation, and customer experience.

“These elements are still important; however, they now sit alongside sovereign issues like national security concerns, localisation demands, and elevated expectations of corporate leadership in the national development agenda,” he said.

“For MTN, we drew a key lesson from this shift: our sector is not only seen as providing commercial services but is increasingly becoming a strategic national enabler of economic growth and social stability. For this reason, we intensified our stakeholder alignment efforts to improve the quality of our engagement,” he said in the report.

He said MTN had launched a “nation-state program” to strategically align its role as a trusted partner of choice for national development priorities across its host markets, while also safeguarding the integrity and independence of the group.

“The program has become our central approach to actively engaging with governments, regulators, policymakers, multinationals, etc., to position the business better to anticipate policy and regulatory shifts and also contribute to the advancement of the digital economy in Africa,” he said.

He said that as AI reshapes labour markets and redefines assumptions about productivity, new governance considerations – such as trust, safety, and accountability – had become important.

The board also endorsed a revised group executive committee structure, including key leadership appointments such as a new MTN South Africa CEO and deputy CEO. Board succession was also a focal area in 2025, and this year the first phase was concluded this year by adding new directors who bring “fresh perspectives and strong expertise” to the board.

“As a board, our responsibility is to ensure MTN’s transformation is both agile and responsible: that we invest in strong capabilities; reinforce our governance controls; protect stakeholder trust; and build digital platforms that scale safely, resiliently, and sustainably across our footprint,” he said.

“We enter 2026 with more confidence — putting in place stronger governance controls, a clearer nation-state program, active risk management, and a leadership team with the experience to navigate our operating environment. Our investment case remains compelling because the continent has a youthful demographic, is experiencing increasing digital adoption, and connectivity is critical for economic growth and social stability,” he said.

Meanwhile, MTN’s Fintech division has expanded its ecosystem and is building partnerships to pivot from a basic payment provider in Africa to a comprehensive financial services platform, bridging the credit gap for millions of underserved Africans.

Jonas said the group supports 69.5 million active MoMo (mobile money) users on the continent. Loans of $3.6 billion were disbursed through the group’s platform. in 2025

“We live on a continent where only 57% of the population has access to a bank account or mobile money wallet. Additionally, 90% of all transactions remain in cash, while only 25% of adults have access to credit. For this reason, we are continuing to press hard to achieve our financial inclusion goals,” said Jonas.

BUSINESS REPORT

African governments are being urged to treat aviation as a cornerstone of economic development, with the International Air Transport Association (IATA) warning that the sector holds significant untapped potential to drive trade, tourism and regional integration across the continent.

Speaking at the Focus Africa Conference in Addis Ababa on Wednesday, IATA outlined a comprehensive strategy aimed at strengthening the aviation sector through improved safety, reduced costs, enhanced ease of doing business and a stronger focus on sustainability.

“Aviation is economic infrastructure for Africa. Its value lies in the long-term benefits it delivers. An aviation strategy focused on safety, cost-competitiveness, energy security/sustainability, and ease of doing business will create jobs, enable trade, support tourism, and further regional integration,” said Kamil Alawadhi, IATA’s regional vice president for Africa and the Middle East.

“The prosperity this generates will allow governments to push forward social and economic development more durably than any tax that might be collected from travelers.”

Despite progress in recent years, IATA highlighted that aviation safety in Africa still lags behind global standards.

While the accident rate improved significantly from 12.13 per million sectors in 2024 to 7.86 in 2025, it remains well above the global average of 1.32. The association called for greater implementation of international safety standards, improved publication of accident reports and wider adoption of global safety audit programmes.

Cost competitiveness also remains a major challenge. According to IATA, the cost of doing aviation business in Africa is approximately 15% higher than the global average, largely due to taxes and charges imposed by governments and infrastructure providers.

The organisation pointed to excessive fees such as API-PNR charges, noting that some African countries impose rates far above global norms, distorting ticket prices and limiting connectivity.

In response, IATA is advocating for the full implementation of a December 2025 decision by ECOWAS to eliminate certain aviation taxes and reduce others by 25%. It also warned against proposed shifts toward source-based taxation of airlines, arguing that this could lead to double taxation and further complicate cross-border operations.

Ease of doing business is another critical pillar identified by IATA. One of the most pressing issues is the blocking of airline revenues by governments, which undermines airline operations and investor confidence.

As of March 2026, African countries accounted for the largest share of blocked airline funds globally, totalling $774 million. Countries such as Algeria, Mozambique and Angola were highlighted as key contributors to this backlog.

“Given the scale of funds blocked in Algeria, urgent and decisive government action in Algeria is essential,” said Alawadhi.

“But our efforts to engage with the Ministry of Trade and Export Promotion and the Central Bank have been met with little responsiveness and airlines continue to face delays despite complying with burdensome requirements.”

Visa restrictions were also flagged as a barrier to growth, with nearly half of intra-African travel still requiring visas prior to departure. IATA noted that easing these requirements could significantly boost tourism, improve route resilience and strengthen regional economic ties.

On sustainability, IATA emphasised the opportunity for Africa to position itself as a global leader in sustainable aviation fuel (SAF) production.

The continent has the potential to produce up to 106 million tonnes of SAF feedstock by 2050, leveraging agricultural and forestry waste as well as municipal solid waste. This could not only support global decarbonisation efforts but also create jobs and enhance energy security.

Additionally, IATA called on African governments to engage more actively with global climate frameworks such as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), noting that the continent could generate significant climate finance through the production of eligible emission units.

With the right policy framework and investment, IATA said the sector could play a transformative role in unlocking Africa’s economic potential and driving sustainable development across the continent.

BUSINESS REPORT

South Africa has moved to shield its domestic appliance manufacturing sector after authorities found evidence of unfair trade practices involving imported washing machines, prompting the imposition of anti-dumping duties on products from China and Thailand.

The final dumping duties range between 7.67% and 47.23%, depending on the exporter and country of export, and will stay in place for the next 5 years.

The decision follows an investigation by the International Trade Administration Commission of South Africa (ITAC), which concluded that fully automatic top load washing machines with a dry linen capacity exceeding 10kg but less than 17kg were being imported into the Southern African Customs Union (SACU) at dumped prices.

These practices were found to be causing material injury to the local industry.

The investigation was initiated in October 2024 after an application by Defy Appliances, the only producer of the affected washing machines within SACU. The company argued that a surge of low-priced imports was undercutting domestic production and eroding market share.

Following a detailed review of submissions and comments from interested parties, ITAC confirmed that dumping was taking place and that it had harmed the regional industry.

The Commission found that imports from both the People’s Republic of China and the Kingdom of Thailand were entering the market at prices below their normal value, placing significant pressure on local manufacturers.

“As a result of the investigation, the Commission made a final determination that there is sufficient evidence of dumping and material injury to the SACU industry,” ITAC said in its report. “The imposition of anti-dumping duties is necessary to restore fair competition in the domestic market.”

Acting on ITAC’s recommendation, the South African Revenue Service implemented definitive anti-dumping duties on the affected imports on 23 April 2026. The duties apply to products classified under tariff subheading 8450.20.20 and are aimed at offsetting the unfair pricing advantage enjoyed by foreign producers.

Fully automatic top load washing machines are a widely used household appliance, forming part of a competitive global market where pricing plays a critical role in consumer purchasing decisions.

However, ITAC emphasised that while imports are not inherently problematic, unfair trade practices such as dumping distort the market and undermine domestic industries.

The Commission’s findings highlighted that the influx of low-priced imports had led to declining sales volumes, reduced profitability, and job risks within the local manufacturing sector.

Defy, as the sole SACU producer, was particularly exposed to these pressures, raising concerns about the long-term sustainability of local production capacity.

Industry analysts note that the move aligns with broader efforts by South African authorities to support industrialisation and protect strategic sectors from unfair global competition. By imposing anti-dumping duties, government aims to create a more level playing field for local manufacturers while maintaining a rules-based trade environment.

ITAC stressed that the duties are not intended to block imports but to ensure that they are priced fairly.

“The purpose of anti-dumping measures is to remedy the injurious effects of unfair trade practices and to enable domestic producers to compete on equitable terms,” the Commission said.

The decision also sends a signal to international exporters that South Africa is prepared to act decisively when evidence of dumping emerges. It underscores the role of trade remedies in balancing open markets with the need to safeguard local industries.

For consumers, the impact of the duties remains uncertain. While prices of certain imported washing machines may increase, ITAC argued that protecting domestic production capacity ultimately supports employment and economic stability.

BUSINESS REPORT

With South Africa about to celebrate Workers’ Day, a timely reminder has emerged from SME services provider, Lula, highlighting the critical need for small and medium-sized enterprises to shift their focus from solely financial metrics to comprehensively planning for their workforce.

Experts caution that neglecting the 'people side' of business growth could have costly repercussions not only for the organisations but also for their employees.

The prevailing mindset within many SMEs is to approach expansion primarily through operational lenses, acquiring more inventory, investing in larger premises, or increasing customer outreach.

But as Lizanne du Toit, Head of People at Lula, noted, this narrow focus can jeopardise the sustainability of growth.

“When SMEs plan for growth, they often focus on visible and immediate needs, while underestimating the people side of the equation. Growth only becomes sustainable when a business has the right capacity, capabilities, and culture in place to support where it is trying to go,” she said. 

The repercussions of poor workforce planning can manifest quickly. An insufficient headcount leaves existing employees bearing excessive workloads, which can lead to fatigue, disengagement, and, in severe cases, burnout.

Conversely, over-hiring in anticipation of unfulfilled growth projections can result in financial strain, low morale, and even retrenchments.

“The trust employees place in an employer is significant,” du Toit added.

“They trust that their salary, benefits, and working conditions will be honoured, but also that the business will provide a respectful environment and opportunities for growth. This trust is tested when expansion is poorly planned.”

In its assessment, Lula identifies a frequent misstep among SMEs: reactive hiring.

According to Dylan Weimann, Head of Credit Underwriting at Lula, businesses often respond to immediate staffing needs without adequately considering whether new hires possess the skills or attitudes required to support long-term objectives.

“One of the biggest risks is hiring the wrong person, whether that’s someone with the wrong skills or the wrong attitude,” he stated.

This oversight not only increases the chances of misalignment but also impacts financial forecasting. Weimann emphasises that growth planning must encompass more than just salary costs.

“You need to account for onboarding, training, and the time it takes for a new employee to reach full productivity,” he explained, underscoring that businesses often fail to account for the associated costs of ramping up new employees.

Moreover, he notes, financial considerations should intertwine closely with people planning.

“For many SMEs, salaries are among the largest items on the income statement. If you are not planning carefully around that, you are taking a risk with one of your biggest expenses,” he added.

The most successful SMEs are those that align hiring strategies with realistic cash flow expectations rather than overly optimistic growth assumptions.

As Workers’ Day serves as a rallying point for recognising the contributions of SMEs to job creation and economic resilience, Lula urged business owners to prioritize practical measures when preparing for growth.

This includes:

• Planning headcount early
• Forecasting for onboarding time and not just payroll
• Defining clear objectives for each new hire
• Reviewing team structures to ensure effective management as staff numbers grow

Moreover, awareness of potential warning signs of overextension is crucial.

These signs may include payroll becoming a source of stress, tightening profitability due to salary pressure, and a decline in service delivery or customer satisfaction.

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BUSINESS REPORT 

As Freedom Month draws to a close, South Africa returns to a familiar point of reflection.

Not only on what freedom represents, but also on where it is most tangibly experienced in everyday life.

For many, that experience is not found in formal institutions or corporate spaces, but in the act of building something from very little: a business, a livelihood, a way forward.

Entrepreneurship is often framed as a pursuit of ambition and self-determination. In reality, for a significant portion of South Africans, it is more immediate than that.

With unemployment above 32% and youth unemployment hovering around 60%, many are not chasing opportunity as much as creating options where few exist.

Livelihoods are being built in response to an economy that cannot fully absorb its people.

This plays out across townships and urban centres in practical, visible ways. Food prepared and sold from home kitchens.

Hair salons operating from backrooms.

Transport coordinated through informal networks. Goods exchanged through social relationships. The informal sector, employing an estimated 2.5 to 3 million people, is not peripheral to the economy. It is a core part of how it functions.

This form of enterprise does not follow the conventional model of growth and scale. It is immediate, adaptive, and closely tied to local demand, with success often measured day by day. What sustains it is not formal structure, but relationships.

Trust, proximity, and familiarity shape how transactions happen, with communities acting as both markets and support systems.

From an anthropological perspective, this reflects an embedded economy in which economic activity is inseparable from social life.

In South Africa, this dynamic is not incidental. It is structural. Data from the Global Entrepreneurship Monitor continues to show that a large share of entrepreneurial activity is driven by necessity rather than opportunity. The focus for many is not expansion but continuity.

Technology is beginning to shift parts of this landscape.

Widespread use of mobile and messaging platforms has turned the smartphone into a business tool, enabling marketing, sales, and customer engagement in one place.

It has expanded reach and lowered barriers to entry. But while digital tools open access, they do not resolve the underlying constraints.

Many small businesses remain highly vulnerable. Limited access to finance, infrastructure gaps, and restricted entry into formal markets continue to constrain growth. In highly competitive environments, margins are thin, and small disruptions, whether rising input costs or delayed supply, can quickly destabilise income. The result is an economy defined by effort and movement, but not always by stability.

This is the tension at the centre of South Africa’s entrepreneurial story. The level of activity is high. The resilience is evident. But resilience on its own is not a growth strategy. Too often, the conditions surrounding these businesses prevent them from becoming sustainable or scalable. For many entrepreneurs, business secures the present without building the future.

There are, however, signals of what is possible. According to Brookings, digital tools are proving to be powerful catalysts for helping businesses, including those in South Africa’s informal sector, expand beyond their usual networks and tap into broader markets.

This progress shows that growth is possible, especially when entrepreneurs have access to the right support, infrastructure, and opportunities.

The question is not whether entrepreneurship exists in South Africa. It is visible everywhere. The more pressing question is whether the environment around it is strong enough to support its evolution.

Without meaningful progress in areas such as access to capital, reliable infrastructure, and pathways into formal markets, entrepreneurship will remain largely survivalist in nature.

South Africa cannot rely on resilience as a substitute for an enabling system.

The energy, ideas, and determination are already present at scale.

What remains missing is an environment capable of converting that effort into sustained, inclusive growth.

That is where the next phase of the country’s growth story will be decided.

Tsakani Nkombyane is a programme officer at 22 On Sloane.

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BUSINESS REPORT 

Around the world, retail investors flocked to gold prices’ strong upward momentum and safe-haven appeal in the first three months of this year, driving bar and coin demand up 42%, while demand from China surged the highest by 67% to a new record.

Global sales of gold bar and coin that are typically bought by retail investors came to 474 tons in the quarter, but jewellery demand slumped, the latest World Gold Council Gold Demand Trends report showed.

Due to the higher price of gold, the value of demand surged 74% year-on-year, also to a record $193 billion, while overall global sales volumes increased modestly by 2% to 1,231 tons. African miners are responding with new investments.

“Gold’s volatility has markedly increased in 2026, with prices peaking above $5,400 per ounce in January before a significant but contained correction,” said World Gold Council Senior Markets Analyst Louise Street.

“The combination of price momentum and heightened geopolitical risk propelled investment demand, most notably in Asia, as investors sought security in physical gold. Alongside this, continued central bank buying offset tactical selling.”

Demand in China for bar and coins increased to 207 tons, much higher than the previous quarterly record of 155 tons in the second quarter of 2013. Other Eastern markets, including India, South Korea, and Japan, also saw an increase in bar and coin buying, contributing to a structural shift in gold demand, the World Gold Council said.

Bar and coin demand also saw strong growth in the US and Europe, up 14% and 50% respectively.

Physically-backed gold ETF demand remained positive: holdings increased by 62 tons, largely supported by strength across Asian-listed funds, which added 84 tons. Sizeable outflows in March, mostly from US-listed funds, tempered a very strong start to the year.

Jewellery demand fell sharply by 23% to 300 tons in reaction to the higher prices. Demand weakened across all major markets, notably in China (-32%), India (-19%), and the Middle East (-23%). However, in value terms, jewellery demand increased, indicating continued consumer willingness to spend on gold despite record prices.

“Market analysis suggests some jewellery consumption has moved into bar and coin demand, particularly in markets like China and India where jewellery can act as a proxy investment,” the report’s authors said.

Central banks continued to support overall demand, adding 244 tons, with growth at 3% year-on-year. Central Bank purchases exceeded the previous quarter and the five-year average despite an uptick in selling by a small number of institutions, including the Central Bank of Turkey, the Central Bank of the Russian Federation, and The State Oil Fund of Azerbaijan.

“Market activity underscored gold’s unique role as an indispensable reserve asset, accessible during times of extreme market turbulence,” said Street. Demand for gold used in technology edged up 1% to 82 tons, fuelled largely by continued growth in AI infrastructure.

Mine production reached a new first-quarter record, while recycling increased modestly by 5%, suggesting a relatively muted supply response and tighter overall market conditions.

“Looking ahead, the geopolitical risk premium should continue to support investment demand, though higher-for-longer interest rates may present headwinds, especially in Western markets. Jewellery spending is expected to remain resilient. On the supply side, mine production is expected to grow modestly, although potential energy shortages could temper that outlook,” said Street.

Energy Capital & Power, an investment platform for projects in Africa, said in a statement African gold producers are accelerating project development to capitalise on the market trends and drive their own GDP growth.

Ghana, Africa’s largest gold producer, aims to increase output to 6,5 million ounces from 6 million in 2025 by accelerating projects such as the Cardinal Namdini, Ahafo North, Black Volta, and Bibiani mines, alongside artisanal and small-scale gold mining (ASGM) operations.

Mali, Africa’s second-largest gold producer, seeks to increase production beyond the current 60 tons per year. Recent licence renewals and grants include Toubani Resources’ Kobada Mine, Barrick Mining’s Loulo-Gounkoto Mine, B2Gold’s Fekola Mine expansion, Compass Gold’s Massala Mine, and Roscan Gold’s exploration permits.

The Democratic Republic of Congo (DRC) aims to increase gold exports to 15–18 metric tons in 2026. Meanwhile, several projects across the continent have also reached final investment decisions. Beneficiation efforts to maximise the value of Africa’s gold resources include the DRC’s partnership with Lunga Mining to launch a pilot gold refinery in Kalemie.

Ghana’s Gold Coast also partnered with South Africa’s Rand Refinery to enhance local gold processing in Ghana. Egypt is collaborating with the African Export-Import Bank to develop an integrated gold value chain, while Mali is developing a refinery in partnership with Russian investors.

BUSINESS REPORT

The latest data from the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) on the household food basket has shown the early effects of rising fuel prices on consumers. 

The April 2026 Household Affordability Index revealed that despite a general easing in food price inflation over the past several months, the latest figures reveal a significant month-on-month increase.

The April Household Food Basket rose by R123.56 (2.3%), bringing the total cost to R5,452.09.

Mervyn Abrahams, Programme Coordinator at PMBEJD said that historically, the increase from March to April typically ranges from 1.1% to 1.7%, suggesting that the new rise is indicative of an early response to the escalating fuel prices linked to geopolitical tensions, particularly the ongoing conflict involving the USA, Israel, and Iran.

The South African economy is highly sensitive to fuel and energy price fluctuations.

"With around 70-80% of fuels imported, and diesel accounting for a significant portion of this, the pressure is mounting on consumers. Currently, only two of South Africa's once six crude oil refineries are operational, creating a precarious reliance on external markets. This scenario raises questions about stability, particularly as diesel prices at the pump are not regulated, leading to unpredictability for consumers and businesses alike." Abrahams said.

Consumers in a dire situation 

According to Neil Roets, CEO of Debt Rescue, South Africans have valiantly attempted to weather the storm of escalating costs over the past five years. However, “their wells have all but run dry,” he said.

Roodt said, “South Africa could be heading for a sharp rise in inflation as fuel prices climb, with diesel prices set to go up even higher in May."

The Affordability Index further revealed that South African households only buy food as needed, typically referred to as "just-in-time" purchasing.

"With high unemployment rates and insufficient social security measures, most families are unable to absorb such price increases, potentially leading to a severe food security crisis. This situation echoes the unrest witnessed in July 2021, implying a looming threat not only to food security but also to national stability," Abrahams added. 

As per the latest Household Affordability Index, there was an overall increase in costs for most items.

Notably, 30 of the foods surveyed in April experienced price rises, with yellow-fleshed maize meal, frozen chicken portions, and rice seeing significant spikes. In stark contrast, only a few items noted any price decrease, underscoring the widespread nature of this inflationary trend.

Analysis showed that for many low-income households, there continues to be a disconnect between current expenditure and nutritional needs.

Foods in the basket which increased in price in April 2026 by 5% or more, include:

• onions (23%)
• chicken feet (7%)
• fish (8%)
• tomatoes (10%)
• carrots (5%)
• green pepper (12%)
• and bananas (13%).

Foods in the basket which increased in price in April 2026 by 2% or more, include: 

• rice (4%)
• sugar beans (4%)
• cooking oil (2%)
• salt (3%)
• potatoes (4%)
• frozen chicken portions (2%)
• soup (4%)
• full cream milk (3%)
• Maas (4%)
• chicken gizzards (2%)
• chicken livers (2%)
• beef liver (3%)
• beef (3%)
• beef tripe (4%)
• butternut (2%)
• tinned pilchards (4%)
• and white bread (2%).

Foods in the basket which decreased in price in April 2026, by 5% or more was just oranges (-8%).

Foods in the basket which decreased in price in April 2026, by 2% or more, include: 

• maize meal (-2%)
• curry powder (-2%)
• tea (-2%)
• apples (-3%)
• and peanut butter (-3%).

April's findings reveal that the average cost per person for adequate nutrition exceeds available monthly incomes for families reliant on minimum wage jobs, pushing many into deeper financial strain.

Particularly disconcerting is the Child Support Grant, which has only increased by R20 to R580 per month.

"This hike falls drastically short compared to the R964.94 needed to adequately feed a child on a nutritional diet. As such, parents and caregivers are left grappling with the insurmountable gap while trying to meet their primary obligation of providing food for their children," Abrahams stated.

As the nation navigates these treacherous economic waters, experts call for a continued watch on price behaviours and encouragement of government intervention, such as extending temporary relief on fuel levies to mitigate costs for families.

The complexities underlying food pricing must be addressed to avert a burgeoning crisis that could threaten not just individual households but national security as well.

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BUSINESS REPORT 

Primary Health Properties, the London and JSE-listed investor in UK health infrastructure, saw a strong start in its first quarter of 2026 and is expanding into the UK’s rollout of Neighbourhood Health Centres (NHC).

The UK Department of Health and Social Care announced the first wave of NHC's at the end of March 2026, three of which were Primary Health Care assets.

NHCs are intended to improve patient access, bringing additional health services closer to people's homes and providing a wider range of services in the community.

The initial wave provides investment in existing buildings to increase capacity, and “we will work with the NHS to deliver these development and asset management opportunities,” Primary Health Properties CEO Mark Davies said in a first quarter trading update on Wednesday.

The full NHC program targets delivery of 250 centres by 2035, and the company is working with the NHS and the UK government on future opportunities.

“PHP is on site with six development schemes: two UK primary care centres within the existing joint venture with USS, three schemes in Ireland, and one private hospital. All schemes remain on track for completion during 2026 and 2027 and to deliver attractive returns,” said Davies.

He said they continue to monitor a number of potential development opportunities with a pipeline across primary care in both the UK and Ireland and private hospitals.

“These will only be progressed if accretive to earnings and they deliver the appropriate risk-adjusted returns to shareholders,” said Davies.

Meanwhile, on March 11, 2026, a second quarterly interim dividend of 1,825 pence per share was declared by way of a property income distribution of 1,325 pence and a normal dividend of 0.5 pence. The dividend represented a 2,8% increase over dividends paid in 2025 annualised and marked the 30th year of consecutive dividend growth for the company.

In the three months to March 31, organic rental growth from the enlarged portfolio's rent reviews had delivered an extra £3 million of income, an increase of 6% or 3,4% on an annualised basis (up from 3,2% in 2025).

"We have continued to make excellent progress on the delivery of the post-Assura combination objectives since we announced PHP's latest results in March,” Davies commented.

These include reducing leverage back to the target range of 40% to 50%, net debt/EBITDA below 9,5 times, delivering £9m of annualised cost savings synergies, and integrating the two businesses, all of which the company expects to complete ahead of schedule.

“We have made considerable progress in the period in establishing a new vehicle for our private hospital portfolio," said Davies.

The company continued to believe the rental growth outlook would improve further, especially from rent reviews, with the extra £3m of income in the quarter generated from 199 completed reviews.

This represented a total 6% increase over the previous rent of £54m, equivalent to 3,4% (2025: 3,2%) annualised.

All parts of the enlarged portfolio were performing well, with Primary Care UK at +2,9%, Private Hospitals at +3,7%, and Ireland at +4,4%.

“We continue to see opportunities to drive more growth and efficiencies, and the annualised contracted rent roll now stands at £345m (£342m),” said Davies.

Progress had been made in establishing a new vehicle for the private hospital portfolio and plans to deliver a transaction that will reduce gearing and act as an alternative source of capital and growth were on track.

“A shortlist of potential counterparties is engaged… We are confident that a transaction will be announced during the summer of 2026,” said Davies.

The transfer of a further £103m of assets into the existing primary care joint venture was progressing through legal due diligence, and this was expected to be complete on schedule before the end of July 2026.

Good progress was also being made on the £9m cost-saving target. To date, £7,8m of annualised cost-saving synergies, or 87% of the target, had been delivered.

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From ceasefires to blockades, we continue to watch a world that feels increasingly unpredictable. Headlines are dominated by conflict in the Middle East, rising geopolitical tension, and markets reacting in real time.

And when the world feels uncertain, it is human nature to ask one question: Should I stay, or should I go?

A recent story being reported across several global publications regarding Australian “Ghost Flights” got me thinking about behavioural tendencies in times of crisis. The articles focused on repatriation flights out of the UAE during the current Gulf conflict.

Planes designed to carry nearly 500 people, after an initial surge of people leaving the region, were leaving with fewer than 100 on board. According to the reports, the rows and rows of empty seats frustrated the Australian Government, which had implemented the repatriation service.

Why weren’t people leaving anymore? Why weren’t they taking the opportunity to ‘get to safety’?

Same chaos, different reactions

What fascinated me was the response from the people who stayed. Despite the chaos, they did not want to flee – they trusted the information being shared by the government, believed they were safe, and felt at home.

Why, with the same information, the same headlines, and the same risks, would some people decide to go, and some decide to stay?

Some people reacted to the noise, while others responded based on trust. Trust in their environment, trust in the systems around them, and trust in the people advising them. And importantly, clarity about what was actually true versus what was simply ‘loud’.

This is exactly what happens in our financial lives. When markets fall, when uncertainty rises, the question is whether to react or respond. Do you ‘get on the plane’, or do you stay the course?

In those moments, the difference is rarely intelligence or access to information. It is about whether you have someone you trust to help you interpret the noise, someone who communicates clearly, who has your best interests at heart, and someone who brings you back to your plan.

This is where financial empowerment truly begins. Not just in building wealth, but in having the confidence to make decisions in uncertain environments. It means that you are not driven by fear, or paralysed by complexity, but rather that you feel grounded, because you understand your plan, and you trust the person guiding you.

Financial planning isn’t about predicting the next crisis

Rather, it is knowing that when the world feels like it’s shifting, you don’t have to make reactive decisions because you already have a plan.

According to a Vanguard Group study, having a wealth manager can add approximately 3% per year in net returns to clients, after fees. And importantly, it’s not from stock picking; the study showed that the majority of this alpha came from influence over behaviour.

When it comes to wealth management today, especially in volatile times, a goals-based approach creates clarity, confidence, and calm. Your wealth manager should act as the chief financial officer of your family, making sure all aspects of your wealth are taken care of. The first step is to set goals classified into three tiers of importance.

Firstly, what makes you feel secure? This is the practical part of the conversation that covers basic needs around retirement - food, a roof over your head, medical aid, and basic living expenses as you get older. Aside from retirement, aspects such as children’s education should also be discussed here.

The second tier of goals focuses on what gives you joy. These are usually fun goals like travelling or hobbies. But they also extend to the happiness we feel from knowing our loved ones will be secure if we’re no longer around – legacy planning. Goals around philanthropy also fall into this tier.  

Lastly, the bucket list tier. Financial planning shouldn’t be seen as a constraint, but an enabler to dream. Discussing your dream goals with your wealth advisor can help you make practical plans to realise a bucket list item.

Once you’ve mapped out these goals, your wealth manager will work with a team of experts to craft a holistic plan that uses various expertise – from tax, investment management, fiduciary services, and risk management – to create a robust financial blueprint for you and your family.

And it’s not something that is set in stone. As situations shift, so should your plan evolve with you. It is important to ensure your advisor schedules regular check-ins to keep your plan aligned with the changes in your life.

The value of advice is not linear

It shows up most during crisis moments, where advisors can add tens of % points to your portfolio by stopping poor decisions. In those moments, how someone communicates with you matters just as much as what they know. Yet, when it comes to financial advice, we often default to whether they sound clever or work for a big firm. But that’s not what builds long-term confidence.

Nearly half of the value of advice is not technical; it is emotional and underpinned by trust and clarity. It is about how comfortable you feel asking difficult questions, and whether your advisor listens and explains things clearly. Critically, it's about whether you feel safe enough to be completely honest. You are sharing personal information and having to make important decisions while navigating moments of uncertainty, change, or even fear.

In moments of panic, you are not looking for someone to impress you; you are looking for someone to guide you, and to help you decide, ‘Do I stay… or do I go?’

* Langridge CFP®, wealth manager at Private Client Holdings and current FPI financial planner of the year.

PERSONAL FINANCE

A rare 1961 one-cent coin once owned by former prime minister Hendrik Verwoerd, along with a 1961 gold R1 personally struck by him, are set to go under the hammer at Bassani’s Confirmation Auction on May 4.

The coins are expected to attract strong interest from both local and international collectors, according to Bassani Auction House senior numismatic expert Landon Coleske.

The standout lot is the 1961 Full Ground variety of the South African one-cent coin, regarded as one of the country’s rarest modern coins and closely linked to the establishment of the Republic of South Africa, he says.

Coleskes says while more than 52 million standard brass one-cent coins were minted in 1961, the Full Ground variety is exceptionally scarce.

“The Full Ground variety is believed to have been specially struck for select members of parliament and prominent figures at the time. With a rumoured mintage of just 80 coins and only around 20 examples believed to exist today, it has achieved near mythical status among collectors.

“Its rarity has sparked decades of searching, with enthusiasts going through millions of ordinary 1961 1-cent coins in the hope of finding this elusive variety,” says Coleske.

Coleske says the provenance of the specific coin being auctioned made it even more significant.

“What elevates this specific example even further is its extraordinary provenance. Accompanied by an official South African Mint letter, the coin is confirmed as the 5th coin ever minted in 1961, marking the beginning of South Africa’s Republic era,” Coleske explains.

The coin was previously owned by Verwoerd, adding further historical significance to the piece.

On the same evening, Bassani will also auction the seventh-ever minted 1961 gold R1, a coin personally struck by Verwoerd.

“Together, these two coins provide a rare and powerful connection to South Africa’s transition into a republic, combining rarity, history, and direct association with one of the country’s most influential political figures,” Coleske says.

Bassani says the auction house continues to expand its presence in the numismatic market by bringing historically significant items to auction.

The auction follows Bassani’s Signature Auction 24 on 3 May, which will include several other sought-after South African rarities, including the 1898 Sammy Marks Tickey, of which only 215 were struck.

Also set to feature are the 1874 Burgers Pond Fine Beard, recognised as South Africa’s first coin and limited to 695 minted examples, and the 1902 Veld Pond, a wartime issue with only 986 minted.

“For collectors, historians, and investors alike, this May represents a rare opportunity to own a tangible piece of South African history,” says Dillon Bassani, chief executive officer of Bassani Auction House.

“As the South African numismatic market continues to grow and attract global attention, auctions like these further position the country on the international stage,” Bassani adds.

The Signature Auction 24 will take place on Sunday, May 3, at 7 pm, followed by the Confirmation Auction on Monday, May 4, at 8:30 pm on the Bassani Auction House platform.

PERSONAL FINANCE

In a significant escalation of tensions, the United States has reportedly rebuffed Iran’s recent nuclear proposal, signalling a readiness to embark on an extended blockade of Iranian ports.

This strategic move aims to compromise Iran’s economy and strategically compel its leaders to concede to US demands regarding their nuclear programme.

Bianca Botes, Managing Director at Citadel Global said that analysts suggested that this will further strain an already tense geopolitical landscape, drawing in global economic repercussions and market reactions.

"On Wall Street, the day’s trading bore witness to cautionary sentiment as the S&P 500 dipped by 0.5%, whilst the Nasdaq saw a steeper decline of 0.9%. Investors are taking a moment to reassess not only the geopolitical backdrop but also their positions in light of recent corporate reports. A revelation that OpenAI missed its internal targets has further pressured the technology sector, leading to heightened uncertainty amid an already volatile climate," Botes said.

She added that futures trading has shown a positive uptick on Wednesday morning, hinting at potential recovery.

Across the Pacific, the MSCI Asian Pacific Index also mirrored the U.S. market’s sentiment, shedding 0.2% primarily due to declining stock prices in semiconductor manufacturing, a cornerstone of the technology supply chain.

Commodity markets are reacting acutely to the prospect of a prolonged blockade of Iranian ports.

With the strategic Strait of Hormuz continuing to face closures, oil prices have skyrocketed, climbing over 12% this week alone to settle at $110.79 per barrel.

Botes said, "In stark contrast, gold has seen a downturn, dropping to its lowest value in over a month as apprehensive investors turn their gaze towards the fraught geopolitical atmosphere and a flurry of central bank decisions slated for this week. Gold prices fell by 1.8% before finding stability at approximately $4,597 per ounce."

As speculation mounts, all eyes are now fixed on the Federal Reserve, which will announce its interest rate decision this evening.

"While no changes to rates are expected, the tone and outlook from the Fed are anticipated to be pivotal in assuaging or fuelling concerns over inflation brought about by international conflicts," Botes further said. 

In South Africa, the rand remains stable and largely range-bound as it trades at R16.55 to the dollar, R19.37 to the euro, and R22.36 to the pound. The reserve currency’s trajectory will no doubt be influenced by the Fed's response and future commitments, adding another layer of complexity for local investors.

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BUSINESS REPORT 

Adcock Ingram Critical Care (AICC), a manufacturer and supplier of hospital and critical care products in Southern Africa, and Olympus, a global medical technology company that advances endoscopy-enabled care, aim to improve patient care through a strategic partnership.

The partnership will expand access to Olympus’ endoscopy solutions and broader medical and surgical technologies across the Southern African region, a statement said Tuesday.

Through the collaboration, AICC aims to support healthcare professionals with solutions and services for early detection, diagnosis, and minimally invasive treatment, while also strengthening access to clinical support, training, and education.

“We are equipping healthcare professionals with innovative solutions that support early detection, accurate diagnostics, and minimally invasive treatment, helping to enhance clinical outcomes and strengthen healthcare delivery across the region,” said Adcock Ingram Critical Care MD Colin Sheen in a statement.

He said Olympus has appointed Adcock Ingram Critical Care as its authorised distributor in South Africa.

“We are confident our collaboration with Adcock Ingram Critical Care in South Africa will enhance service levels, expand market reach, and ensure seamless access to Olympus products and expertise,” said Olympus’ Middle East and Africa vice president and managing director, Ronald Boueri.

“This partnership will support healthcare professionals with the high standards of quality, service, and support they rely on, while contributing to improved patient outcomes and advancing healthcare across the country,” he added.

Adcock Ingram’s Critical Care portfolio already includes intravenous fluids, renal dialysis systems, products for the storage of blood and blood components, infusion systems and accessories, as well as a comprehensive range of ostomy and advanced wound care products. Adcock Ingram was delisted from the JSE last November following a successful takeover bid by India-based Natco Pharma, which saw it become a privately owned company jointly held with Bidvest

BUSINESS REPORT

Engagements are often filled with excitement, wedding plans and big dreams for the future. But for many couples, one of the most important conversations is also the easiest to avoid: money.

A 2024 Couples & Money Study found more than 1 in 4 couples say money is their greatest relationship challenge, highlighting that the real issue is not always financial complexity, but a lack of shared understanding and structure.

Couples preparing for marriage ofte,n discover that they bring very different financial habits into the relationship, shaped by their past experiences and beliefs.

One partner may be disciplined and cautious, finding comfort and security in structure, budgeting, and planning. The other may enjoy spending money more freely, seeing it as something to earn, enjoy, and use to make the most of life. Neither approach is wrong, but those differences need to be understood.

I recently worked with a couple who were planning to get married and were beginning to combine their finances. While both were committed to building a future together, their contrasting money habits created uncertainty beneath the surface. The cautious partner worried about security and long‑term stability, while the more spontaneous partner felt uneasy about how their spending preferences and personal financial history might be judged.

Research published on financial conflict in relationships shows that couples who make financial decisions together tend to experience fewer financial problems, reinforcing that alignment matters more than the structure itself.

The issue wasn’t affordability or income. It was about trust. Money is rarely just about numbers; it’s tied to security, independence, and vulnerability. If those underlying beliefs aren’t acknowledged, finances can quickly become emotionally charged.

Rather than starting with spreadsheets or rules, the focus was on creating a safe, non-judgmental space for honest conversation. Don't position financial planning as a test of discipline, but as a shared journey, one where both perspectives have value. When people feel judged, they shut down.

But when the conversation shifts to curiosity and partnership, couples start seeing money as something they can work on together, rather than something that divides them. Once that foundation was in place, practical decisions became easier.

The couple explored how they wanted to structure their marriage financially, balancing the need to protect what each partner brought into the relationship with the intention to build wealth together. They also developed a shared approach to household expenses that reflected their respective incomes, while still allowing room for personal freedom.

This meant the disciplined partner could continue saving and investing in a structured way, while the partner who enjoyed spending could retain flexibility to spend on personal priorities, without either feeling restricted or resentful.

The biggest shift, however, had little to do with money mechanics. What couples often walk away with isn’t just a better financial plan. They gain trust, alignment, and a sense of teamwork. That ability to work together underpins financial resilience and strengthens the relationship itself.

For couples preparing for marriage, my advice is simple but often overlooked: start these conversations early. Working with a certified financial planner helps facilitate this by creating a safe space and structure to align individual financial habits with shared life goals.

People put enormous energy into planning the wedding day, but far less into planning the financial life that follows. Be open, be vulnerable, and start with the life you want to build together. When money decisions support that shared vision, they stop being a source of stress and become a tool for connection.

* Chennells is a certified financial planner at BDO Wealth.

PERSONAL FINANCE

Trade unions have sounded the alarm over rising fuel costs, warning that government’s extended levy relief will not be enough to shield workers and the economy from a looming price shock driven by global oil market turmoil.

While National Treasury and the Department of Mineral and Petroleum Resources confirmed an extension of the temporary fuel levy reduction into June, labour groups said the intervention was too limited and risked leaving millions exposed to steep increases in petrol, diesel and paraffin prices.

According to projections by the Central Energy Fund, petrol prices could rise by more than R2 per litre, while diesel could surge by as much as R6 per litre. Paraffin, widely used by low-income households, is also expected to climb significantly, intensifying energy poverty.

Finance Minister Enoch Godongwana said the continuation of the conflict has resulted in consistent pressures on global oil prices, which has led to increases in domestic fuel prices.

However, Godongwana said for the month of June the levy of relief will be reduced to R1.50 per litre for petrol and R1.96 per litre for diesel to phase out relief before July. He said the estimated cost of temporary fuel levy relief from April to June was R17.2 billion in foregone tax revenue.

"The fuel levy relief measures are designed to be revenue neutral and will be funded through a combination of higher than expected tax revenue and underspending. It will not have an impact on the fiscal framework adopted by Parliament following the 2026 budget," he said.

The Motor Industry Staff Association (MISA) described the current measures as inadequate in the face of mounting pressures linked to the Middle East conflict, which has driven global oil prices sharply higher.

“This is not just about numbers at the pump – it is about survival. Families are being crushed between fuel, electricity, and food costs. Government’s minimal relief is a band aid on a deep wound,” said Martlé Keyter, MISA’s CEO for operations.

Keyter warned that without deeper and more sustained intervention, the expected increases in May could have devastating consequences for households already under financial strain.

MISA argued that if the initial R3 per litre levy reduction had not been extended, motorists could have faced even sharper hikes of up to R5 per litre for petrol and R9 per litre for diesel.

The union is calling for a broader package of measures, including extending and deepening fuel levy relief beyond June, introducing targeted subsidies for diesel and paraffin, and accelerating a transparent review of the fuel pricing system to ensure long-term sustainability.

Echoing these concerns, the Congress of South African Trade Unions (Cosatu) acknowledged the government’s efforts but warned that the phased withdrawal of relief could come too soon, particularly if global oil prices remain elevated.

Cosatu Parliamentary Coordinator Matthew Parks said the current intervention, while welcome, may not be sufficient to protect workers and the broader economy.

“We fear that workers, society and the economy will not cope with the planned reduction in fuel levy relief by half in June and its phasing out in July if international oil and fuel prices continue to rise,” Parks said.

He stressed that the impact of higher fuel costs extends far beyond motorists, affecting public transport, food prices and overall inflation. For many workers, transport alone already consumes a large share of income, leaving little room to absorb further increases.

“Workers already drowning in debt, supporting up to seven relatives each and spending an average of 40% of their meagre wages on transport, will not be able to continue to survive such painful petrol, diesel and paraffin price hikes,” Parks added.

Cosatu also raised concerns about the lack of targeted relief for paraffin users, noting that millions of poorer households rely on the fuel for basic energy needs.

Beyond maintaining the levy relief, the federation has called for a wider set of interventions, including making public transport more affordable, adjusting social grants for inflation, and implementing measures to contain rising food and electricity costs.

Parks further urged the South African Reserve Bank to avoid increasing interest rates in response to inflation driven by external factors, arguing that higher borrowing costs would only deepen the financial strain on households.

BUSINESS REPORT

As South Africa donned its festive shades this Freedom Day, the global markets ebbed and flowed under a fresh wave of optimism, sparked by the latest proposal from Iran regarding the opening of the crucial Strait of Hormuz.

Wall Street marked another record close, buoyed by positive financial reports from the technology sector and anticipation surrounding further negotiations with Tehran.

Tuesday morning's trading reflected a cautious optimism as futures sit firmly in the green, hinting at further market gains.

However, oil prices remain in the spotlight, with Brent crude inching up to $111 per barrel amid concerns from US President Donald Trump regarding Iran's proposition.

Bianca Botes, Managing Director at Citadel Global said that the intricate dance between oil prices and US-Iran negotiations will be a focal point for analysts and investors alike.

Brent crude prices increased drastically from about $60 per barrel at the beginning of 2026, to highs of $119 during the conflict between the US and Iran, with the strategic Strait of Hormuz being shut down.

Neil Wilson, Saxo UK Investor Strategist said that BP has been cashing in. 

"Profits at the UK oil major have more than doubled as it profited from the “exceptional oil trading contribution”. Profits rose 130% to $3.2bn and easily beat forecasts, sending shares up 2.5% as Brent rose 2%. It's a good backdrop, and buys time, for the new CEO, Meg O'Neill, to come in and make changes," Wilson said on Tuesday. 

He added that global stocks remain at or near all-time highs.

"The S&P 500 and Nasdaq each ticked up to finish at record highs as investors looked past stalled peace talks. Nvidia hit a record $5.3tn market cap as shares jumped 4%, now up 26% from late-March low and 13% over three months. -Company guides for at least $1tn revenue 2025–27, backed by new open-source AI models, SK Hynix memory ramp, and higher UBS Blackwell/Rubin forecasts," Wilson said. 

He added that whilst Wall Street continues to tick up, the FTSE 100 has declined to levels last seen at the start of April, though the blue chips edged up in early trade on Tuesday morning with BP advancing.

"Barclays was the main faller on the FTSE 100 after its earnings update as despite some pretty decent looking headline numbers return on tangible equity declined from 14% to 13.5%. It also said it would limit complex corporate lending activities after booking a £228mn loss from the collapse of mortgage lender MFS. That sent impairment charges up by more than a quarter (28%) to £823mn, though pre-tax profits still rose 3% to £2.81bn," Wilson said.

Meanwhile housebuilders were pulled down by a downbeat trading update from Taylor Wimpey, which fell –4% early doors as it warned of rising energy prices pushing up housebuilding costs.

"Elsewhere, the Bank of Japan delivered a hawkish hold as it kicked off a busy week for central banks with five G10 central banks in action. The BoJ voted 6-3 to hold rates as dissenters preferred to hike to 1%. The Fed kicked off its two-day meeting on Tuesday," Wilson said. 

The South African (SA) Rand weakened in early trade on Tuesday, pressured by a firm United States Dollar before the release ‌of central bank data that will shed light on the economic outlook.

The Rand traded at around R16.60 against the Dollar, down around 0.4% from its previous close, R22.40 against the British pound and R19.42 against the Euro on Tuesday. 

The gold price fell about 2% to trade at R4 576.14. 

The ongoing week is poised to be a pivotal one for central banks, starting with the Bank of Japan (BoJ) maintaining steady rates, setting the tone for further announcements.

"Tomorrow, all eyes will be on Federal Reserve Chair Jerome Powell, as he prepares to deliver his final interest rate announcement, followed by significant rate decisions from both the Bank of England (BoE) and European Central Bank (ECB) on Thursday," Botes added.

Botes said that this week is set to introduce volatility in the South African rand.

"The interconnected nature of global markets means that South Africa’s financial landscape is not insulated from the swirling currents of international politics and economic shifts," Botes said.

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BUSINESS REPORT 

With concerns that there is no viable way to reopen the Strait of Hormuz, the international oil price climbed to $111 per barrel on Tuesday painting a gloomy picture ahead for consumers. 

Saxo UK Investor Strategist, Neil Wilson said that prices are closer to where they were on the 31 March top than the middle of April’s ‘hopium’ moment.

"The backwardated forward curve indicates physical scarcity is driving prices rather than headlines over the war. Fundamental supply side tightness remains unfixed and traders are increasingly watching what's happening on the water (ie nothing) rather than trading the diplomatic stuff," Wilson said on Tuesday.

The latest proposal from Iran regarding the opening of the crucial Strait of Hormuz was met with concerns from US President Donald Trump. 

As the oil price edges higher, it can only point to another fuel price increase for South Africa in May. 

Neil Roets, CEO of Debt Rescue told Business Report that another increase in fuel prices should put the country on red alert.

Roets said, "Even though the expected hikes have moderated from earlier in April, the reality is that consumers are still facing a significant increase, which many households simply cannot absorb at this time." 

The latest data from the Central Energy Fund showed an under recovery of R1.76 for 93 Unleaded petrol and R2.09 for 95 Unleaded.

Should current price trends persist until the end of this week, and assuming that the two grades are averaged out, South Africans should be looking at a petrol price increase of around R1.85 per litre.

The diesel situation is far more dire. Although the under-recovery is significantly smaller than it was at the beginning of April, when some were predicting an increase of R10 or more, diesel customers are still facing a diesel increase in the region of R5.40 in May.

Given the softer data that has come in this week, that could subside to around R4.95 if current trends persist.

"Oil prices have surged again amid concerns of renewed military escalation in the Middle East, including recent developments in the Strait of Hormuz. For a country like South Africa, which is heavily reliant on imported fuel, this volatility translates directly into higher costs at the pumps," Roets said.

"Asking consumers to once again “brace” for impact is simply not realistic. Most households have already run out of room to adjust their budgets. They are hanging on by a very thin thread," the Debt Rescue boss said. 

"Fuel price increases, particularly in diesel, drive up the cost of transporting goods, which in turn pushes up food prices and essential household expenses. Consumers are hit on multiple fronts, and this will inevitably place upward pressure on inflation." Roets said. 

"The knock-on effects are deeply concerning. For millions of South Africans, the cost of commuting, whether by private vehicle or public transport, is becoming unaffordable. Travel to and from work is becoming increasingly financially unviable, especially for lower-income households," Roets added.

SA Reserve Bank decision looms

Frank Blackmore, Lead Economist at KPMG South Africa, said that the conflict between the US and Iran has gone on for two months now, resulting in the energy price shock, specifically to fuel. 

Blackmore said, "Other goods were also affected, such as aluminium, helium, fertilizers, and products due to the blockages in the Strait of Hormuz and therefore the shortage in supply for a lot of those goods to global markets. If this war continues for a long period of time, for nine to 12 months minimum, then we could expect second round effects, such as price increases that run through the market, and the South African Reserve Bank (Sarb) would want to prevent that, and would be pressured to increase interest rates."

The economist added that most analysts, at the beginning of 2026, forecast two further reductions in interest rates throughout 2026.

"That's possibly a 50 basis points reduction from where we are now. With the bank keeping rates constant at their previous meeting, we know that rates are therefore slightly restrictive where they are at the moment, and therefore there's no further reason to increase those rates unless the bank sees this war continuing for a longer period of time," Blackmore said. 

"We've seen pre-war inflation very close to the bank's forecast of 3%, even if inflation increases to 4% and above in April and potentially in May, as long as the war in ends, reasonably soon, perhaps this month or next, we will see that inflationary spike starting to return towards the new target of the bank, as oil prices come down, fuel prices come down through the economy," Blackmore added. 

Blackmore said, "Therefore, I would expect at the next meeting no further action from the bank at this point, given the uncertainty, but also the intent for everyone to put an end to this war at this point."

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BUSINESS REPORT 

South32 and Eskom have begun working on an new electricity solution for the Hillside Aluminium Smelter in Richards Bay, KwaZulu-Natal, which will include renewable energy, before the current electricity tariff contract between them ends in 2031.

These talks come barely a month after South32 announced the mothballing its other aluminium smelter in Southern Africa, Mozal Aluminium in Mozambique, due to high electricity costs, after talks lasting six years between the global mining and metals group, Eskom and Mozazmbican authorities for an affordable electricity solution failed to reach agreement. Aluminium smelters require an enormous supply of power, typically hundreds of megawatts, 24 hours a day.

The extent of the current agreement between Eskom and Hillside has never been disclosed, but Eskom has lately signaled it will help industries under threat from high power costs, such as the agreement reached this month to grant a 62 cents per kWh tariff for the Samancor and Glencore-Merafe ferrochrome smelters - consumers pay between R1.82 and R2.05 per kWh. Eskom was able to offer these concessions after a successful turnaround strategy over the past three years.

Eskom and South32 said Tuesday in a statement they wish to develop and deliver a long-term energy solution that supports “Hillside’s competitiveness, contributes to regional economic stability and industrial growth, and aligns with South Africa’s broader decarbonisation objectives.”

They have established a working group to explore mechanisms “that can bring competitively priced renewable energy into the national grid,” backed up by “affordable firming capacity,” within the existing regulatory framework.

“While this work will help support the long-term energy needs of Hillside, the solutions being assessed have the potential to benefit Eskom and its broader customer base,” the organizations said.

They said Hillside is one of Southern Africa’s most important industrial businesses. Hillside supports 3,650 direct and indirect jobs, contributes to about 29,000 jobs across the economy, and plays a key role in supplying aluminium to the local downstream industry.

South32 chief operating officer, Noel Pillay, said: “As Hillside celebrates 30 years of operation this year, we are collaborating with the South African government and Eskom to secure its future for decades to come.”

“We have made a solid start. It is important we continue this momentum, working towards a viable, low-carbon energy solution for Hillside from 2031, when the current electricity contract expires,” said Pillay.

Eskom Group chief executive, Dan Marokane, said they valued the longstanding partnership with South32 and the important role Hillside Aluminium played in South Africa’s industrial economy.

“Through this joint process, we are working to develop a long-term energy solution that supports industrial competitiveness while advancing South Africa’s transition to a lower-carbon electricity system,” he said.

“By exploring innovative mechanisms to integrate renewable energy into the grid with appropriate firming solutions, this collaboration has the potential not only to secure the future of Hillside but also to contribute to strengthening the resilience and sustainability of the national electricity system for the benefit of all South Africans,” he said.

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Anglo American, still on track with merger talks with Canada-based Teck, said Tuesday that copper and iron ore production had tracked with its plans for the first quarter and its supply chain is proving resilient against the volatility being caused by the Middle East conflict.

The share price fell by 3.96% to R799.79 on Tuesday afternoon on the JSE after the release of production data for the three months to March 31, a price that was also 33.6% lower over a year.

Anglo’s CEO Duncan Wanblad said in the update that in copper, the reopening of a second plant at Los Bronces had provided incremental profitable production, Collahuasi progressed towards higher grade ore later this year, and Quellaveco's recoveries improved, helping to offset expected lower grades through the first half.

In iron ore, Kumba and Minas-Rio delivered stable operations.

He said the merger with Teck to form a copper-focused global critical minerals champion was on track for an expected September 2026 to March 2027 close.

“While the conflict in the Middle East is creating considerable volatility in the broader market, we are actively managing the situation to address potential adverse effects, including cost inflation,” he added.

About the merger, he said regulatory approval had been received from South Korea in the quarter, with anti-trust approval from China now the final outstanding regulatory milestone, alongside other customary closing conditions.

“Although we both continue to operate separately until closing, the integration planning is progressing well, ensuring that once the transaction closes, we will be well positioned to begin delivering the exceptional value and expected synergies that we have identified," said Wanblad.

Meanwhile, the portfolio optimisation strategy at Anglo continued. "We have resumed normal operations at Moranbah North and the sale of steelmaking coal is progressing well, with expectations for a sale to be agreed in the second quarter of 2026. In nickel, we are working through the European Commission's anti-trust approval process,” said Wanblad.

“We are progressing the sale process for De Beers and continue to assess further cost and capital preservation measures to minimise the impact from challenging diamond markets,” he said.

During the quarter, copper production increased by 1% to 170,400 tons, primarily due to higher production at Los Bronces and Collahuasi as a result of higher throughput, partially offset by anticipated lower grades at Quellaveco.

Premium iron ore production was 15.2 million tons, with slightly lower production from Kumba and Minas-Rio resulting in a 2% production decline.

Manganese production increased by 118% to 759,000 tons after increased production following the temporary suspension caused by a tropical cyclone in Australia in March 2024.

Rough diamond production increased by 17% to 7.1 million tons due to planned ore releases from Gahcho Kue and higher volumes from Venetia underground.

Steelmaking coal production fell by 31% to 1.5 million tons due to lower production from Moranbah North following an "incident" in March 2025, and weather impacts at Dawson. Nickel production fell 7% to 9,100 tons reflecting maintenance at Barro Alto and Codemin.

Production and unit cost guidance remained unchanged for 2026.

BUSINESS REPORT

There’s a growing narrative that young professionals are disengaged, unmotivated, or quick to job-hop. But what if we’re misreading the moment entirely?

What looks like apathy is, in many cases, disillusionment.

Across South Africa, young people are entering the workforce already on the back foot.

Youth unemployment remains staggeringly high, with 50% of the country’s working-age population unemployed, and over 60% of those are aged 18–24.

Even for those who do secure jobs, the pressure doesn’t ease, it compounds.

The cost of tertiary education – often between R30 000 and R75 000 per year, excluding living expenses, means many begin their careers in debt.

Entry-level salaries rarely stretch far enough to cover essentials, let alone allow for saving or investing; and, for many, income doesn’t support just one life, it supports entire households.

Add to that the constant exposure to consumption-driven lifestyles on social media, and a lack of accessible financial education, and a pattern begins to emerge. Not of carelessness, but of constraint.

It’s within this context that ‘financial nihilism’ takes root – the belief that no matter how hard you work, financial stability remains out of reach.

And this doesn’t stay personal. It shows up at work: lower engagement, rising absenteeism, and higher attrition.

In South Africa, absenteeism alone is estimated to cost the economy between R12–R20 billion annually, with as many as 15% of employees absent on any given day. At a company level, the impact is just as stark.

A business employing 100 entry-level workers earning an average of R8 000 per month could lose approximately R1.44 million annually due to absenteeism, based on an estimated three lost workdays per employee per month.

Then there’s turnover. Replacing an entry-level employee can cost between 20–50% of their annual salary. For a company losing 30 employees a year, that’s a minimum of over R500 000 in replacement costs alone.

For organisations employing early-career talent at scale, this is a hidden operational risk, one that traditional onboarding, training, and wellness programmes are not designed to solve.

Research from Jem HR’s Deskless Worker Pulse 2025 study underscores this reality.

Among more than 4 600 workers across sectors including retail, security, logistics and sanitation:

•     51% have no savings at all
•     73% have less than R500 saved for emergencies
•     48% run out of money before month-end every single month
•     And yet, 97% report that they enjoy their jobs

This is the paradox. People are working. They’re committed. But they’re still financially distressed.

When your reality is a constant cycle of running out of money, borrowing just to get to work, and managing ongoing financial anxiety, sustained performance becomes difficult. Long-term planning starts to feel unrealistic and engagement begins to erode.

So the question isn’t why young professionals are disengaging, it’s how we expect them not to… The opportunity lies in shifting the response.

Financial literacy cannot be treated as a once-off workshop or a generic onboarding module.

1. It needs to be practical, accessible, and rooted in real-life decision-making. 
2. Career pathways need to be visible, not assumed. 
3. And support systems – from mental health to financial guidance – need to reflect the realities young professionals are navigating daily.

This is where collaboration becomes critical.

At Lucha Lunako, we’ve seen how targeted, behaviour-driven financial capability programmes can shift how young professionals engage with income, planning, and work itself, often within weeks.

In workplace settings, this translates into better financial decision-making, reduced stress, and stronger engagement over time. 

Because ultimately, this is not just a youth issue, it’s an economic one.

Young professionals are the future custodians of the workforce. Their ability to participate meaningfully in the economy – to stay employed, to grow, to contribute – has a direct impact on productivity, stability and long-term growth.

For organisations already seeing signs of this, whether through absenteeism, financial stress, or retention challenges, the question is no longer whether the problem exists, but how it is being addressed within your workforce.

Michelle Green, Founder of Lucha Lunako.

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BUSINESS REPORT 

Global oil prices are expected to remain elevated well into 2026, with forecasts pointing to an average of $86 per barrel, as geopolitical tensions in the Middle East continue to disrupt supply and rattle commodity markets worldwide.

According to the World Bank Group’s latest Commodity Markets Outlook, released on Tuesday, the projected price marks a sharp increase from the $69 per barrel average recorded in 2025, underscoring the scale of the current energy shock.

The surge is being driven by a combination of conflict-related supply disruptions and heightened uncertainty, which have combined to push energy prices to their highest levels since the 2022 crisis triggered by Russia’s invasion of Ukraine.

At the center of the turmoil is the Strait of Hormuz, a critical global oil chokepoint through which roughly 35% of the world’s seaborne crude oil passes.

Attacks on energy infrastructure and shipping disruptions in the region have resulted in what analysts describe as the largest oil supply shock on record, cutting global supply by an estimated 10 million barrels per day.

Although prices have eased slightly from their recent peaks, Brent crude remained more than 50% higher in mid-April compared to the start of the year.

The World Bank’s baseline forecast assumes that the most severe disruptions will subside by May and that shipping flows through the Strait of Hormuz will gradually return to normal by late 2026. Even under these relatively optimistic assumptions, oil prices are expected to stay significantly elevated.

The implications of an $86 average oil price extend far beyond energy markets. Higher oil prices are feeding into broader commodity inflation, contributing to a projected 16% rise in overall commodity prices in 2026. Energy costs are also pushing up the price of fertilizers and industrial inputs, creating ripple effects across agriculture, manufacturing, and transportation sectors.

World Bank chief economist Indermit Gill warned that the global economy is being hit in successive waves. Rising energy costs are expected to translate into higher food prices and, ultimately, broader inflation.

Gill said that this, in turn, could lead to higher interest rates and increased borrowing costs, particularly for developing economies already grappling with heavy debt burdens.

“The poorest people, who spend the highest share of their income on food and fuels, will be hit the hardest, as will developing economies already struggling under heavy debt burdens,” Gill said. “All of this is a reminder of a stark truth: war is development in reverse.”

Indeed, the report suggests that the consequences of sustained high oil prices could be severe for global development.

Inflation in developing economies is now projected to average 5.1% in 2026, up from 4.7% last year and significantly higher than earlier forecasts. Economic growth is also expected to slow, with developing economies projected to expand by 3.6%, a downward revision of 0.4 percentage point since January.

The outlook could worsen if the conflict intensifies or persists longer than anticipated.

In a more severe scenario, where damage to critical oil and gas infrastructure is greater and supply recovery is delayed, the World Bank said Brent crude prices could average as much as $115 per barrel in 2026.

The bank said a 10% increase in oil prices driven by geopolitical shocks can lead to natural gas prices rising by up to 7% and fertilizer prices by more than 5%, typically within a year.

This interconnectedness is raising concerns about food security, particularly as fertilizer prices are already projected to climb by 31% in 2026.

“The succession of shocks over the decade has sharply reduced the fiscal space available to respond to the current historic energy supply crisis,” said Ayhan Kose, the World Bank’s deputy chief economist and director of the Prospects Group. 

“Governments must resist the temptation of broad, untargeted fiscal support measures that could distort markets and erode fiscal buffers. Instead, they should focus on rapid, temporary support targeted to the most vulnerable households.” 

The World Bank urged targeted support measures rather than broad subsidies, warning that poorly designed interventions could strain public finances further.

BUSINESS REPORT

South Africa faces escalating exposure to climate-related risks that could weigh on its economic stability and long-term development, according to a recent assessment by S&P Global Ratings, which underscored both the urgency of climate adaptation and the gaps that remain in the country’s response framework.

In its Second Party Opinion on South Africa’s Sustainable Finance Framework on Tuesday, S&P highlighted that the country is already vulnerable to a wide range of physical climate threats.

“South Africa is vulnerable to physical climate risks, with water and food insecurity, alongside natural disasters such as droughts,” the agency noted, pointing to structural challenges that are likely to intensify as global temperatures rise.

S&P warned that “physical climate risks can affect many economic activities,” adding that increasing greenhouse gas emissions will exacerbate the frequency and severity of climate shocks.

For an economy already grappling with infrastructure constraints and inequality, this raises concerns about resilience across key sectors such as agriculture, water supply, and energy.

The report also distinguished between physical risks—such as extreme weather events—and transition risks associated with the global shift to a low-carbon economy.

While South Africa has made policy progress, S&P suggested that the country’s exposure to both forms of risk remains significant. It noted that climate considerations were “intertwined, including with climate transition and physical climate risks,” highlighting the complexity of balancing economic growth with decarbonisation.

S&P acknowledged that the government has taken steps to strengthen its climate policy architecture.

The introduction of the Climate Change Act and the development of a Climate Risk and Vulnerability Framework are cited as important milestones. These initiatives aim to provide “a standardized approach for assessing climate risks and vulnerabilities, enabling better climate” planning and response.

However, the agency pointed out that implementation gaps persist. In particular, it flagged the lack of a comprehensive, mandatory system for assessing physical climate risks across projects.

“We note that a dedicated compulsory assessment framework for physical climate risks…has not yet been developed,” S&P said, warning that this could limit the effectiveness of climate resilience efforts.

This shortfall is especially relevant for infrastructure and property development, where exposure to risks such as flooding, heat stress, and water scarcity can have long-term consequences.

Without consistent risk assessment standards, investments may fail to adequately account for future climate conditions, potentially leading to higher costs and asset vulnerability down the line.

Last week, the Development Bank of Southern Africa (DBSA) announced it will invest R300 million in the $750 million (around R12 billion) Infrastructure Climate Resilient Fund (ICRF), in a bid to accelerate climate adaptation and sustainable infrastructure across Africa.

The Fund, which is managed by African Finance Corporation Capital Partners (ACP), is designed to embed climate resilience into infrastructure projects from conception through to operation—an approach increasingly seen as essential as Africa faces intensifying climate shocks.

Meanwhile, S&P recognised the role that sustainable finance can play in addressing these challenges.

Climate adaptation projects, it said, “are essential for building resilience against climate-related risks and protecting” communities and economic assets. Investments in climate-resilient infrastructure, water management, and disaster risk reduction could significantly enhance South Africa’s ability to withstand environmental shocks.

Yet even within green and transition projects, S&P cautions that risks remain. For example, while initiatives such as low-carbon transport and renewable energy are critical for reducing emissions, they may still carry environmental trade-offs.

The agency noted that such projects “entail climate and environmental risks and impacts,” including issues related to resource use and land management.

Ultimately, S&P’s assessment presents a mixed picture as South Africa’s policy direction and sustainable finance framework demonstrate a clear commitment to addressing climate change, but the scale of the risks—and the gaps in implementation—suggest that more needs to be done to safeguard the economy.

BUSINESS REPORT

By Nqobani Mzizi

Across South Africa, the Autumn graduation season fills institutions of higher learning. Campuses are filled with jubilation. Families gather, lecturers and academics reflect on their contribution, and graduates step into professional life. It is a moment of achievement, and rightly so.

I recently had the privilege of addressing graduates in accounting, auditing and business management at the Vaal University of Technology’s Faculty of Management Sciences. It was an honour I received with both gratitude and a deep sense of responsibility. As I stood before them, I found myself reflecting on what sits beneath the celebration. Graduation is often viewed as arrival. It is also a point of release, where institutions usher graduates into systems that rely on their competence, their judgement and their integrity.

As I prepared the speech, a lingering question persisted with me throughout: what exactly are we sending into those systems of employment and entrepreneurship? That question extends beyond educators to boards, executives and all who rely on the integrity of the professionals these systems produce.

In my address, I spoke about three themes: qualification, character and integrity. Qualification provides access. It opens doors and creates opportunity. Character determines how one conducts oneself within those spaces. Integrity shapes the decisions that are made when those decisions carry consequence. These ideas are lived realities that define professional conduct.

This becomes particularly important in fields such as accounting, auditing and management. These disciplines sit at the centre of governance. They carry responsibility for financial reporting, resource allocation, control environments and decision-making processes that affect organisations and, in many cases, the broader public. They are positions of trust.

Over time, we have observed how that trust can be compromised. Governance failures in both the public and private sectors have repeatedly placed professionals at the centre of breakdowns in accountability. This includes failures in financial reporting, weaknesses in control environments and the manipulation of supply chain processes. These are environments largely staffed by individuals who have been formally trained in commerce and management disciplines.

If those entrusted with the stewardship of organisational resources and systems are implicated in governance failures, then the question shifts. It moves beyond the organisation. And this is where I argue that we must look upstream: to the formation of the professionals themselves.

Universities and colleges play a foundational role in this formation. They develop technical competence, equip students with the knowledge required to operate in complex environments and create pathways into professions that carry significant responsibility. This role is essential. Yet technical competence, on its own, does not resolve ethical tension.

Professional life will, at some point, present moments of decision where the correct course of action is clear, but not convenient. These moments emerge within pressure, expectation and, at times, silence. In those moments, knowledge does not guide behaviour. Character does.

This raises an important consideration. To what extent are tertiary institutions intentionally shaping ethical grounding, alongside competence?

Ethics is often included within curricula, and governance is introduced as a framework. These are undoubtedly important components. The question is whether they are positioned as central disciplines or as peripheral subjects. There is a difference between teaching ethics and forming ethical professionals.

Human beings have agency and can distinguish between right and wrong. At the same time, early formation influences how those choices are made under pressure. It shapes the instinct to question, to resist, to speak and to act with integrity even when it carries personal or professional cost.

The environments into which graduates enter also matter. Organisations reinforce behaviour through what they value, reward and tolerate. When oversight systems are strong and consistently applied, they support ethical conduct. When they are weak or selectively enforced, they create conditions within which compromise can take root.

Boards carry a central responsibility in this regard. They define the tone of the organisation. They influence culture through the policies and standards they set and the conduct they expect. They also determine how governance failures are addressed. Where there is inconsistency, or where consequences are absent, a different message is communicated, which, over time, shapes behaviour.

The absence of visible consequence can have a broader societal effect. It can create the perception that misconduct carries limited risk, thereby normalising behaviour that should be resisted. For young professionals entering the system, this creates a tension between what has been taught and what is observed. This erosion of consequence reaches beyond boardrooms. It strikes at the heart of our democratic gains.

As South Africa celebrates Freedom Day on 27 April, marking 32 years since the dawn of our democracy, we are reminded of the significance of that freedom. It reflects the outcome of struggle, sacrifice and the pursuit of justice. Corruption stands in direct opposition to that legacy because it diverts resources, weakens institutions and erodes the very conditions required for that freedom to be meaningful.

Later this week, Workers’ Day will be commemorated on 1 May. Employment, dignity and economic participation are central to that moment. Corruption undermines these as well. It distorts opportunity, constrains growth and contributes to job loss. The link between governance and lived experience is direct.

It is therefore not surprising that the call to address corruption extends beyond formal institutions. Religious bodies, through the South African Council of Churches, have taken a public stand, calling for ethical conduct and accountability across society. This reflects the depth of the concern. When moral voices mobilise alongside regulatory and governance structures, it signals that the issue is both systemic and societal.

In this context, the role of institutions of higher learning becomes even more pronounced.

There is an opportunity, and perhaps a responsibility, to embed ethics and governance more deeply within the formation of future professionals. The focus lies in positioning these disciplines as foundational, ensuring that students understand governance frameworks and appreciate the weight of responsibility that accompanies their application.

While this carries relevance in management sciences, where graduates are more likely to enter environments that shape financial and operational decisions, this applies across faculties. Supply chain management, in particular, has been repeatedly exposed as an area vulnerable to manipulation. Strengthening formation at this level has the potential to influence outcomes across the system.

At the same time, organisations and public institutions must respond with equal intent. They must create environments that support ethical conduct, enforce accountability and restore confidence. Boards must remain deliberate in how they exercise oversight, how they respond to misconduct and how they reinforce the standards expected of those within their organisations.

The question of governance therefore does not begin in the boardroom. It begins much earlier.

It begins in lecture halls, in conversations about responsibility, in how success is defined and in how students are prepared to navigate complexity. It is shaped further in workplaces, through leadership, culture and consequence. By the time an individual sits in a position of authority, much of that formation has already taken place.

Graduation marks the transition into that next phase.

As institutions celebrate the achievements of their graduates, there is value in reflecting on what graduates carry with them. Not only their qualifications, but also their values, their judgement and their understanding of responsibility.

For institutions of higher learning, for organisations and for those charged with governance, a set of questions remains:

• What are we producing?
• What are we reinforcing?
• What are we tolerating?

And perhaps most importantly, are we forming professionals who are equipped not only to succeed, but to sustain the integrity of the systems they will one day lead?

* Nqobani Mzizi is a Professional Accountant (SA), Cert.Dir (IoDSA) and an Academic.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.

BUSINESS REPORT

South Africa’s energy future took a step forward with the inauguration of Envusa Energy’s flagship R15 billion, 520 MW Koruson 2 (K2) Cluster of renewable energy projects in the Eastern Cape, one of the country’s largest private-sector renewable energy developments to date.

The launch, attended by Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, brought together industry leaders and stakeholders over two days last week, including from De Beers Group, Kumba Iron Ore, and Valterra Platinum, alongside members of the Envusa board and team, Eskom, community leaders, partners from Anglo American and EDF Power Solutions.

Established in 2022 as a joint venture between Anglo American and EDF Power Solutions, Envusa  was created to develop a large-scale renewable energy ecosystem to deliver between 3 and 5 GW of clean energy by 2030. The K2 Cluster is the first major milestone.

The K2 Cluster brings together three major projects - the 240 MW Mooi Plaats Solar PV facility, the 140 MW Umsobomvu Wind Farm, and the 140 MW Hartebeesthoek Wind Farm - delivering a combined 520 MW of capacity.

South Africa’s biggest renewable energy projects are currently dominated by large-scale solar and hybrid solar-plus-storage facilities, including Red Rocket’s Virginia Solar Park (275 MWp), Scatec’s Kroonstad Cluster (846 MW) awaiting financial close this year, and the Mulilo Total Hydra project (216 MW plus 500 MWh battery storage), with Mulilo also reaching financial close on the 380 MW Beaufort West solar project last week. Other large wind projects include Seriti Green's Ummbila Emoyeni (115 MW of a total 900 MW project), and Enel Green Power's Oyster Bay cluster in the Eastern Cape (330 MW) for Sasol/Air Liquide.

This month, 380 MW of the K2 Cluster project is being connected to the grid, with the remaining 140 MW scheduled to come online by June 2026.

A statement from Envusa on Monday said the K2 Project delivery had been within budget and construction quality was "excellent". EDF Power Solutions had provided critical technical and backend expertise to help execute the project.

Beyond energy generation, the project represents a shift in how electricity is produced and delivered in South Africa. Through a “wheeling” model, renewable power is transmitted across Eskom’s grid to major industrial users, including Kumba Iron Ore, De Beers, and Valterra Platinum, under long-term agreements.

“This approach not only enhances energy security, but also supports the decarbonisation of key sectors, helping these companies reduce their carbon footprint and remain globally competitive,” Envusa’s directors said.

Speaking at the inauguration, Envusa Energy board chair and Anglo American South Africa board chair Nolitha Fakude said the project stood was an example of how collaboration could unlock meaningful, large-scale progress.

Reflecting on South Africa’s recent energy journey, she said: “The recent progress reflects deliberate action, bold decision-making, and sustained collaboration between government and business, demonstrating that a coordinated approach can shift the country’s trajectory.” 

She acknowledged the roles by government and industry in stabilising the energy system, including operational improvements at Eskom, and the Minister of Electricity and Energy's leadership in creating a more enabling policy environment for private sector participation, which had helped restore confidence across the sector.

During peak construction, more than 2,000 direct and indirect jobs were created, with a strong focus on local employment and skills development. About 80 small, medium, and micro enterprises (SMMEs) from surrounding communities were contracted, ith over R73 million contributed into local SMMEs and socio-economic development initiatives.

“We will continue to roll out additional initiatives over a 20-year horizon, ensuring the benefits of these projects are sustained, deepened, and shared over time,” said Fakude.

Local communities also held a direct stake in the project through shared ownership structures, ensuring long-term participation in the value created.

Environmental responsibility saw measures implemented to minimise ecological impact, including iapproaches to protect birdlife.

"The Koruson 2 projects show what can be achieved through effective industry partnerships. Through Envusa Energy, EDF Power Solutions brings global expertise in renewable energy development, design, and delivery to projects, helping to unlock flexible and practical solutions for South Africa’s transition to a low carbon future,” said EDF Power Solutions Southern Africa Vice President Tristan De Drouas.

“With each renewable project we commission, South Africa moves closer to meeting its Nationally Determined Contribution, improving air quality, enhancing energy availability, and building an industrial economy anchored in sustainable development,” said Fakude.

“Renewable energy is no longer an alternative, but an essential pillar of South Africa’s future energy mix, fundamental to long-term energy security and affordability, as envisaged in the recently updated Integrated Resource Plan 2025,” she said.

BUSINESS REPORT

As South Africa’s renewable energy market finds its footing amid electricity supply instability and rising tariffs, businesses are increasingly investing in private energy infrastructure.

This shift holds profound implications for sectors ranging from mining to logistics, as companies seek to manage energy costs, reduce reliance on the national grid, and secure long-term power supply.

With commercial solar installations, hybrid systems, and off-grid solutions becoming key components of business strategies, the emphasis is now shifting from merely adopting renewable technology to carefully selecting the partners who will build and maintain that infrastructure.

The choice of engineering, procurement, and construction (EPC) partner is emerging as perhaps the most critical decision in the renewable energy landscape.

Given that energy projects often have multi-decade lifespans, companies must recognise the long-term consequences of choosing an inexperienced or unqualified EPC provider.

Poor engineering, unqualified contractors, and insufficient operational support can not only jeopardise safety but also diminish the anticipated financial benefits of these investments.

The shift in decision-making in a bustling market

South Africa's regulatory changes have reshaped the commercial and industrial renewable energy market, leading companies to forge long-term partnerships with private energy providers.

Claude Peters, Managing Director at RenEnergy, noted that this has resulted in fundamental transformations in decision-making processes.

“In the past, businesses effectively had one electricity supplier. Now, the decision shouldn’t be driven by cost alone; there are several other important factors to consider,” Peters said. 

The longevity of renewable projects means that selecting a robust EPC partner transcends simple cost analysis.

A stark illustration Peters provides is that two identically sized solar systems can yield vastly different energy outputs due to the quality of engineering involved.

A well-designed project might outperform a poorly designed counterpart by as much as ten per cent each year.

Over two decades, this variance translates into a significant energy yield difference.

“Renewable infrastructure is not just about installing panels. It’s about engineering an energy system for reliability over decades,” he said.

Navigating increasing risks in a burgeoning sector

As the market expands rapidly, it has drawn new operators—some with substantial engineering experience and others with little to none in large-scale project management.

Peters said that inexperienced providers can misrepresent their capabilities, which poses real challenges for businesses looking to install substantial energy infrastructure.

“Installing a few rooftop panels is a far cry from designing and building a complex commercial energy system,” he added. 

The ramifications of poor choices can be dire, ranging from safety hazards to financial losses.

Businesses may find their systems underperforming due to substandard engineering or inadequate maintenance.

Criteria for selecting a credible EPC partner

Business executives evaluating renewable energy projects must engage in a rigorous due diligence process when choosing an EPC partner.

Here are five essential criteria Peters advised that should guide their selection:

• Engineering Capability: A qualified EPC must demonstrate strong in-house engineering expertise capable of comprehensive energy system modelling and integration.
• Procurement Standards and Technology Selection: The right choice of components and technologies is vital. Ensuring the use of 'bankable' technologies that are trusted by insurers and lenders is crucial to long-term performance.
• Installation Quality and Construction Control: Accountability through direct oversight during construction is key to meeting installation standards and ensuring systems withstand real-world conditions.
• Long-Term Operations and Maintenance: The EPC must be committed to proactive maintenance and performance optimisation over the project's life cycle.
• Financial Stability and Track Record: Companies should assess an EPC partner's financial robustness and history of project execution, including feedback regarding how they handle challenges.

Sim Khuluse, Technical and Policy Manager of the South African Photovoltaic Industry Association (SAPVIA), reinforced that “quality in solar projects cannot be confined to installation alone. It must be embedded across the full lifecycle.”

With SAPVIA planning to launch a Working Group focused on Operations and Maintenance, industry stakeholders are actively working to raise standards.

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BUSINESS REPORT 

By Prof. Bismark Tyobeka

Unless another unfathomable tragedy strikes, I think we all know how we will remember 2026. The war in Iran. Terms and names like ‘The Strait of Hormuz’ were unknown to many only a few months ago but have since entered everyday vocabulary. It is sad how conflict so often becomes the world’s best geography teacher.

I would have preferred to remember 2026 differently, and I look forward to the day when science and societal advancement receive more headlines than violence and retribution. That will be a day.

We will look back at this year and recall that it marked the dawn of South Africa’s second nuclear age. We have moved from theory to practice and from talking to doing. Koeberg proved what sustained reliability looks like. Long-term operation became policy rather than aspiration. New-build discussions moved closer to implementation. We shifted from asking whether nuclear belongs in South Africa’s future to deciding how that future should be built. This is a real moment, one that should not be overshadowed by the fog of war or division.

Consider the milestones. Koeberg Unit 2 achieved 365 consecutive days of uninterrupted operation in March 2026, operating at a 99.4% Energy Availability Factor and delivering roughly 946 MW to the national grid. Government also continued with Koeberg’s life-extension programme, reinforcing its long-term commitment to nuclear energy. At the same time, renewed interest from the South African Nuclear Energy Corporation (Necsa) in Small Modular Reactors (SMRs) and pebble bed nuclear technology — a field in which South Africa was once a global leader — has returned to the spotlight.

It makes you want to dream again, and with that in mind, take a walk with me into the future. The results and resolve we are seeing invites us to think beyond the present moment and to imagine what comes next. If South Africa maintains its current momentum, and if we remain disciplined enough not to let corruption or short-term disruption derail long-term progress, there is little reason why our nuclear infrastructure cannot become the foundation for stable energy and trade corridors across southern Africa.

Nuclear energy can help build stable trade corridors across South Africa and wider Southern Africa because it provides something trade and industry depend on above all else: predictable, uninterrupted power. Ports, rail freight systems, mineral processing plants, cold-chain agriculture, manufacturing zones and cross-border logistics networks cannot function efficiently when electricity supply is unstable.

Nuclear energy offers long-term baseload generation that is not dependent on weather conditions or fuel-price volatility, making it uniquely suited to support heavy industry and continuous economic activity. For a region seeking deeper integration through the African Continental Free Trade Area (AfCFTA), stable electricity becomes more than an energy issue; it becomes trade infrastructure. A reliable nuclear backbone could support industrial corridors stretching between ports, inland manufacturing hubs and neighbouring economies, reducing bottlenecks, strengthening investor confidence and enabling Southern Africa to trade not only more efficiently, but more competitively.

This is the type of lasting impact we also like to talk about, but what often remains frustratingly out of reach. So close, but yet so far. Isn’t that the norm? Not when you shift the goalposts through vision, long-term commitment and the courage to build beyond the limits of the present.

Then, you have something to remember.

* Prof Bismark Tyobeka is the Principal and vice-chancellor of the North-West University

** The views expressed here do not necessarily represent those of Independent Media or IOL.

BUSINESS REPORT

South Africa’s just energy transition is already reshaping investment decisions, supply chains, skills demand and regional economies. It is the current reality for the millions of workers whose livelihoods depends upon impacted industries.

 In 2026, the more urgent question is not whether the transition will happen, but whether it will be managed in a way that strengthens economic stability or deepens existing fragmentation, inequality, joblessness, poverty and risk.

Too often, workers are framed as casualties of change: statistics in job loss projections or passive beneficiaries of climate mitigation plans.

That framing is economically naïve and politically dangerous. Workers are not peripheral to the transition. They are central to whether South Africa’s just transition succeeds.

South Africa enters this period of restructuring with two defining realities.

We remain one of the most carbon-intensive economies in the world and one of the most unequal. The sectors under pressure—energy, mining, logistics and heavy manufacturing—are also the backbone of employment, exports and regional development.

If the climate transition proceeds without deliberately anchoring workers at its centre, the result will not be progress. It will be instability and an injustice.

The risk for single industry region is clear and present 

Regions built around single industries, particularly coal-dependent areas, face declining investment, ageing infrastructure and uncertain demand due to the energy transition.

Without credible pathways for reskilling, industrial diversification and income protection, the transition could hollow out entire local economies.

The cost of failure will not be borne by workers alone. It will surface in weaker productivity, social unrest, declining investor confidence and rising instability.

Worker-centred transitions are not acts of charity concession.

They are conditions for economic continuity. Countries that manage climate structural change must align climate objectives with labour-market reform, industrial policy and skills development. Those that do not pay twice: first through job losses, then through the social and socio-economic costs of exclusion.

The real opportunity lies in reframing the transition as a political-economy project. Climate action is already reshaping global competitiveness through carbon border adjustment mechanisms, supply-chain standards and investor scrutiny. South African companies will not compete on cheap energy or weak regulation.

They will compete on productivity, skills, reliability and the quality of work embedded in their linkages to global value chains.

This is where workers must be at the centre of planning and decision making. Trainings must be about more than the numbers alone.

They are about preparing artisans, technicians, operators and engineers for new technologies and industrial processes.

They are about ensuring the green economy produces stable, productive work with long-term and sustainable jobs rather than precarious employment masquerading as innovation. They are also about ensuring workers share in productivity gains instead of carrying disproportionate risk.

Workers should  be co-architects of  the just transition

Excluding labour from this process carries clear consequences.

When workers experience transition as something done to them rather than with them, resistance hardens, and trust erodes. Dialogue weakens, implementation slows and policy coherence fractures. The result is neither a just transition nor an efficient one.

By contrast, when workers are treated as co-architects, transitions gain legitimacy and momentum. Collective bargaining, workplace planning and sectoral coordination become tools for innovation rather than obstacles.

This is why social compacting matters. It creates a mechanism to align government policy, business investment and labour participation around measurable outcomes: skills development, industrial diversification and employment quality.

Skills must align with industrial strategy rather than operate in isolation. Training in renewable energy, grid maintenance, battery manufacturing, green logistics and water management should be treated as economic infrastructure. Inclusive finance models must ensure new industries do not replicate old exclusions, particularly for young people and women still locked out of industrial employment.

There is also a regional dimension that cannot be ignored. Diversification is not an abstract national goal; it must be anchored in place-based strategies reflecting existing workforces and local economies.

Transition planning that ignores geography will fail on both fairness and efficiency.

As a partner within the Presidential Climate Commission, organised labour has consistently raised these issues not as ideology, but as practical insight drawn from workers lived experience.

The Commission’s work has helped shift the national conversation from targets and timelines to implementation questions that matter: who bears the cost, who captures the value and how risk is managed over time.

That shift is essential if the transition is to reinforce, rather than undermine, South Africa’s social contract.

Ultimately, the just transition is a test of economic maturity. It asks whether South Africa can modernise without discarding the people who built its economy. It asks whether progress will be measured only in megawatts and emissions reductions, or also in livelihoods protected, skills gained and communities stabilised.

This is not a choice between climate ambition and worker justice – its is about balance.

If South Africa gets it right, workers will be remembered not as victims of transition, but as its engine, driving productivity, resilience and renewal.

Waheed Hoosen is the Commissioner at the Presidential Climate Commission and vice president for development at FEDUSA.

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BUSINESS REPORT 

By Dr Ernst van Biljon

The COVID-19 pandemic was the most significant global stress test of supply chains in recent history. It exposed structural weaknesses, accelerated transformation and forced trading organisations to rethink long-standing assumptions about efficiency, cost and flexibility. Now, as geopolitical tensions escalate - particularly with the Iran war and its associated energy and trade disruptions - the world finds itself navigating a second, quite different kind of shock. The key question is not whether supply chains will change again - they will - but how the lessons from COVID are now being applied in today’s environment of ongoing disruption.

During COVID, the immediate challenge was demand volatility coupled with supply disruption. Lockdowns halted production, ports became congested and transport networks faltered. In response, companies rapidly switched to e-commerce. Digital visibility tools were adopted at scale and businesses began prioritising flexibility over pure cost efficiency. In place of just-in-time supply chains, concepts such as buffer stock (just-in-case), supplier diversification and real-time tracking took centre stage.

And now, these lessons are being tested, and in many cases refined, in the context of geopolitical conflict and energy instability. Unlike the pandemic, which was primarily a health crisis with economic consequences, the Iran war introduces direct disruptions to energy markets, shipping routes and global trade corridors. Oil price volatility, in particular, has a cascading effect on logistics costs, manufacturing input prices and ultimately consumer markets. We are seeing this in South Africa at the moment with Transnet imposing immediate diesel surcharges.

One of the most notable carryovers from the COVID era is the shift toward flexibility as a core design principle. Previously, global supply chains had been optimised for cost, often relying heavily on single-source suppliers or long, complex international routes. What was once considered best practice - lean inventories, just-in-time delivery, single sourcing and extended global routes - was engineered to eliminate ‘waste’. Buffer stock was inefficient capital; dual sourcing was unnecessary duplication; geographic diversification a cost burden. These models worked well during stable periods, but rested on a flawed assumption: that global trade flows would remain predictable. COVID shattered that assumption, revealing that the very features driving cost-efficiency were also what made supply chains catastrophically fragile.

The Iran war is reinforcing that lesson with fresh urgency, and supply chains that rebuilt on the same principles after COVID are once again exposed. In the current environment companies are doubling down on strategies such as nearshoring and regionalisation.

With oil markets under pressure, long-distance logistics become significantly more expensive and unpredictable. This is particularly acute for South African businesses, where long lead times amplify every disruption. As a result, there is a renewed emphasis on local and regional production hubs. For emerging markets such as South Africa, this presents both an opportunity and a risk. If supported by the right infrastructure and policy frameworks, shorter supply chains could encourage local manufacturing, reindustrialisation and reducing import dependency. However, this requires structural investment in both infrastructure and human capacity and will not happen overnight.

A major lesson from COVID that is now a necessity is the importance of real-time data and visibility. During the pandemic, companies that had access to accurate, timely information were better able to respond to disruptions. They could reroute shipments, adjust inventory levels and communicate effectively with customers. In the current volatile environment, this capability is even more critical.

The Iran war has reinforced this urgency in several important ways. First, the speed and unpredictability of geopolitical events - from port closures to airspace restrictions to sudden sanctions - means that supply chain teams need access to live intelligence, not weekly reports. Companies operating with real-time track-and-trace systems were able to identify stranded cargo within hours of the Gulf ports closing, while those relying on traditional reporting cycles took days to understand their exposure. Rather than reacting to disruption, leading companies run continuous ‘what-if’ simulations across their networks, enabling faster and more confident decision-making when a crisis hits. The lesson is clear: visibility is not a technology project, it is a strategic imperative.

The unpredictability of geopolitical events – and often contradictory leadership announcements - means that static planning models are no longer sufficient. Instead, supply chains must be dynamic, data-driven, agile and capable of rapid adjustment.

Technology is central to this shift. The accelerated adoption of digital platforms, automation and analytics - initiated during COVID - is continuing, and in some cases intensifying. However, this comes with a trade-off. As systems become more automated and decision-making increasingly data-driven, the demand for certain types of labour may decline. While new roles will emerge, particularly in technology and analytics, there is a real concern about job displacement, especially in regions where labour-intensive logistics has traditionally been a key employer. Agentic AI is a compelling example - AI agents embedded in enterprise systems that monitor processes in real time and take autonomous corrective action, without waiting for human intervention.

Energy is another area where the intersection between COVID lessons and current geopolitical realities is particularly evident. The pandemic highlighted the vulnerability of global systems to sudden shocks. The Iran war reinforces the risks associated with dependence on fossil fuels, particularly oil. As a result, there is a growing push toward alternative energy sources within supply chains. This includes electrification of transport fleets, investment in renewable energy, and exploration of alternative fuels such as hydrogen.

For South Africa and other African markets, this transition presents both challenges and opportunities. On one hand, the capital investment required for new energy infrastructure can be significant. On the other, countries that are able to leapfrog older technologies and adopt cleaner, more efficient systems may gain a competitive edge. South Africa, with its renewable energy could position itself as a regional leader in this space, as Namibia has already done, provided that regulatory and infrastructural barriers are addressed.

Perhaps the most important overarching lesson is that disruption is no longer the exception - it is endemic. COVID was initially viewed as a once-in-a-generation event. However, the combination of pandemics, geopolitical tensions, climate-related disruptions and economic volatility suggests that supply chains must be designed for continuous uncertainty. This is the essence of the ‘shockwave economy’: a landscape defined by successive, overlapping disruptions rather than isolated crises.

In this environment, agility becomes as important as efficiency. Companies must be able to rapidly adapt, reconfigure networks and make decisions with incomplete information. Collaboration, both within organisations and across supply chain partners, also becomes critical. No single entity can manage these complexities alone. For South African businesses specifically, this means investing not only in technology and infrastructure, but in talent - supply chain professionals who combine analytical capability with the judgement to act decisively under uncertainty.

* Dr Ernst van Biljon is the head lecturer for supply chain management at IMM Graduate School.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.

BUSINESS REPORT

Kumba’s iron production was marginally lower in the first quarter of its financial year to end-March 2026 as stockpiles were managed ahead of Transnet’s planned logistic maintenance shutdown in May, but the full-year production guidance remains intact.

Kumba’s chief executive, Mpumi Zikalala, said increased sales volumes were supported by improved finished stock levels and equipment availability at Saldanha Bay Port.

“As we move towards a sustainable future, construction of Sishen's Ultra High Dense Media Separation (UHDMS) project continues, with preparations underway for the main plant tie-in scheduled for the second half of 2026. Notably, Kolomela received its first wheeled renewable electricity from Envusa Energy, a joint venture between Anglo American and EDF Renewables, achieving a 72% reduction in scope 2 carbon emissions in March,” she said.

She said in a first quarter production report that Kumba’s export sales routes to its markets in Asia and Europe remain open and had not been impacted by shipping disruptions caused by the conflict in the Middle East.

“Our supply chains have been secured for the rest of this year, and we continue to closely monitor developments and manage potential associated risks, including cost inflation. Against this backdrop, we have maintained our full-year 2026 guidance," said Zikalala.

Iron ore fundamentals were being supported by demand from China, other Asian countries, and Europe, and supply was constrained by seasonal weather disruptions in the southern hemisphere towards the end of the first quarter.

Iron ore prices and lump premium, which were initially under pressure due to weak steel mill margins in China, recovered in March on restocking and increased blast furnace utilisation rates.

Safety was maintained in the first quarter, with the fatality-free production record at the Sishen and Kolomela mines, of nine years and more than three years respectively, unbroken.

Total first-quarter production of 8,8 Mt (Q1 2025: 9 Mt) was 2% lower, driven by Kolomela and partially offset by increased production at Sishen.

Total waste mining decreased by 3% to 39,2 MT (40,5 MT), reflecting lower waste mining at Sishen. A 12% decrease at Sishen to 30,6 MT was largely due to seasonal weather disruptions, resulting in challenging mining conditions and low shove reliability. Kolomela's waste mining increased 45% to 8,5 MT in line with the planned ramp-up in waste mining and the higher strip ratio guided for 2026.

Total sales increased by 3% to 9,3 Mt (9 Mt) on the back of improved logistics performance.

Finished stock of 7,2 Mt (7,5 Mt) comprised 4,7 Mt (5,7 Mt) at the mines, and 2,5 Mt at Saldanha Bay Port (1,8 Mt).

Kumba achieved an average realised free on board (FOB) export iron ore price of $93 per wet metric ton (wmt) ($98/wmt), 8% above the Fastmarkets 62% Fe FOB equivalent price of $86/wmt ($88/wmt).

Following a drawdown of stockpiles at Kolomela and increased sales, total finished stock fell to 7,2 MT (7,5 MT at the end of December 2025). Stock at the mine ended at 4,7 MT versus 5,7 MT at the end of December, with stock at Saldanha Bay of 2,5 MT (1,8 MT).

In terms of meeting the full-year guidance to investors provided in February, Kumba directors said Sishen’s production would be weighted to the first half of 2026 due to the tie-in of the UHDMS project in the second half of 2026, with sales not expected to be impacted owing to the planned drawdown of finished stock.

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As South Africa donned its festive shades this Freedom Day, the global markets ebbed and flowed under a fresh wave of optimism, sparked by the latest proposal from Iran regarding the opening of the crucial Strait of Hormuz.

Wall Street marked another record close, buoyed by positive financial reports from the technology sector and anticipation surrounding further negotiations with Tehran.

This morning's trading reflected a cautious optimism as futures sit firmly in the green, hinting at further market gains.

However, oil prices remain in the spotlight, with Brent crude inching up just under 1% to $109 per barrel amid concerns from US President Donald Trump regarding Iran's proposition.

Bianca Botes, Managing Director at Citadel Global said that the intricate dance between oil prices and US-Iran negotiations will be a focal point for analysts and investors alike.

"The sentiment is echoed across the continent as Asian stocks surged to two-month highs, with the MSCI Asia Pacific Index climbing back to pre-war levels. Investors there are closely monitoring outcomes from the technology sector, anticipating further significant movements in the markets," Botes said.

In the commodities arena, gold has dipped slightly, trading at $4,673 per ounce, while the US Dollar Index remains mostly stable, a reflection of the delicate equilibrium currently at play.

The ongoing week is poised to be a pivotal one for central banks, starting with the Bank of Japan (BoJ) maintaining steady rates, setting the tone for further announcements.

"Tomorrow, all eyes will be on Federal Reserve Chair Jerome Powell, as he prepares to deliver his final interest rate announcement, followed by significant rate decisions from both the Bank of England (BoE) and European Central Bank (ECB) on Thursday," Botes added.

Botes said that this week is set to introduce volatility in the South African rand, which at the start of the day was trading at R16.54 against the US dollar, R19.38 against the euro, and R22.39 against the British pound.

"The interconnected nature of global markets means that South Africa’s financial landscape is not insulated from the swirling currents of international politics and economic shifts," Botes said. 

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BUSINESS REPORT 

The Eskom tariff increase is changing the way industrial and commercial sectors perceive dependency.

While the 8.76% is substantial and comes at a time of relatively weak growth and tight margins, it creates an opportunity for companies to change their structural approaches to energy.

Energy economists and industry analysts have warned that the hikes will raise operating costs with manufacturers likely passing these costs into final prices due to the added weight of fuel inflation.

The conflict in the Middle East has also impacted South Africa’s GDP growth, which was downgraded to 1.5% in March compared with 1.6% in February.

Yet, this growth dip isn’t as severe as expected and South Africa's growth is proving resilient when compared with the 1.0% predicted by the International Monetary Fund (IMF). 

Yet within this complexity there is typical South African resilience and smarter ways for companies to approach the energy dependency story. Tariffs can be addressed through demand management, intelligent metering and billing accuracy. And potentially reducing reliance on a single electricity source at a time when companies are facing structurally rising costs and a changing pricing architecture.

First on the win list is battery storage.

Battery costs are falling, and large-scale private battery and solar combinations, like SOLA Group’s Naos-1 project comprising 435MWp of solar PV capacity and 855MWh of battery energy storage, are financially viable today in ways they were not 18 months ago.

The financial case improves materially every six months. South Africa is entering this battery storage and renewable energy integration phase at an unusual advantage because more developed markets that deployed renewables 20 years ago without affordable battery storage are now managing ongoing grid instability. South African companies can deploy both renewables and BESS simultaneously and at a lower price point.

Second is the value introduced by wheeling contracts. They have become more flexible, with products available on terms over two to five years at smaller volumes as opposed to the 20-year terms of the past. This is opening access to companies that couldn’t commit to long-term agreements.  

Then, the arrival of the South African Wholesale Electricity Market (SAWEM), expected late 2026, is anticipated to add another layer of support to the business. Companies that engage now while building the internal capability to operate in a commodity trading environment will be well positioned to benefit from this new competitive landscape.

While the Eskom tariff increase is real and the impact broader than the percentage suggests, it is also opening a conversation that can have a long-term, transformative impact on the business. It can be the trigger needed to change energy provision and reliance at a structural level and put companies in a materially stronger position.

These steps don’t change the fact that there are going to be financial consequences, for now, but they will empower companies to take more control over their energy reliance and how they approach it.

The current market is having an impact on organisations globally, but South Africa has the resilience, ingenuity, and infrastructure to make the most of the complexity. 

Ultimately, the shift from energy dependence to energy resilience is becoming a defining factor of competitiveness in South Africa’s industrial and commercial sectors.

Businesses that proactively invest in diversified energy strategies, leverage emerging competitive market mechanisms, and build internal capability will not only mitigate rising costs but build long-term stability and growth.

It’s all about resilience, and the South African organisation has had plenty of practice. 

Bronwyn Timm, Business Development Manager, SOLA Group.

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BUSINESS REPORT 

As South Africa was drafting policy papers and convening consultations on how to govern the technology of the future, something quietly extraordinary was happening in Singapore.

There, Vivian Balakrishnan, the country’s Foreign Minister, was doing something that seemed at once futuristic and strangely inevitable: he was building an artificial intelligence version of himself.

Not a symbolic chatbot for public relations. Not a novelty demonstration for a conference stage. But a functioning digital extension of his mind—an AI system designed to communicate on his behalf, manage information flows, and preserve continuity of thought even when he was not physically present.

It was designed to handle WhatsApp and Gmail, reading and sending messages, processing voice notes and images, preparing scheduled briefings, and interacting through a web portal for longer, more reflective conversations.

It was developed to research issues, answer questions, draft speeches, condensed complex information, and produced daily updates. It was, by Balakrishnan’s own account, not an experiment but part of his daily operating system—a constantly learning assistant building what engineers would call a knowledge graph, and what diplomats might simply call institutional memory.

There is something quietly radical about this.

The person building this system was not Singapore’s Minister of Technology. He was the Foreign Minister.

That fact deserves more attention than it has received.

Because it reveals a truth that many governments are only beginning to understand: in the age of AI, technological fluency is no longer the responsibility of one department. It is becoming a prerequisite for leadership itself.

The old model assumed technology was a sector, like agriculture or transport, to be supervised by specialists while political leaders focused on strategy.

That distinction is collapsing. Today, foreign policy is shaped by semiconductor supply chains. National security depends on data governance. Economic competitiveness is inseparable from compute power and talent pipelines. AI is not a department. It is infrastructure.

Singapore seems to understand this instinctively.

Balakrishnan was not alone in developing something impactful, building his digital twin. Josephine Teo, the Minister for Digital Development and Information, was overseeing something equally consequential. In May 2025, she announced the development of MERaLiON—Multimodal Empathetic Reasoning and Learning in One Network—a large language model intended to strengthen Southeast Asia’s AI capabilities.

The project, developed with the Infocomm Media Development Authority, was not simply another race to produce a larger model with more parameters.

Its focus was subtler and, arguably, more important: regional language understanding and empathy.

This mattered because most frontier models are trained through the assumptions of distant geographies.

Their cultural instincts are often American, their linguistic biases Western, their defaults shaped by contexts far removed from Jakarta, Kuala Lumpur, or Singapore.

MERaLiON represented an attempt to correct that imbalance—to ensure that intelligence embedded in machines reflected the people those machines were meant to serve. This was not merely a technical project. It was a sovereignty project.

Together, these two stories—one minister building an AI version of himself, another building a regional language model—tell us something larger about governance. They show what becomes possible when people with relevant skills occupy positions of consequence.

They also illuminate, by contrast, a troubling reality elsewhere.

Which brings us back to South Africa.

Recently, Solly Malatsi acknowledged that the country’s draft AI policy had been based, astonishingly, on fake—or more precisely, non-existent—documents.

It was an embarrassing moment, but embarrassment was the least important part of the story.

What it exposed was something deeper: a policy process attempting to regulate a technology it did not sufficiently understand.

One wonders how such a failure could pass unnoticed before being presented to the public. How does a national strategy emerge from documents that do not exist?

The answer, perhaps, lies not in bureaucracy but in culture—a culture where performance can sometimes outrun substance, where the appearance of engagement substitutes for actual comprehension.

This is the central dilemma of the AI era: how does one govern what one does not understand?

History offers a useful parallel. In the early days of the internet, many policymakers treated the web as a communications tool rather than an economic architecture.

The consequences of that misunderstanding still shape the concentration of digital power today.

AI presents an even larger challenge. It touches labour markets, military systems, healthcare, education, industrial policy, and democratic legitimacy itself.

To misunderstand AI is not merely to miss an opportunity. It is to risk strategic irrelevance. That is why South Africa cannot afford superficial leadership at this moment.

AI policy cannot be built through ceremonial participation, keynote speeches, and carefully staged technology summits alone. It requires people in the room who have interrogated models, built systems, understood failure modes, and wrestled with the messy realities of implementation. It requires leaders who know that regulation without capability becomes dependency.

More importantly, leadership in a ministry like Communications and Digital Technologies should belong to someone less interested in appearing at conferences hosted by Big Tech and more focused on building local technological capacity from the ground up.

The task is not simply to regulate imported systems. It is to create the conditions for domestic competence—local models, African datasets, sovereign infrastructure, serious research institutions, and policy frameworks grounded in technical reality rather than borrowed jargon.

South Africa should not waste this moment. The country does not merely need an AI policy. It needs an AI leader.

Someone with a deep understanding of both technology and diplomacy. Someone who recognises that AI is as much a geopolitical question as it is a technical one. Someone who understands that sovereignty in the twenty-first century will be measured not only by borders and minerals, but by who owns the intelligence layer of society.

Such a leader would spend less time delivering keynote addresses and more time asking difficult questions about compute, talent, energy, and institutional memory.

They would see AI not as a fashionable talking point, but as a national capability to be built patiently and strategically. Because policy, like software, reflects the quality of those who design it. And nations, like systems, eventually reveal the intelligence of their architecture.

The question for South Africa is whether it intends to merely consume the future—or help invent it.

Wesley Diphoko is the Editor-In-Chief of FastCompany (SA) magazine.

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BUSINESS REPORT 

The long-anticipated Lobito Corridor project has reached a critical stage, with developers now evaluating bids for its construction, marking a significant step forward for one of Southern Africa’s most strategic infrastructure initiatives.

The Lobito Corridor project is a $6.6 billion, 1,300+ km railway development connecting Angola’s Atlantic Port of Lobito to the mineral-rich DRC and Zambia.

Led by the African Development Bank (AfDB), it is entering final EPC evaluations with construction starting on Lots 1 and 2, aiming to facilitate copper/cobalt exports and regional trade.

Speaking on the project’s progress at the conclusion of the "Africa We Build Summit" last week, Samaila Zubairu, President and CEO of the Africa Finance Corporation (AFC), outlined that the development has successfully moved beyond preliminary planning phases and into the procurement stage.

Key preparatory milestones have already been completed, including feasibility studies, environmental and social impact assessments, and the establishment of concession agreements.

“We are currently in the EPC evaluation process,” Zubairu said, referring to Engineering, Procurement and Construction contracts that will determine who builds the project. “Most of the foundational work has been done, and now we are focused on selecting the right contractors.”

The project has been divided into multiple construction segments to streamline delivery. Lot 1A covers the Angolan portion of the corridor, while Lot 1B focuses on the Zambian side. A third component includes additional supporting infrastructure systems critical to the corridor’s operation.

According to Zubairu, nine EPC contractors from various countries recently conducted site visits and are preparing to submit their bids. These submissions are expected in May, with the evaluation process scheduled to conclude by mid-year. The preferred contractors are likely to be selected between July and August.

If timelines hold, Zubairu said construction contracts could be awarded shortly thereafter, with early-stage works potentially commencing by late 2026 or early 2027.

Beyond construction readiness, financing for the Lobito Corridor is also taking shape.

The AFC has already committed approximately $500 million to the project, signaling strong institutional backing. Additional support is coming from the AfDB, which is expected to match this contribution, while the Italian government has pledged $320m.

This blend of multilateral and bilateral financing underscores growing international confidence in the corridor’s economic viability and regional importance.

Equally crucial is the commercial case for the project. For the corridor to operate sustainably, it requires freight volumes of between 2.5 million and 3 million tons annually. Encouragingly, developers report that commitments have already reached 1 million tons, with strong prospects to scale up significantly.

“We have clear visibility to reach up to 5 million tons,” Zubairu noted, suggesting that demand could exceed initial thresholds required for viability.

The Lobito Corridor is expected to play a transformative role in regional trade by linking Zambia’s copperbelt and other mineral-rich areas to Angola’s Atlantic port of Lobito. By providing a more efficient export route, the corridor could reduce logistics costs, improve supply chain reliability, and unlock new economic opportunities across Southern Africa.

According to Caroline Trefault, intermodal Africa manager at global shipping company MSC, the Lobito Corridor offers opportunities to strengthen and enhance market connectivity and provide customers with alternative routing options.

"This corridor represents an infrastructure revival, and a structural shift in Southern Africa’s trade architecture, offering an Atlantic alternative for copper and cobalt exports, reducing transit times to Europe and the Americas, and reinforcing regional integration objectives under AfCFTA," she said. 

Many of the minerals are considered critical for the energy transition adding an additional layer of urgency. The corridor is expected to spur investment and be a catalyst for more rapid development and integration of the region. ​

With strong backing, rising commercial interest, and steady progress through development phases, the Lobito Corridor is increasingly positioned as a cornerstone of regional infrastructure integration.

Viren Sookhun, managing director at Workforce Staffing Africa and Middle East, said routes linking East Africa to global markets can connect resource-rich regions to ports and international trade pathways, but they need further development, investment and coordination to reach full potential.

"Improved rail, road and port infrastructure will allow countries to move resources more efficiently, reduce costs and increase export capacity," Sookhun said. 

"With the right infrastructure in place, Africa can strengthen its position in global supply chains and improve access to both Western and Eastern markets." 

BUSINESS REPORT

Last week a Silicon Valley startup called Stan launched Stanley for X — billed as an “AI Head of Content for Twitter”, promising the fastest route to your first 10,000 followers. It debuted at number two on Product Hunt, which is a meaningful signal in that world. 

I left a comment on LinkedIn. Something about a low-frequency anxiety I carry about building your practice on infrastructure you don't own (tools, platforms, algorithms) and what might happen if and when it gets pulled. Co-founder Vitalii Dodonov replied with: 'Stanley is a co-pilot, not a replacement for your voice. The goal is to help you find your groove so that even if the platforms change, your ability to create high-value content stays with you.'

Thoughtful enough, I guess. No reason to doubt Dodonov’s sincerity or the virtue of his intent, but I'm not sure I completely buy the premise.

A new paper from Google DeepMind researchers makes a finding that complicates things somewhat.

Apparently, when people use LLMs extensively to write, their work shifts toward a neutral argumentative stance roughly 69% more often than people writing without AI access.

They report feeling their work is less creative, less in their own voice. And yet, strangely, respondents surveyed report similar levels of satisfaction with the result.

They were quite literally satisfied with losing their voice. That is, assuming they’d noticed anything shift to begin with.

The shift toward somewhere unreal

The paper revealed that when an LLM was explicitly asked not to write for someone, but only to edit work already produced, the findings held.

LLMs prompted only to fix grammar still altered the conclusions of essays. They didn’t just smooth style and reorient arguments towards some averaged human voice. They took things toward a region of semantic space, as the researchers put it, where no human-written essay has ever been.

The homogenisation (or flattening, as I think of it) leans into something that reads as impossibly fluent, coherent, well-structured… something that no one actually wrote.

I think about this as I'm editing my own work. I think about it as I'm working with contributors to African Tech Roundup and Future in the Humanities — platforms built on the premise that singular insight, lived context, and genuine disciplinary depth can't be replicated.

Recent iterations of editorial guidelines informing my journalism are, in a way, codified instructions to protect what makes a writer's contribution irreducible before they hand anything to the machine, and, indeed, to safeguard them from undue interference when AI tools are used to process content.

Been here before

One of the privileges of having a journalism track record that spans a decade plus is having a reference for what my writing looked like before AI.

I’m slightly embarrassed to admit how often I return to what’s effectively the most read piece of my writing ever published by a mainstream outlet to check in with myself: this article penned in July 2019 for the BBC about Facebook's proposed Libra currency and what it might mean for Africa. That piece, written in an entirely different context, raised the question about whether it would be wise to become too dependent on infrastructure (and currency) we don't control. 

I distinctly recall being assigned a strict sub-editor for that work, in light of the big brand reputational sensitivities of the subject that warranted getting the facts tight and ensuring that my independent deductions were stress-tested for logic and clarity. 

I honestly can't recall their name, but I remember the edit. They pushed back on things. A lot. And they made it better in ways I wouldn't have reached on my own.

With enough deliberate effort, there’s a version of that collaborative value one might extract from using Claude as an editing tool, and it’s clearly a similar kind that Stan claims to deliver through Stanley.

Lately though, I find myself needing to remind myself and others of what I, we, actually bring to this work. Discernment. Taste.

Lived context. First-hand observation and the kind of sensemaking that comes from spending years at the intersection of African technology ecosystems and global digital discourse. Those are not things the tool can replicate. They're also not things that automatically survive contact with it.The rise of ‘interest media’

There's another thing happening alongside all of this. The algorithmic shift on major platforms — from social media to what some are calling interest media, driven by AI recommendation — is real. And I have many, many complicated feelings about it. 

Something is lost when the proxy mechanisms for genuine human relationship and network-building give way to content marketing at scale. That is, a world led by the personal brand as publisher and everything optimised for reach and (sometimes dubious) digital engagement.

And yet, admittedly, the democratisation of thought-leadership that used to be the exclusive foray of big brands and legacy publishers with the means to dominate public discourse… well, that's also real. It’d be dishonest not to acknowledge both. I just think the Stanley pitch and, dare I say, Anthropic's pitch for Claude sit precariously to one side of that tension.

When the signal flatlines

Meanwhile, I've spent the past week or so judging entries for SmartPhilm Festival, which opens at CRAFT Addis on April 30th. It’s a competition for short films made on smartphones, which is both the constraint and the creative premise. I'm gutted that I won’t be able to be in Addis to watch them on the big screen with a live audience. One entry keeps surfacing in my thinking regardless.

Spoiler alert. Signal, written and directed by Sagi Sree Hari Varma, is set in a world where WiFi has become as vital as oxygen. Then the signal vanishes. A young girl navigates the resulting disorientation — a world that has, in the film's own description, 'simply stopped breathing.' Given its production values, I wouldn’t be shocked to learn that Varma had more than a stock camera app to work with. But that's part of what makes the work singular: the smartphone constraint and the film's ambition sit in productive tension with each other, which might be a handy description of what we're all trying to do right now with AI tools.

For me, the film's WiFi premise maps neatly onto my low-frequency anxieties about unhealthy employment of or over-reliance on AI. It's about what happens when infrastructure you've come to depend on invisibly, imperceptibly, and over time (without discernment) completely, is no longer there. 

I don't think the answer is to turn our noses up at the tools. I reckon it's more about knowing exactly what you're carrying that the tool cannot carry for you, and being militant about protecting it.

You can’t use Claude to ghostwrite yourself into thought-leadership any more than you can use Stanley to find a groove you haven't dug yourself. Facts. Bottom line: if the signal flatlines — if the platform shifts, the tool disappears, the algorithm changes again — what remains had better be you and yours.

Andile Masuku is co-founder and executive producer at African Tech Roundup. He serves as executive editor of Future in the Humanities (FITH), powered by the SA–UK Chair in the Digital Humanities at Wits University. Connect and engage with Andile on X (@MasukuAndile) and via LinkedIn.

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BUSINESS REPORT 

The ongoing tensions in the Middle East are expected to influence investment decisions across Africa’s energy sector, but leaders at the Africa Finance Corporation (AFC) have said the impact will vary widely depending on countries’ energy profiles and existing projects.

Responding to concerns about how the crisis could shape AFC’s strategy, Sameh Shenouda, executive director and chief investment officer, last week stressed that projects already underway remain largely insulated from immediate disruption.

However, Shenouda said rising global shipping and insurance costs are beginning to affect the economics of projects still under construction.

“There is a potential impact from increased shipping rates and higher insurance costs,” Shenouda noted, adding that these risks had been anticipated and are being actively managed.

The broader implications of the crisis, however, extend far beyond project-level challenges.

According to AFC’s chief economist, Rita Babihuga-Nsanze, Africa is experiencing the fallout through three primary transmission channels: energy dependence, trade disruptions, and fertilizer supply constraints.

Babihuga-Nsanze said the most immediate and widespread effect is being felt in energy markets.

A large portion of African countries rely heavily on imported fuel, with many sourcing supplies routed through the Strait of Hormuz—a critical global shipping lane now under heightened geopolitical risk. Countries in eastern and southern Africa are particularly exposed to disruptions along this route.

“This is fundamentally an energy shock,” Babihuga-Nsanze explained. “Even where fuel remains available, higher prices will feed into inflation, raising transport costs and the broader cost of living.”

The situation is further complicated by the limited strategic petroleum reserves held by many African nations. Babihuga-Nsanze said countries with low reserves face a higher risk of supply shortages, while those with more substantial buffers may be better positioned to weather short-term volatility.

At the same time, the crisis is reshaping global trade flows. Shipping disruptions around the Suez Canal have forced many vessels to reroute via the Cape of Good Hope, significantly increasing transit times and costs. This has led to delays in imports and exports, particularly affecting countries on Africa’s eastern seaboard.

While some African ports could benefit from diverted shipping traffic, the continent’s infrastructure is not yet fully equipped to handle such shifts. For example, Kenya’s Port of Lamu has seen anecdotal increases in activity, but also faces congestion challenges due to limited capacity.

A third, less visible but equally critical channel is fertilizer supply. The Middle East plays a key role in global fertilizer production and distribution, and disruptions along key shipping routes are constraining access for African importers. This is particularly concerning for eastern Africa, where local production is limited and agricultural systems depend heavily on imports.

“These supply constraints could have knock-on effects on food security,” Babihuga-Nsanze warned, noting that reduced fertilizer availability may impact crop yields and exacerbate existing vulnerabilities.

Despite these near-term risks, AFC leadership emphasized that the الأزمة also presents a strategic opportunity for Africa. In the medium to long term, the current disruptions could accelerate investment in domestic energy infrastructure, including refineries, storage facilities, and fertilizer production plants.

“The way we see it, this is a wake-up call,” Babihuga-Nsanze said. “It highlights the urgency for African countries to build resilience by adding value to their natural resources and reducing dependence on imports.”

For resource-rich nations, particularly those that export oil, gas, or minerals, the crisis may even provide a temporary windfall through higher global commodity prices. However, for net importers, the immediate outlook remains challenging, with inflationary pressures and potential supply constraints likely to persist.

Ultimately, AFC maintained that its investment approach will remain adaptive, balancing short-term risk management with long-term development goals. By focusing on projects that enhance energy security, industrial capacity, and regional integration, the foundation aims to turn a global crisis into a catalyst for sustainable growth across the continent.

BUSINESS REPORT

The Development Bank of Southern Africa (DBSA) has committed to join Africa Finance Corporation (AFC) in financing the $750 million (around R12 billion) Infrastructure Climate Resilient Fund (ICRF) in a bid to accelerate climate adaptation and sustainable infrastructure across Africa.

As part of this commitment, the DBSA on Thursday confirmed it will invest R300 million in the Fund, which is managed by AFC Capital Partners (ACP), the asset management arm of AFC.

The fund is designed to embed climate resilience into infrastructure projects from conception through to operation—an approach increasingly seen as essential as Africa faces intensifying climate shocks.

Announced in Nairobi at the "Africa We Build Summit", the agreement marks a significant step toward scaling climate adaptation finance across the continent.

Climate-related disruptions are already costing African economies between 2% and 5% of GDP annually, while adaptation needs are estimated to reach as much as $50 billion per year.

Climate change, such as rising temperatures, infrequent precipitation patterns and flooding, is threatening existing, and crucial yet-to-be-built, infrastructure in sub-Saharan Africa – a region already challenged by infrastructure that is low in quantity, quality, and accessibility.

It is also heightening pre-existent investment barriers thereby putting at risk an entire region's opportunity of economic growth and development.

DBSA’s commitment to the fund signals growing alignment among African financial institutions to treat climate-resilient infrastructure as a viable and necessary asset class.

DBSA CEO Boitumelo Mosako noted that climate shocks are advancing faster than available financing, leaving vulnerable communities disproportionately exposed.

"Africa does not have the luxury of waiting. Climate shocks are outpacing adaptation finance, and vulnerable communities continue to bear the greatest burden," Mosako said.

"This partnership with the Africa Finance Corporation sends a clear signal that development finance institutions are pooling their mandates, capital, and risk appetite to achieve what neither institution can accomplish alone."

The fund has already attracted strong backing from global and regional investors, including a $253m commitment from the Green Climate Fund—its largest equity investment in Africa to date—alongside participation from the European Investment Bank, the Nigeria Sovereign Investment Authority, and several African pension funds.

The ICRF aims to bridge a long-standing financing gap by mobilising both public and private capital into projects that can withstand extreme weather and shifting environmental conditions.

Structured as a blended finance vehicle, the ICRF combines concessional funding with commercial investment to reduce risk and unlock private capital. This approach addresses one of the key barriers to climate adaptation projects in Africa: the difficulty of financing resilience measures that may not deliver immediate financial returns but are critical for long-term sustainability.

AFC President and CEO Samaila Zubairu described the fund as a direct response to the continent’s pressing infrastructure challenges. He emphasised that building resilience into infrastructure systems is no longer optional but essential for economic stability and growth.

"ICRF is our response to a defining challenge—ensuring Africa’s infrastructure is built to withstand the growing impacts of climate change," Zubairu said.

"We are therefore pleased to welcome DBSA as a key partner for the Fund. Their participation reflects strong African institutional alignment and marks a significant milestone in a partnership we look forward to deepening in the years ahead."

The fund will target key sectors central to Africa’s development trajectory, including renewable energy, transport and logistics, digital infrastructure, and industrial development. These sectors are not only vital for economic expansion but also for enabling a transition to low-carbon growth while strengthening resilience across national economies.

A distinctive feature of the ICRF is its rigorous investment framework. Each project will undergo comprehensive climate risk screening, factoring in both physical risks—such as extreme weather events—and transition risks linked to emissions and regulatory changes. This lifecycle approach ensures that resilience is not an afterthought but a core design principle.

The Green Climate Fund is expected to play a catalytic role by providing first-loss capital and technical support for climate risk assessments. This de-risking mechanism is intended to crowd in additional institutional investors, amplifying the fund’s overall impact.

In total, the ICRF is expected to mobilise up to $3.7bn in financing and support a portfolio of 10 to 12 infrastructure projects across Africa. Beyond individual projects, the initiative aims to set a new benchmark for how infrastructure is planned and delivered on the continent—prioritising durability, sustainability, and adaptability in the face of climate uncertainty.

BUSINESS REPORT

Impala Platinum Holdings’ production reflected strong operating momentum at several key mining assets during the third quarter to March 31, while demand and pricing for the white metal remained firm.

For the nine months to March 31, 6E group production volumes were stable at 2.56 million ounces - managed volumes were largely unchanged at 2 million ounces, joint venture production decreased 2% to 395,000 ounces, and third-party receipts of 167,000 ounces increased by 16% from the prior comparable period, the mining group said in a production update Friday.

Gross 6E refined and saleable production rose 5% to 2.63 million ounces, and 6E sales volumes increased by 3% to 2.63 million ounces during the period.

CEO Nico Muller said the processing assets delivered well to reduce excess inventory, despite the scheduled rebuild of their Number 4 furnace during the period.

“We remain firmly on track to deliver our previously provided group volume, unit cost, and capital expenditure guidance for the 2026 year,” he said.

"Demand for PGMs from our customer base has remained robust, despite elevated global geopolitical tensions, and we have benefitted from sustained pricing support for PGMs in the quarter,” said Muller.

The group was closely monitoring the impact of events in the Middle East on supply chains, with steps already taken to buffer the availability of critical consumables and spares at our operations.

"We remain focused on delivering consistent and safe production in the final months of the financial year, ensuring our ability to capitalise on strong rand PGM pricing, maximise free cash flow generation, and deliver value," he said.

During the quarter, there were two fatalities at managed operations, resulting from a winch incident in February and a tramming incident in March, both of which occurred at Impala Rustenburg.

“The board and management team have extended their sincere sympathies and continue to offer support to the families of Monnawapula Joshua Sikhomba and Karabo Edward Pitse,” the group directors said.

During the quarter to March 31, gross group 6E production was stable at 762,000 ounces.

Tons milled at managed operations increased by 10% to 6,49 million tons, reflecting improved mining fleet availability and higher open-pit volumes at Zimplats, as well as positive operating momentum at Impala Rustenburg, which offset the planned reduction in volumes at Impala Canada and the continued focus on development at Marula.

6E milled grade of 3,75g/t benefitted from changes in ore mix, with higher milled volumes at Impala Rustenburg offsetting the impact of increased throughput of lower-grade open-pit ore at Zimplats and lower grades at Impala Canada.

Notwithstanding improvements in mined and milled volumes, 6E production at managed operations fell 3% to 588,000 ounces, as matte volumes at Zimplats were adversely impacted by the accumulation of 63,000 ounces of concentrate inventory during smelter maintenance.

6E production from the joint ventures (JVs) at Mimosa and Two Rivers improved 1% to 122,000 ounces. At Impala Refining Services, third-party 6E receipts were 27% higher than the prior comparable quarter at 52,000 ounces.

Refined 6E production, which includes saleable ounces from Impala Canada and Impala Rustenburg North Shafts (formerly Impala Bafokeng), improved by 19% to 851,000 ounces.

The rebuild of Furnace 4, which was initiated in December 2025, progressed with the first matte produced, as planned, in mid-April 2026.

6E sales volumes for the quarter increased by 9% to 847,000 ounces, including saleable production from Impala Canada and Impala Rustenburg North Shafts.

Reported production volumes benefitted from a strong start-up following the Christmas break, while several operational constraints were navigated in the prior comparable period.

"We remain focused on delivering consistent and safe production in the final months of 2026 – ensuring our ability to capitalise on strong rand PGM pricing, maximise free cash flow generation, and deliver value," the group directors said.

Impala’s share price fell 0.9% to R242.06, a price much in line with the R241.49 it traded at a year before.

BUSINESS REPORT

The escalation of conflict in the Middle East has created significant knock-on effects for South Africa’s manufacturing and export-reliant sectors, including paper and packaging, said Mpact chairman Sbu Luthuli.

The JSE-listed group is South Africa’s largest collector of recyclable packaging, recovering 639 million kilograms of material, including paper, glass, beverage cans, plastics, and liquid board packaging. The company operates from 34 sites, has 22 manufacturing sites, and employs 4,856 employees. Part of its innovation focus is the designing of over 200 packaging solutions annually.

Luthuli said in the annual report released Friday that the crisis in the Middle East has resulted in global supply chain disruptions, particularly through chokepoints such as the Strait of Hormuz, which has intensified volatility in energy and logistics costs, resulting in higher imported input prices for local producers.

“These global market shocks are acutely felt in South Africa, where long-distance trade routes and port congestion already place structural strain on supply chains. Rising freight and insurance premiums, together with longer lead times for imported pulp, chemicals, and machinery components, have amplified operational risks and cost pressures across our value chain,” he said.

He said that while pricing cycles in global paper markets and domestic demand headwinds may persist in the near term, “we expect the benefits of strategic projects, renewable energy savings, higher recovered paper volumes, and portfolio optimisation to support performance into 2026.”

On the broader economy, he said that while inflation and interest rates have eased locally and internationally, in South Africa, logistic bottlenecks, policy uncertainty, and weak investment are constraining an economic recovery.

“At a household level, the cost-of-living burden remains high, dampening disposable income. The local manufacturing sector also remains under pressure into early 2026, with December 2025 data showing a 1.4% year-on-year decline and total 2025 output contracting by 1.3%, signaling a continued slump heading into the new year.”

“Key challenges remain entrenched, including energy shortages, high production costs, soft domestic demand, and pressure from US tariffs, which continue to undermine competitiveness and weigh on sector performance.”

Agriculture remains “a notable bright spot,” with record citrus exports in 2025. The sector is central to Mpact’s growth strategy, with several projects aligned to agricultural customer needs.

Climate and resource risks intensified during the past year. Businesses, particularly those reliant on water and energy security, faced disruptions from infrastructure weaknesses, prompting increased investment in resilience and local resource security measures.

"Demand patterns across paper and plastics packaging continue to evolve. Regulatory pressure against single-use plastics and growing consumer preference for recyclable, fibre-based solutions strengthen the medium-term outlook for paper and paperboard formats. However, global cyclical weakness in paper markets has resulted in selling price declines that outpace input cost reductions, placing pressure on margins."

Recent US tariffs and growing economic nationalism also added pressure to global markets, contributing to sustained pricing volatility across the packaging value chain.

“Locally, we faced challenges with imports, particularly of cartonboard and containerboard, as cheap imports flooded the South African market. There was also substantial demand for Old Corrugated Containers (OCC) in the export market, putting pricing pressure on the recycling business.”

E-commerce and food service (QSR) channels continued to underpin steady demand for corrugated boxes, folding cartons, and flexible packaging formats. Industry shifts toward bio-based materials and advanced recycling solutions continued to shape long-term competitiveness.

CEO Bruce Strong said they anticipate a stronger 2026 performance from the Plastics business relative to last year. Both FMCG Wadeville and Bins & Crates have completed their cost-base restructures, and the combination of these efficiency gains with increased sales volumes is expected to support healthier margins across the division.

“With the group’s major investment cycle now largely complete, Mpact’s strategy focus has shifted decisively from capital expansion to realising the full potential of its modernised asset base. Key priorities for 2026 include optimising returns from recent investments, accelerating the commercialisation of SLS, driving efficiency improvements, and advancing targeted portfolio optimisation.”

"Mpact entered 2026 with a more focused, better-balanced portfolio and a strengthened operating platform. The group is well positioned to navigate near-term challenges and deliver improved returns,” he said.

BUSINESS REPORT

Sea Harvest, one of South Africa's biggest fishing groups with 61 vessels, says the sharp increase in diesel prices so far this year might impact its earnings as fuel is one of the company's biggest cost components, CEO Felix Ratheb said in the annual report released on Friday.

The group saw one of its most successful hake catches in its history last year and its prawn operations turned around in Australia, and as a result, its headline earnings per share soared to 219 cents from 55 cents the year before. Operating profit was up 125% to R1.3 billion and revenue increased 21% to R8.7bn.

Since early March 2026 however, the Middle East conflict had driven up the price of a barrel of oil by about 70%, and diesel prices could be expected to double should the conflict persist, he said.

Sea Harvest employs some 5,330 people; its operations include eight aquaculture plants, its products are exported to 30 countries and following the sale of the Ladismith Cheese factory last year, some 64% of its sales are derived from exports.

Ratheb warned that depressed market demand for abalone and climate variability affecting certain of the group's fisheries might also constrain their financial performance this year.

More positively, however, Ratheb said the global supply gap in whitefish, driven by declining cod quotas, is expected to persist for several years and this will continue to support strong demand for Cape hake.

Operationally, the group was well positioned to maximise the value of its fishing quotas and continue improving efficiency across the business.

"Our view is that a sharper, more focused seafood business is better positioned to deliver higher margins and improved free cash flow, which should support improved dividends and enhanced long-term shareholder returns," said Ratheb.

Chairman Fred Robertson said Sea Harvest had entered 2025 following one of the most challenging periods in recent history, and the group has reset its strategy for the next three years to focus on its core identity as a leading diversified seafood business, grounded by its traditional wild-caught fisheries and complemented by aquaculture and value-added operations.

BM Foods Group was sold, and Ladismith Cheese's sales is subject to Competition Commission approval. West Point Fishing continued to be integrated into the group, said Robertson. West Point Fishing, which does pelagic fishing off the South Africa West Coast, was acquired in January 2024.

Robertson said South Africa's socio-political landscape continued to present risks and opportunities - the formation of the Government of National Unity had introduced a new phase of political collaboration, albeit one that remained both stable and fragile.

"The group's primary goals are clear: halve debt, enhance operating margins, and deliver a healthy return on invested capital."

"Sea Harvest is investing in what it does best: increasing efficiencies across the fleet, improving processing throughout, modernising vessels, and expanding capacity in facilities with proven demand," the annual report said.

At the same time, market diversification and premium pricing strategies would help maximise the value of every catch. Major capital expenditure programs were completed, shifting focus to maintenance-level capital expenditure, dcost management, and working capital optimisation.

The group said its sector fundamentals remain attractive. Global demand for premium, wild-caught, sustainable seafood continued to exceed supply, while aquaculture was one of the fastest-growing global food sectors.

“Notably, aquaculture output now exceeds wild-caught fisheries, and fishmeal and fish oil (core products in our pelagic operations) are essential components of aquaculture feed.

Aquaculture operations globally depend on high-quality feed, with the group’s fishmeal and fish oil primarily supplied to salmon farms. As the premium species in global aquaculture, salmon represents about 2% of total aquaculture production yet contributes close to 20% of the industry’s value. This allows the group to participate in a high-value segment of the aquaculture ecosystem."

BUSINESS REPORT

Mondi’s share price fell a significant 9.45% on Friday due to higher energy, raw material, and logistics costs stemming from the Middle East crisis, which it expects will impact its markets in the third quarter of this year.

The closure of another three plants this month, resulting in a headcount reduction of 450 was also announced in a trading statement from the group on Friday. The share price ended at R168.54, having fallen 40.23% compared to a year ago.

The London and JSE-listed group said market conditions had remained challenging.

This had resulted in a slightly lower, underlying earnings before tax, depreciation, and amortisation (EBITDA) of £212 million, including £8m of forestry fair value, compared with £214m in the fourth quarter, which included £1m of forestry fair value gain.

"Against a backdrop of challenging market conditions, sales volumes increased; however, lower selling prices and, more recently, cost pressures linked to escalating geopolitical tensions weighed on underlying EBITDA,” said CEO Andrew King.

These pressures persisted into the second quarter, and "we are taking pricing actions to mitigate their impact," he said.

The three converting plants that were closed comprised a Consumer Flexibles plant in Hungary and Corrugated Solutions plants in Poland and Germany.

“This brings the total number of recently announced plant closures to six, with customers transferring to alternative plants in our network.”

On a sequential basis, the group’s Corrugated Packaging and Flexible Packaging business units increased sales volumes throughout the three-month period across the range of paper grades.

This was supported by recent capacity expansions, as well as exposure to diversified geographies, end markets, and products.

There were also no planned maintenance shutdowns in the quarter.

The increase in volumes was offset by lower average selling prices and, towards the end of the quarter, higher energy-related input costs.

In the converting operations, the performance of the Corrugated Solutions and Paper Bags businesses was impacted by margin pressure, while Consumer Flexibles delivered a broadly stable performance, supported by resilient end markets.

The group’s directors stated that significantly heightened geopolitical tensions in the Middle East had increased volatility in an already complex operating environment.

“We have a limited direct exposure to the region, and all operations continue to run safely. However, across the business, we have experienced increased energy, raw material, and logistics costs. We are actively responding with pricing actions,” the group directors said.

Following a recent reduction in wood prices in South Africa, and assuming the market did not change significantly for the rest of the year, the full-year forestry fair value gain for 2026 was expected to be nil.

“We continue to take targeted actions to strengthen our competitive advantage. Operational excellence programmes, rigorous cost control, and margin management remain central to our approach,” said King.

Cash flow optimisation remained a priority, supported by disciplined control of capital expenditure and rigorous working capital management.

"Despite the uncertain outlook, we continue to focus on what we can control: driving operational excellence, rigorous cost and margin discipline, optimising our production footprint, and focused cash flow management. These actions underpin our confidence in our ability to navigate the current headwinds,” said King.

BUSINESS REPORT

OpenAI’s recent suggestion that companies could move to a four-day work week, while paying employees for five, has predictably sparked global excitement. 

On the surface, it feels like a progressive recalibration of work in the age of artificial intelligence.

But for those of us in the communications, marketing, and creative industries, the proposal raises a more complex question: are we solving the right problem, or simply rebranding it? AI is already transforming how agencies operate.

From content generation to data analysis and campaign optimisation, tasks that once took days can now be executed in hours. 

The promise is clear: greater efficiency, faster turnaround times, and potentially, more space for strategic and creative thinking.

But in practice, many agencies are experiencing something quite different: compressed timelines, heightened client expectations, and an “always-on” culture that AI has accelerated rather than alleviated.

This is where the idea of a four-day work week becomes both appealing and problematic.

It suggests that productivity gains from AI can be neatly translated into reduced working hours. 

But in a sector where value is not measured purely in output, but in insight, originality, and human connection, productivity is far more nuanced.

 Creativity does not scale linearly, and it certainly doesn’t conform to a compressed schedule. 

There is also a risk that initiatives like this become a form of what we might call “efficiency theatre”, highly visible, headline-grabbing changes that fail to address deeper structural issues. In many agency environments, the challenge is not the number of days worked, but the intensity and unpredictability of the work itself. 

Deadlines are driven by news cycles, client demands, and cultural moments that do not adhere to a four-day framework. Without a fundamental rethink of how work is scoped, valued, and delivered, a shorter week could simply mean the same pressure, condensed.

From a South African perspective, the conversation becomes even more layered. 

We operate in a context marked by inequality, high unemployment, and uneven access to technology.

While some organisations are experimenting with AI-enabled productivity gains, many others are still grappling with basic digital transformation.

A blanket adoption of a four-day work week risks creating a two-speed economy, where only certain sectors and individuals benefit. 

As an industry, we also have a responsibility to lead on the ethical and responsible use of AI. Through bodies like PRISA, there is a growing emphasis on ensuring that AI augments rather than replaces human creativity, and that it is deployed in ways that are transparent, fair, and aligned with societal values. 

This requires thoughtful governance, ongoing skills development, and a commitment to maintaining the integrity of our profession.

The real opportunity presented by AI is not simply to work less, but to work differently. It is to redefine what constitutes value in our industry, shifting from volume to impact, from speed to significance.

That may well result in more flexible working models, including shorter weeks in some contexts. 

But these should emerge from deliberate strategy, not reactive policymaking.

 OpenAI has started an important conversation. But if we are to truly future-proof our industry, we need to move beyond simplistic solutions and engage with the deeper transformation that AI demands. 

The goal should not be fewer days at work, but better work - done responsibly, sustainably, and with human creativity at its core.

Bradly Howland is the CEO of Alkemi Collective.

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BUSINESS REPORT 

South Africa’s Two-Pot retirement reform is beginning to deliver one of its core promises: giving workers controlled access to part of their retirement savings without derailing long-term preservation, says Michelle Acton, chief customer officer at Old Mutual Corporate.

Acton says new data from Old Mutual Corporate shows preservation rates have improved by 33% since the Two-Pot retirement system came into effect in September 2024, suggesting more South Africans are leaving their retirement savings invested when changing jobs rather than cashing out entirely.

The reform, introduced to balance financial flexibility with retirement security, allows retirement fund members limited access to a savings component while preserving the remainder for retirement.

According to Old Mutual Corporate, the number of members in the Old Mutual SuperFund preserving their retirement savings has doubled since the system was implemented.

“The early evidence suggests the Two-Pot system is delivering on its design and that responsible flexibility can still improve retirement outcomes over time.

"It means members can access savings in moments of pressure, while ensuring that the majority of their retirement savings remains protected and invested. The next step is to apply that same design thinking to participation and contribution levels, so that more savings remain in the system over time,” says Acton.

The improvement in preservation comes despite sustained demand for withdrawals, underlining the severe financial pressure many households remain under, she says.

Old Mutual Corporate says around 80% of eligible members have accessed their savings pot at least once, with a notable share making repeat withdrawals, levels broadly in line with those seen when the system was first introduced.

“This improvement does not mean the underlying financial pressure has eased. If anything, the withdrawal data shows why structured access remains necessary,” says Acton.

Survey data from the insurer indicates that most withdrawals are being used for necessity rather than discretionary spending. Basic living expenses account for 34% of claims, while debt repayment and emergencies each make up 26%.

Much of the withdrawn money is reportedly being spent on essentials such as food, rent, electricity, and transport.

“Liquidity pressure is real, and for many South Africans, access to savings is not optional. What matters is that this access is now structured. Members are no longer required to resign or withdraw everything to meet short-term needs on exit from employment, and that is where the reform is starting to make a measurable difference,” says Acton.

The findings align with broader concerns around household financial strain in South Africa. Data from the South African Reserve Bank and consumer credit agencies have repeatedly shown elevated indebtedness and constrained disposable income among households, with many consumers relying on credit or savings to cover day-to-day expenses.

However, Old Mutual cautions that improved preservation should not be confused with retirement adequacy.

While keeping savings invested for longer can materially improve eventual retirement outcomes, the company notes that preservation alone will not solve the country’s retirement crisis if workers are not contributing enough in the first place, says Acton.

According to Acton, historically, most South Africans withdrew the bulk of their retirement savings when leaving employment, a pattern widely blamed for poor retirement readiness. Old Mutual Corporate estimates that stronger preservation under the Two-Pot system could increase retirement savings by two to three times over a person’s working life, potentially raising the proportion of South Africans on track for retirement from roughly 6% to around 20%.

“Preserving what you have keeps more money invested. But adequacy depends on how much is contributed and whether people remain in the system over time.

“If participation remains quasi voluntary and default contribution rates stay low, under-saving becomes embedded. We know which levers move outcomes. The question is whether we are prepared to use them,” says Acton.

Acton believes the apparent early success of the Two-Pot framework should pave the way for broader retirement reform, including measures such as automatic enrolment and stronger default contribution settings.

“If system design can influence behaviour at exit, it can influence behaviour at entry. Automatic enrolment and calibrated contribution defaults are the next logical step.

“Two-Pot has started to demonstrate that responsible flexibility can improve outcomes over time. The opportunity now is to strengthen the system so that more savings remain invested for longer", says Acton.

PERSONAL FINANCE

Two South Africans can insure the same make and model of car and still end up paying very different monthly premiums, sometimes by hundreds of rands. That’s because insurers don’t only quote based on the vehicle itself. They also consider the risk profile of the driver and how the car is used. In addition, the excess a customer selects can push the premium up or down.

People often assume car insurance is priced mainly on the car. But in reality, insurers are trying to estimate two things: how likely you are to claim, and how expensive that claim is likely to be. That is why your insurance quote and your neighbour’s can differ, even if you drive the exact same car.

Here are some of the biggest reasons why car insurance premiums can differ between drivers, even when they insure the same car.

 1) The driver’s profile and how the car is used affect the risk and the premium

Even with the same car, insurers will look closely at both the driver’s profile and how the car is used to estimate risk. This can include factors such as age and driving experience, claims history, how long the person has been insured, where the car is used and parked, and credit record, which is often used as a risk signal.

Different insurance providers also weigh these factors differently, which is one reason quotes can vary from one insurer to another.

Insurers don’t price a Toyota Corolla in isolation. They price a Toyota Corolla driven by you, in your context.

For example, someone who has had a licence for more than 10 years, drives shorter distances, has a clean claims history, and parks behind secure gates is likely to pay less than someone who has only been driving for a couple of years, has claimed recently, and parks on the street in a higher-risk area.

 2) Your excess can lower (or increase) the premium

The excess, which is the amount you contribute when you claim, has a direct effect on your premium. A higher excess usually means a lower monthly premium, and a lower excess means a higher monthly premium.

The key is to choose an excess you can realistically afford. A lower premium can look attractive, but not if it leaves you stuck when you actually need to claim.

It is also important to understand how excess works so you can compare like for like. Some policies include additional excesses in certain scenarios, for example, if the driver is under 25, if you are driving at night, or if you make a claim within the first three months of a policy. Those add-ons can stack up and significantly increase what you pay when something goes wrong.

Compare quotes carefully

Two quotes can look similar at first glance, but the details can differ in important ways. When comparing car insurance quotes, drivers should check that they are comparing the same type of cover, with similar excess, and the same extras. Optional extras such as car hire or credit shortfall cover can also increase the monthly premium.

People often compare prices without comparing what’s included. The right question isn’t only ‘what does it cost?’ It’s ‘what am I covered for, and what would I pay if something goes wrong?’

The best way to check whether you are paying too much is to compare like-for-like quotes across insurers and make sure the cover, benefits, and excesses are genuinely comparable.

Many online car insurance calculators only provide an estimate of your premium. You may still have to contact a call centre or complete additional steps to get a final quote. 

* North is the co-founder of the car insurance provider, Naked.

PERSONAL FINANCE

April’s Financial Literacy Month provides an important opportunity to reflect on how far South Africa has come in expanding access to financial services, but also where the next phase of financial inclusion must focus. While access remains foundational, the real challenge ahead lies in ensuring that credit delivers sustainable, positive outcomes for consumers.

Over the past decade, South Africa has made meaningful progress in bringing more consumers into the formal credit market. Today, TransUnion’s Industry Insights Report (IIR) drawing on data aggregated across virtually every active credit file in South Africa, reflects a credit ecosystem that is significantly broader and more inclusive than it was even a few years ago.

This expansion is visible in the continued growth of active accounts across key credit products. For example, credit card accounts grew by 7.1% year-on-year in Q4 2025, alongside rising balances and broader participation across lending categories. Taken together, this reflects a fundamental shift: against the backdrop of greater financial inclusion, and supported by evolving lender strategies, millions more South Africans are now not only visible within the credit system but actively participating in it.

Yet access alone is not enough. The next phase of financial inclusion must move beyond entry and focus on outcomes, ensuring that consumers are equipped to use credit in ways that support long-term financial resilience. Inclusion must evolve from access to empowerment.

From having credit to mastering it

For many consumers, early experiences with credit remain largely transactional. A store card, a personal loan, or short-term credit to meet immediate needs, but these products also introduce complexity, particularly in an environment where financial pressure remains persistent. Without the tools to manage that complexity, credit can quickly shift from a support mechanism to a source of stress.

Insights from TransUnion’s Q1 2026 Consumer Pulse Study illustrate how consumer behaviour continues to evolve under sustained financial pressure. Thirty-five percent of South Africans plan to use Buy Now, Pay Later (BNPL) products in the next year, signalling ongoing reliance on short-term, point-of-sale credit. At the same time, 35% of consumers expect to be unable to pay at least one of their bills or loans in full, underscoring the growing pressure on household finances and the role that flexible credit solutions play in bridging affordability gaps.

IIR data adds further depth to this picture. While delinquency performance has improved across some portfolios, consumer-level delinquency is becoming more widespread in certain segments, particularly where smaller-value, higher-frequency credit is concentrated. This reinforces a critical truth: access without understanding risks can unintentionally lead to vulnerability rather than resilience.

At its best, credit is a powerful enabler. It supports mobility, smooths income volatility and unlocks opportunity. However, the data suggests that many consumers are making financial decisions in constrained circumstances, often relying on alternative or short-term credit solutions to manage day-to-day expenses. In this context, the difference between credit as a tool and credit as a trap is not the product itself, but how it is used and understood.

Credit as a tool, not a trap

At its best, credit is a powerful enabler. It supports mobility, smooths income volatility and unlocks opportunity. However, the data suggests that many consumers are making financial decisions in constrained circumstances, often relying on alternative or short-term credit solutions to manage day-to-day expenses. In this context, the difference between credit as a tool and credit as a trap is not the product itself, but how it is used and understood.

This is where financial literacy becomes essential, not as a once-off intervention, but as an embedded, ongoing capability. Financial Literacy Month serves as a reminder that education cannot sit on the sidelines of credit ecosystems. As products become more flexible, digital, and immediate, the knowledge required to use them responsibly must evolve just as quickly. Literacy is the bridge between access and meaningful financial outcomes.

A shared responsibility for better outcomes

 Advancing financial inclusion in this next phase cannot rest solely on consumers; it requires a coordinated effort across the entire credit ecosystem. As access expands and consumer behaviours become more complex, lenders must prioritise affordability, transparency, and long-term sustainability over short-term growth.

Credit providers and bureaus, in turn, have a responsibility to translate complex data into clear, actionable insights, helping consumers understand not only whether they can access credit, but how to manage it responsibly over time. This must be supported by a regulatory environment that protects consumers while enabling responsible innovation. Crucially, financial education must be embedded throughout the credit journey and integrated into key decision points, rather than treated as a standalone initiative.

 Designing for progression, not just participation

 True financial inclusion is not defined by entry into the credit market, but by the ability to progress within it. This demands a shift away from once-off approvals toward more dynamic approaches that support ongoing financial health. As the Q4 2025 IIR indicates, lenders are already moving in this direction through more disciplined, data-driven strategies, refining affordability assessments and strengthening portfolio risk management.

There is now a clear opportunity to use data more proactively: identifying early signs of distress, enabling timely interventions, and supporting consumers before challenges escalate. At the same time, clearer pathways must be created to help consumers graduate to a broader and more appropriate set of financial products as their profiles strengthen. In this context, “quality credit” becomes the true measure of success, defined not by how many consumers enter the system, but by how many are supported to remain financially healthy and progress over time.

Why this matters now

South Africa’s credit market is entering a more mature and stabilised phase. According to the TransUnion IIR, the market has shifted from post-pandemic recovery to broader stabilisation, supported by steady inflation, more favourable interest rates and improving repayment behaviour in key segments. However, this stability is not uniform. Growth in access is increasingly being matched by more cautious lending strategies and evolving consumer behaviour, reinforcing the need to balance expansion with sustainability.

The future of inclusion

Ultimately, the future of financial inclusion lies in outcomes. It is about ensuring that every consumer who enters the credit market is equipped to navigate it confidently, responsibly and sustainably. As the conversation moves forward, the question is no longer whether consumers can access credit, but whether credit is helping them build a better financial future. Financial inclusion is only successful when it results in financially healthy, resilient consumers who can participate fully and sustainably in the economy.

* Adams is the head of credit risk solutions at TransUnion.

PERSONAL FINANCE

Each year on Freedom Day, South Africans reflect on the political freedoms secured in 1994 - the right to vote, to participate, and to shape the country’s future. These freedoms remain fundamental. But for millions of South Africans, the idea of freedom is also defined by something far more immediate: the ability to get through the month.

In practice, that kind of freedom is closely tied to financial security and, critically, to access. Today, many households are operating under sustained pressure. The cost of living continues to rise, while incomes have struggled to keep pace. For a large portion of the population, particularly lower- to middle-income earners and those operating in the informal economy, monthly budgets are stretched thin.

In this environment, credit has become less about choice and more about continuity. It is used to cover transport, buy food, pay school fees, and keep small businesses running. It is, for many, a necessary tool to manage uneven income and rising costs. Yet while the need for credit is increasing, access to it is not.

A significant number of South Africans remain excluded from traditional banking products such as credit cards and personal loans. For these consumers, the short-term lending sector plays a critical role providing access to regulated, transparent credit that helps bridge the gap between income and expenses.

When provided responsibly, this form of credit can act as a financial stabiliser, enabling households to manage short-term pressures without resorting to more harmful alternatives. But this system is under strain.

The regulatory framework governing short-term credit has not been meaningfully updated since 2015. Over that time, the cost of providing credit has increased significantly, driven by inflation, higher compliance requirements and rising operational costs, while regulated pricing structures including caps on interest rates, initiation fees and service charges have remained largely unchanged. The result is a formal lending environment that is increasingly constrained and risk-averse.

In practical terms, this means more applications are being declined. In some cases, as many as two-thirds of credit applications are rejected. For consumers, this does not remove the need for credit, it simply removes access to safe, regulated options.

And it is here that the meaning of freedom begins to shift.

When formal systems cannot meet demand, consumers are pushed toward informal and illegal lenders commonly known as loan sharks. These operators exist entirely outside the regulatory framework. They offer quick access to cash, but at a far higher cost. Interest rates can be exorbitant, terms are often unclear, and in some cases, collection methods are aggressive or coercive. In this environment, access to credit becomes a trap rather than a tool.

Borrowers can find themselves locked into cycles of debt with no clear path out - their financial choices constrained, their autonomy reduced. Far from enabling freedom, these practices erode it. And, this is not an isolated issue, rather, it is a predictable outcome of a system where demand for credit is high, but access to regulated supply is constrained.

As long as that gap exists, the informal market will continue to grow.

This is why the current debate around short-term lending needs to evolve. There is growing recognition across the industry, led by organisations such as the Credit Association of South Africa (CASA), that the current regulatory framework requires review to better reflect economic realities.

CASA and other industry stakeholders have already engaged constructively with policymakers and regulators, including the National Credit Regulator, to highlight the need for a more balanced and sustainable approach to pricing structures in the short-term credit market. This includes adjusting interest rate caps, initiation fees and service charges, to ensure they reflect current economic realities and so that the framework supports sustainable lending rather than unintentionally constraining it.

This process is an important and necessary step toward ensuring that the regulatory framework continues to protect consumers, while also supporting access to safe, regulated credit. 

If South Africa is serious about financial inclusion and about ensuring that freedom extends beyond the political sphere, then the focus must remain on achieving a balanced outcome. A more sustainable framework would enable responsible lenders to operate viably, extend credit more confidently, and expand access to underserved consumers.

At the same time, strengthening enforcement against illegal lenders must remain a priority, alongside efforts to improve consumer awareness and understanding of credit and debt processes.

Ultimately, financial freedom is not about encouraging borrowing.

It is about ensuring that when people need to borrow, as many inevitably will, they can do so safely, transparently, and within a system that protects them. Because freedom, in its fullest sense, is not only about rights secured in law. It is also about access in everyday life.

* Morgan is the director of Prime Loans.

PERSONAL FINANCE

This year’s Easter trading period revealed an evolution in consumer spending habits across South Africa, as digital shopping environments and alternative credit systems gained traction.

Retailers have reported that, although consumers are still making purchases, they are doing so in increasingly innovative ways, reflecting a fundamental shift in the retail landscape.

Recent industry findings indicated that transaction values and volumes have experienced steady growth during the Easter period.

PayJustNow, a leading provider of in-store and online buy now, pay later (BNPL) and retail credit options reported impressive growth figures.

From April 1 to 13, the platform recorded a year-on-year Gross Merchandise Value (GMV) increase of 71.5%, with order volumes climbing by 72.9%.

Looking at the entire month, GMV is on track for an astonishing 83.3% growth, alongside an 82.9% rise in order numbers. Yet, the average basket size saw a slight decline of 0.8% during the same timeframe, hinting at a shift in consumer behaviour.

Dean Hyde, Chief Operating Officer at PayJustNow, said, “Consumers are still under pressure, but they have not stopped spending. What has changed is how they are doing it. We are seeing more frequent and deliberate purchases, often across a broader mix of categories and price points.”

This observation reinforces the idea that growth is being fueled by continuous engagement within digital retail platforms rather than through larger, one-off purchases.

The data also showed that merchants with emporium-style offerings, which include a diverse selection of both value-driven and everyday items, are playing a pivotal role in driving sales.

These retailers, alongside those traditionally known for high-value products, are effectively capitalising on the changing consumer landscape.

Hyde further said that digital shopping venues are evolving beyond mere transaction channels into immersive environments that foster repeat engagement.

“Consumers browse, compare, and return before making a purchase. When you combine that with structured payment options, you reduce friction at the decision-making stage,” said Hyde.

PayJustNow processes over 11,000 transactions a day and boasts an impressive 88% repeat customer rate, signifying that consumers are not only returning but embracing structured payment methods in their shopping habits.

This trend challenges the notion that increased credit usage leads to irresponsible spending. 

PayJustNow maintains a default rate of less than 2%, guided by a data-driven “low and grow” model, which responsibly enhances consumers' spending limits in line with their repayment behaviours.

Hyde added, “For retailers, the implication is that access to digitally engaged consumers, coupled with structured payment options, is leading to greater participation, more frequent transactions, and enhanced customer retention over time.”

As digital payments and alternative credit solutions continue to evolve, the growth of the retail sector is becoming reliant on accessibility, frequency, and control, rather than traditional spending paradigms.

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BUSINESS REPORT 

Estate planning is often seen as a task reserved solely for the wealthy. In reality, it is an important pillar of financial wellness for anyone who wants to ensure their loved ones are protected and their assets are managed according to their wishes.

Wills and trusts are two critical tools in achieving this objective. While Wills and trusts are often viewed in a similar context, they serve distinct purposes as part of the estate and succession plan. Rather than choosing one over the other, many families find that using them simultaneously, in conjunction with each other, provides the most robust protection.

A Will is your final directive

A Will is a legal document that outlines exactly how you want your assets to be distributed and who should care for your family after your passing.

For parents, one of the most important functions of a Will is to nominate legal guardians for minor children. It also allows you to specify exactly who receives what, including sentimental items, from family heirlooms to jewellery, to prevent potential conflict among heirs.

Your Will also appoints an executor as the trusted individual or professional who will oversee the winding up of your estate.  By appointing a professional, reputable executor to administer your estate, you can rest assured that the administration process will be dealt with in due time and with the necessary care, skill, and respect it deserves.

Various requirements must be met for a Will to be legally valid and therefore it is important to consult with a financial adviser or fiduciary specialist to assist with the drafting thereof.  A financial adviser can also ensure that your Will is executable, meaning that your wishes and instructions expressed in the Will can be complied with, due to sufficient provision being made for debts, estate expenses, etc.

You can amend your Will at any time, especially when personal circumstances change, making sure to revoke all previous Wills.  Your last dated Will takes effect upon death and must go through a formal legal process before it can be executed. Once lodged with the Master’s Office, it becomes a public document, and a formal administration process will then have to be followed before assets can be released to beneficiaries.  

A trust provides continuity and protection

A trust is a legal entity that can either be created during your lifetime or upon your death in terms of your Will, and is typically used to hold and manage assets for the benefit of others.

Trusts are private arrangements. Unlike a probated Will, the details of a trust’s assets and its beneficiaries generally remain out of the public record. Assets held within a trust are protected from beneficiaries’ personal creditors, making it an invaluable tool for safeguarding a family's financial future.

Unlike a Will, a trust does not die with you. Created and used as part of a financial plan during your lifetime, it provides for a seamless succession of assets between generations, ensuring beneficiaries continue to receive support without waiting for an estate to be wound up.  It protects the assets held in trust against estate administration costs, estate creditors, and death-related taxes.  

When creating a testamentary trust in your Will to administer and manage assets for minor children upon the death of a parent/s, you should consider the time delay between death and the setting up of the trust,  as it will be created as part of the estate administration process, leaving assets in the estate while the trust is being created. In these instances, the estate plan plays a vital role in securing interim funding for living expenses, emphasising the vital role the financial adviser plays when considering and implementing these structures.

Managing complexity

Trusts offer a level of structured governance that can handle complexity with ease. For blended families, trusts can be structured to provide for a surviving spouse during their lifetime while ensuring the remaining capital eventually passes to children from a previous marriage. This balances the needs of all family members and reduces the risk of inheritance disputes.

For heirs unable to manage finances due to disability or other vulnerabilities, a trust provides a protective wrapper. Trustees can manage the funds to ensure the beneficiary's long-term care and quality of life are maintained.

For those with international interests, offshore trusts can be highly effective in protecting assets and providing for intergenerational wealth transfer. They help avoid the complexities surrounding multi-jurisdictional probate and situs tax and can bypass forced-heirship rules that exist in certain territories.

The tax landscape  

There is a common misconception that trusts are purely tax avoidance vehicles. This is actually not the case. Trusts are under increased scrutiny from Sars and various anti-avoidance provisions are contained in the Income Tax Act. However, despite being subject to higher tax rates, their primary value lies in risk management and fiduciary care. The value of knowing assets are protected from mismanagement or external claims administration costs often outweighs potential tax consequences, truly leaving a positive financial legacy for future generations.

A complementary approach

Wills and trusts are not in competition with each other, but can be effective partners as part of your estate plan. A popular strategy for some families involves a "pour-over trust," where any assets held in an individual's name at the time of death are directed into a pre-existing trust, where the trust is the beneficiary of the estate, and the family members are the beneficiaries of the trust.

Whether you are protecting a minor child's inheritance, providing for long-term care of a special needs child, managing a family business across generations, or simply ensuring a peaceful transition of sentimental belongings, the combination of a clear, valid, and executable Will and a well-structured trust offers a proactive way to reduce risk. 

Many factors may influence the appropriate use of Wills and trusts. Working with a financial adviser to guide you on the best option for your circumstances is non-negotiable. It empowers you to make the right decisions for you and your family and ensure your legacy remains a source of support and not one of stress for those you leave behind.

* Hamman is the senior legal adviser at Momentum.

PERSONAL FINANCE

In this article that marks fifty years on from June 16, I posit through the Lehohla Ledger a speculative question about the next six hundred years to complete a century of Southern Africa interaction with 1652 when Van Riebeck landed on the Cape.  

I use the intervening centennial posture of 1976 - 2076 as a pivotal century. 

This millennial-centennial confrontation using the"Lehohla Ledger" framework, is a theoretical macro-historical model that conceptualizes the millennium from 1652 to 2652.

An acknowledgement of the crucial methodological constraint of the Ledger like all predictive analytics especially done over a prolonged period is that it cannot predict future events with certainty but it can expand and defrost the cranial rigor mortis that has afflicted the class of 1976 who handover an arguably rotting carcass to the class of 2026.

While it can identify historical trajectories and suggest potential scenarios based on data from 1652 to the present, any description of the decades leading up to 2076 is speculative, but the rot they are handed over perhaps will keep their sensory nerves alert and sensitize them to the Lenaka la Mohlomi – a Mosotho visionary, philosopher, chief and medicine man whose wisdom on responsible leadership remains legendary .

In this analysis, the Ledger examines the historical data from 1652 through 2026 as established fact, and then extrapolates the implications of the "Soweto Pivot" to model potential trajectories for the remaining 50 years of the century.

Within the 1,000-year arc of the Lehohla Ledger (1652–2652), the century spanning 1976 to 2076 serves as the vital pivot.

The first 324 years (from 1652) were a period of colonial consolidation, resource extraction, and the systematic institutionalization of structural exclusion.

The events of June 16, 1976—the Soweto Student Revolt—acted as a fulcrum, initiating a sequence that broke the momentum of the previous three centuries and catalyzed a process of radical, though incomplete, transformation.

This analysis tracks the intergenerational transmission of responsibility during this critical pivot.

We examine the specific legacy the 1976 Generation bequeathed to the current generation of 2026, and the speculative, yet modeled, trajectory of what the 2026 Generation must cultivate for the generations of 2076, as the Ledger’s pivot century concludes.

1976: The revolt as disruption of the Ledger’s initial trajectory

The Lehohla Ledger models the 1652–1976 period as one dominated by the 'Colonial/Extraction Loop.' In this system, the majority of the population was excluded from both economic value and meaningful political agency.

The Soweto uprising was a radical disruption because it rejected the fundamental premise of this loop: that submission to state power was absolute. Led by youth, the revolt challenged the colonial education system (specifically the imposition of Afrikaans as a medium of instruction), identifying it as a mechanism for reinforcing subordination.

The Ledger indicates that 1976 began a irreversible decline in the state's capacity to maintain control through coercion alone. This initial disruption defined the mission of that generation:

The handover: From 1976 to 2026

The generation of 1976 (defined here as those who were youth during the intense struggle period, 1976–1994) achieved their primary historical mandate: the dismantling of the formal structures of the colonial-apartheid state. They destroyed the "Extraction Loop’s" legal and constitutional framework.

What they handed over to the generation of 2026 was formal political sovereignty and constitutional agency. This was not merely the right to vote, but a sophisticated democratic charter designed to reset the Ledger’s trend line.

This legacy is the essential toolkit for the next phase:

• Political Legitimacy: The establishment of a state that derives its authority from the consent of the governed.
• The Constitutional Promise: A vision of a just, equitable, and non-racial society that serves as the blueprint for reconstruction.
• A Culture of Resistance: The proven knowledge that concerted, youth-led collective action can overpower entrenched structural force.

This legacy was potent, but also burden-laden. The 1976 generation destroyed the machinery of the old system but struggled to build a functional replacement economy (the 2026 'Structural Impasse').

2026: The generational responsibility of structural reconstruction

Fifty years on, the generation of 2026 is grappling with the unfinished business of the pivot century.

The data in the Lehohla Ledger (up to 2026) suggests that the formal democracy established after 1994 has stalled. While the political loop has been reset, the economic and structural loops retain the inertial patterns established over the preceding 300 years (extreme inequality, resource dependence, and structural unemployment).

The generation of 2026 views the 1976 generation with immense respect for their courage but frustration with their governance. The defining characteristic of the 2026 context is impatience with the 'Deferred Dividend.' The promise of 1994 has not materialised in tangible economic transformation.

The current mandate: moving from agency to utility

The task of the 2026 generation is to move beyond the exercise of constitutional rights (which they inherited) and toward the creation of structural utility.

The Ledger models this imperative as shifting from an 'Extraction Model' (relying on raw materials and low-skilled labor) to an 'Empowerment and Innovation Model' (leveraging human capital and sustainable technology).

The 2026 generation must break the cycles of systemic dysfunction by focusing on the 'Structural Utility Mandate':

• Decoupling from the Extraction Loop: Actively engineering an economy that is not dependent on unsustainable resource depletion but on innovation and human capability.
• The Inclusivity Mandate: Forcing the formal economic systems to integrate the population that was systematically excluded in the Ledger’s first 300 years (reversing the '1652 Baseline').
• Ecological Sustainability: Recognizing that the pivot century (1976–2076) includes the necessity of environmental transition.

2026 to 2076: extrapolating the trajectory of the pivot century

The Lehohla Ledger cannot predict if the generation of 2026 will succeed. However, by synthesizing the historical context (1652–2026) with the urgent structural needs identified in the 2026 data, the model can speculate on the implications of their actions.

The next 50 years (2026–2076) represent the period where the new trajectories initialized during the pivot must achieve escape velocity from the old historical gravity.

The speculative handover: from 2026 to 2076

If the generation of 2026 fulfills its mandate of structural reconstruction, the Lehohla Ledger extrapolates that they will hand over a fundamentally different societal operating system to the generations of 2076.

The defining characteristic of this projected 2076 society is achieved resilience and realized potential.

• A Decentralized and Integrated Economy: Moving from 20th-century centralized extractivism to highly distributed, knowledge-based, and circular economies that foster innovation at all levels (the 'Structural Shift').
• Achieved Inclusivity (The 'Mohlomi Imperative'): By 2076, the system of structural exclusion (the Ledger’s 1652 anchor) is no longer the defining sociological reality. The model suggests that the realization of individual potential is the primary driver of national utility.
• Planetary Stewardship: The generation of 2076 is handed a society that has successfully navigated the energy and environmental transitions demanded by the 21st century (the 'Sustainability Pivot').

In this projected scenario, the generated 2076 generation is not tasked with fighting a state (as in 1976) or reconstructing a broken economy (as in 2026), but with managing a realized civilization that has broken the cycles of the previous millennia.

The Lehohla Ledger (1652–2652) positions the century (1976–2076) as the pivotal moment in a millennium. 1976 was the generation that provided the Disruption (Sovereignty).

2026 is the generation that must provide the Construction (Structural Utility).

By modeling these trajectories, the Ledger highlights that the generations of 2076 are the intended recipients of The Realized Dividend—a society finally free from the inertial drag of 1652, and capable of charting its own destiny.

The Lehohla Ledger is a data driven spatio-temporal diagnostic infrastructure that interrogates development challenges and permits joint solutions development and implementation systems to resolve. 

Whilst averages are still important the spatio-temporal analysis is superior in that it drills into lower levels of geography and qualifies it as a true instrument for district development models.

Dr Pali Lehohla is a Professor of Practice at the University of Johannesburg, a Research Associate at Oxford University, and a distinguished Alumni of the University of Ghana. He is the former Statistician-General of South Africa.

Despite reports that alcohol consumption in South Africa is declining by 30% - nearly twice the global rate of 17%, the recent Easter Weekend saw driving under the influence (DUI) arrests spike 39% compared to the same period last year.

With Freedom Day falling today, many families will have exciting outings and road trips planned. Unfortunately, data consistently shows that these long weekends come with a troubling rise in drunk driving.

South Africans should prioritise their safety over the upcoming long weekend. Driving under the influence continues to be one of the biggest threats to road safety in South Africa. During long weekends and holiday times in general, road fatalities tend to spike, and beyond the immediate danger to lives, driving under the influence can also carry serious legal consequences.

If found guilty of drunk driving in South Africa, you could face up to six years in jail, be liable for fines of up to R120 000, and your driver’s license may be suspended. You will also get a criminal record, which can have serious ramifications for the rest of your life.

In addition to criminal penalties, motorists also face long-term consequences under the Administrative Adjudication of Road Traffic Offences (AARTO) Act, which is already being rolled out across 69 municipalities. The full demerit points system is set to go live on September 1, 2026, meaning repeated offences could ultimately result in the suspension or cancellation of a driver’s licence.

There could also be a direct impact on any insurance claims. Claims linked to accidents where the driver is found to be over the legal alcohol limit are often rejected, leaving motorists to cover significant repair or replacement costs out of pocket, alongside potential third-party liabilities.

For many drivers, the question often comes down to how much is too much, or how much alcohol will put them over the legal limit. The reality is that there is no simple answer. Factors such as body weight, metabolism, food intake, and even fatigue all influence how alcohol is absorbed and processed, making it extremely difficult to determine a safe threshold.

Given these variables, the safest approach is to avoid drinking and driving altogether. Fortunately, there are practical alternatives available to our customers.

After all, it only takes one point over the limit to seal your fate. So, plan on time, book your ride 48 hours ahead, and make responsible safety decisions this Freedom Weekend.

* Sibeko is the executive head of personal lines at Miway Insurance.

PERSONAL FINANCE

This past weekend, the South African Weather Service (SAWS) issued a public warning of cold, wet, and windy weather conditions affecting large parts of the country. Two consecutive cold fronts impacted the Western Cape and Northern Cape, before spreading eastwards across the central and eastern interior.

This serves as a timely indication to South Africans that winter is officially on the way. Now is the time to ensure that you understand the preparations required for severe weather conditions.’

The winter months bring an array of new risks to our properties, cars, and home contents, and it’s not always the risks people expect.

If you’re in an area that typically gets hit by downpours and flooding, precautionary measures like checking your roof for leaks and clearing your gutters can go a long way in ensuring proper water drainage.

Frozen or burst water pipes are also common as temperatures drop, often causing considerable damage to buildings and contents.

The cold weather contributes to the bursting of water pipes. Freezing conditions can cause exposed pipes to crack or leak, as water expands when it freezes, increasing pressure within the pipe.

While geyser claims are usually the most frequent types of claims Santam receives during the winter months, burst water pipes are also amongst the most common homeowner claims to occur. These incidents highlight the importance of taking proactive measures to protect your home.

Many people associate winter risks with cold temperatures and fire. Fires are a major concern. As we rely more on electric appliances during the colder winter months in some areas, the risk of residential fires also increases. Heaters and electric blankets, in particular, are common causes of electrical fires and should be used with caution.

Preventative measures include keeping a regularly serviced fire extinguisher at home, replacing worn plugs, cords, and fuses, and ensuring heating appliances are placed at least a metre away from flammable materials such as curtains or plastic items. Furthermore, I strongly advise remembering to always double-check that all appliances are switched off before leaving the house, as this is often a fire starter in many homes.

By understanding what insurance cover is in place and taking practical steps to prepare. South Africans can ensure they’re ready to handle any challenges that may arise this winter. With careful planning and attention to detail, it is possible to navigate the season with confidence, knowing that our homes, vehicles, and household items are fully protected against these elements.

* Kemp is the head of personal underwriting at Santam.

PERSONAL FINANCE

When death occurs, it is expected that family members rally around each other not only for emotional support, but also to cobble together financial resources to give their loved one a well-considered farewell. To make sure that their loved ones do not struggle after death, some people ensure they take out more than one funeral policy to cover immediate expenses for the funeral. In addition, they use this as a way to shore up the financial health of the family in the aftermath of death.

According to statistics from a Bureau of Market Research report conducted in conjunction with Metropolitan, around 75% of South African households hold a funeral policy. This high penetration pales in comparison to other non-funeral insurance products, such as life insurance, where only 25% of households have at least one family member contributing to a life insurance policy.

The 2024 Finscope Consumer Survey, released in October 2025, a high number of South Africans with funeral cover hold more than one policy, while a significant number view funeral cover as a savings instrument because the money paid out doesn’t have to all go to funeral expenses.

This behaviour is not accidental. Many people take out two, three, sometimes even four funeral policies across different insurers, with the intention of leaving behind a larger payout for their families. It is a way of trying to create a financial cushion, using a product that is familiar, accessible, and trusted.

However, despite how well-intentioned this action is, when you step back, there are limitations and a better way of doing things. 

There are a few details that some consumers miss when it comes to approaching funeral cover in this matter. And for us in the financial planning space, it is a concerning trend because it moves funeral cover beyond its original purpose.  It is now no longer just about covering burial costs, but about trying to build some form of financial security in the absence of other options.

Details consumers need to be aware of when stacking funeral policies

Despite funeral policies having a cap of around R100,000 per insurer, there is nothing stopping someone from taking out policies with multiple providers. The result is that people are able to “stack” policies in a way that feels similar to saving.

However, each funeral policy comes with its own premium, as well as its own set of fees. Over time, paying for multiple policies can add up to a significant monthly expense. Over 10 or 20 years, that is money that could run into a few thousands of rands.

Yet even with multiple policies, the payout remains capped per policy and designed for short-term costs. Funeral cover is built to handle the immediate needs around death, not the ongoing financial needs of a household.

This is when financial planning becomes crucial because there are other products, such as life cover, that are designed for long term expenses. It is structured to replace income, settle debt, and support a family over time. No matter how many funeral policies are stacked, they cannot fully replicate that kind of long-term protection.

The different waiting periods of different insurers is another detail most consumers don’t consider until it is perhaps too late.

Because these policies are often taken out at different times, each one comes with its own terms. That includes waiting periods, which means not every policy will necessarily pay out when the family expects it to. What looks like multiple layers of protection on paper does not always translate into immediate access to money when it is needed most.

Another detail is the question of cost over time, as inflation and the time value of money take their toll.

Funeral cover is often seen as affordable, especially at the entry level, but premiums do not always stay the same. As policyholders get older, increases can come through, and when someone is paying for two or three policies, those increases are felt across all of them. What once felt manageable can become difficult to sustain.

This is often where policies begin to lapse. When money is tight, people are forced to prioritise, and not every policy survives. The reality is that once a policy lapses, the premiums that have already been paid are not recovered. Years of contributions can simply fall away.

Consumers need to consider the trade-off

The money going into multiple funeral policies is money that is not being used elsewhere. Over time, that could have gone towards life cover, savings, or even reducing debt.

For many South Africans, this is not simply a matter of making the wrong decision. Funeral cover is often the easiest entry point into financial protection for many reasons. For example, it does not require medical tests, premiums are generally lower, and the product is easier to understand. However, the challenge is that funeral cover has its limits, and financial planning can help consumers find better solutions for their needs.

Many providers have designed entry-level life covers that do not require intense underwriting and blood tests. This is perhaps an area that consumers not comfortable with blood tests and full underwriting on life covers should explore.

Financial freedom is not built on how much money is paid out when you die, but on how well your family is able to continue living without you. A life cover product is structured such that it provides this last wish. Your family misses you but not your income. It empowers you to continue to take care of your loved ones even in death. As more South Africans look for ways to leave something behind, the shift may not be about having more funeral cover, but about having the right kind of life cover.

* Malatji is the provincial general manager for Northwest, Limpopo, and Gauteng at Metropolitan.

PERSONAL FINANCE

Transnet SOC Ltd has announced the appointment of Mohammed Abdool as the Chief Executive of the Transnet National Ports Authority (TNPA), effective from 01 May 2026.

This pivotal appointment comes as South Africa continues to navigate the complexities of its maritime transport sector.

With over 29 years of professional experience in financial leadership, governance, and strategic transformation within the public sector, Transnet stated that Abdool is well-positioned to lead TNPA into its next chapter.

His previous roles have seen him serve as the Chief Financial Officer of TNPA for over 16 years, following which he took on the responsibilities of Acting Chief Executive.

The State Owned Entitty said that this extensive background not only reflects his capability but also his deep understanding of the operational challenges and opportunities facing South Africa’s commercial ports.

Abdool’s career is marked by numerous accomplishments, including his co-leadership in the accounting separation of rail operations from the rail network business aimed at preparing for open-access reforms.

Additionally, he directed the corporatisation process of TNPA, focusing on crucial aspects such as funding, asset valuations, and tax implications.

His stewardship has been instrumental in ensuring operational resilience and competitiveness, aligning TNPA with broader national goals.

Regarded as a strategic and tactical leader, Abdool is not only celebrated for his financial acumen but also for being a persuasive negotiator and ethical executive. His leadership style is characterised by resilience and innovation, underscoring his commitment to transformation and stakeholder value.

A Chartered Accountant in South Africa and a Certified Director with the Institute of Directors SA, Abdool holds an impressive academic portfolio.

It includes a Bachelor of Commerce in Accounting from the University of the Witwatersrand and a Bachelor of Commerce Honours in Accounting from the University of Johannesburg, alongside various executive leadership programmes from IMD Business School in Switzerland and the Gordon Institute of Business Science at the University of Pretoria.

As Transnet looks to the future, it is optimistic about Abdool’s potential to foster growth and drive innovations in South Africa’s maritime transport sector. His leadership promises to ensure that TNPA continues to fulfil its mandate for the benefit of all stakeholders.

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BUSINESS REPORT 

For South Africa’s investors, the ability to access global markets has never been more essential. Yet for all its strategic importance, offshore investing has often been fragmented, costly, and time-consuming.

As priorities shift and digitally empowered clients expect more streamlined experiences, private banks are under pressure to offer more than conventional portfolio management. Today’s investor wants a platform that delivers control, efficiency, and global reach without sacrificing expert support.

In response, Nedbank has launched its enhanced international stockbroking platform, a fully integrated solution that allows clients to manage both local and international portfolios through a single, intuitive interface. The launch reflects a growing demand among experienced investors for tools that combine convenience, transparency, and seamless execution – whether they’re acting on real-time local opportunities or diversifying across borders.

‘Global diversification is no longer a distant ambition; it’s an accessible reality,’ explained Grant Meintjes, Executive of Trading at Nedbank. Speaking at the platform’s official launch event, he pointed out that by combining education, seamless access, cost-efficiency, and expert advice, Nedbank is not just facilitating investment; it’s empowering its clients to take ownership of their financial destiny.

Developed in partnership with international trading powerhouse Saxo Bank, the platform brings world-class capabilities to their private and wealth clients packaged in a way that feels personal and easy to use. While the technology was developed by external experts, the functionality is anything but off-the-shelf. Investors can access real-time data, execute direct transactions, and analyse market opportunities all from one place.

Key features of the platform include the following:

• No minimum investment amounts, which opens the door to more clients starting their offshore journeys.
• Dual-market access, which enables users to trade locally and offshore without switching platforms.
• Transparent fee structures that offer competitive pricing and no hidden costs.
• Fast, 48-hour onboarding that makes it quick and painless to start investing. 
• Access to local stockbrokers who offers expert guidance alongside digital tools.
• A clean, user-friendly interface that offers intuitive navigation, real-time market data, and company logos for easier recognition.

To support the platform’s rollout, Nedbank has also invested in a robust educational campaign to demystify offshore investing. This includes content that explain how global markets work, highlight the cost benefits of investing offshore, and show how the platform makes it all easier.

But what truly sets the international stockbroking platform apart is its ability to handle both local and international trades through a unified system, eliminating the need for multiple accounts or complicated workarounds. 

According to Meintjes, by the middle of 2026 the offering will expand further to include offshore mutual funds and bonds, which are products that are not commonly available on other stockbroking platforms. 

‘This platform is more than just a digital upgrade; it’s part of a broader strategy to shift wealth management from a closed-door experience to an empowered, client-led journey,’ Meintjes emphasises. ‘The future of wealth management belongs to those with the vision to embrace and drive it, and with this new platform, Nedbank is handing the keys over to its clients.’

The Nedbank Stockbroking Platform is now live and available at Trade online or through a broker | Nedbank

PERSONAL FINANCE

South Africans are under growing financial pressure, with more households struggling to pay bills, take on debt and cope with rising living costs.

The strain is not just financial but is increasingly affecting how people live, work and plan for the future.

Data from fintech company Wealthbit shows that 38% of South African consumers struggled to pay at least one bill in the first quarter of 2025, up from 35% in the previous quarter. At the same time, 70% of workers across Africa are living from paycheck to paycheck.

Household debt remains high, with the South African Reserve Bank’s debt-to-income ratio showing that South Africans have to put 62c of every R1 they earn towards paying debt, a significant portion of income that is already committed before the month even begins.

Financial vulnerability is also spreading beyond lower-income groups. Nearly 29% of emerging high-income earners have no emergency savings, highlighting how even relatively well-paid households are struggling to build financial buffers.

More debt

This pressure is beginning to change behaviour. Applications for debt counselling have risen sharply, with many consumers turning to credit, dipping into retirement savings or restructuring debt to stay afloat, says National Debt Counselling Association.

“The reality is that we’re going to see people borrowing more,” notes National Debt Counselling Association chairperson René Moonsamy.

While credit can be useful, it becomes risky when it is used to fund everyday expenses or repay existing debt, the association explains. In those cases, borrowing can create a cycle that becomes increasingly difficult to break.

Moonsamy defines ‘good’ credit as being affordable, well-managed and used for productive purposes that improve your long-term financial stability. “For example, buying a car to get to work or generate an income, furthering your education or paying for a renovation to add value to your house.”

Payments should be affordable relative to income, and the interest rates should be in line with a consumer’s risk profile. Making payments on time allows you to build a positive financial record, making it possible to access financial products at better rates, because your credit score shows you are financially reliable, says the association.

Naughty credit

‘Bad credit,’ Moonsamy explains, is unaffordable, high-cost or poorly managed borrowing, usually for short-term consumption that adds no lasting value. Examples include using credit to fund lifestyle or basic living expenses, or taking new credit to repay old loans.

“There’s nothing inherently wrong with credit. It’s integral to a functioning economy. What’s important to understand is whether it benefits you or not,” says Moonsamy.

One of the biggest issues is not necessarily overspending, but a lack of visibility. Arrie Pieterse, head of product at Wealthbit, said many consumers simply do not have a clear picture of where their money is going. “Buying on credit usually makes that purchase more expensive over time, especially once interest is added,” he adds.

In many cases, consumers pay only the minimum on outstanding balances, leaving them trapped in debt for far longer than expected, says Pieterse.

“Money is one of the biggest sources of stress in people’s lives,” says Alex Cook, chief executive of Wealthbit. The impact of financial stress is not confined to household budgets increasingly spilling into the workplace.

Skipping work

Financially stressed employees are more likely to miss work, lose focus or look for new jobs, affecting both productivity and performance.

Presenteeism, where employees are physically present but mentally distracted, can result in a loss of more than 27 working days a year, while financially stressed workers take more sick leave than their peers, says Wealthbit citing research such as that undertaken by PwC.

According to Gary Kayle, CEO of Worth, Cumulate’s financial education brand, “financial stress goes far beyond numbers on a bank statement. When money problems extend beyond budgets and are left unaddressed, they begin to affect mental health, focus, as well as personal and work relationships. It affects your happiness levels”.

Jaco Prinsloo, a financial adviser at Alexforbes, says most mid-career professionals do not fail because of big, reckless decisions. “Instead, they drift into small, reasonable choices that compound over time,” he notes.

Among the “mistakes” that professionals make is delaying retirement planning, says Prinsloo. “The real cost of delaying is not just time, but the loss of compounding – starting even a decade later often means you need to contribute significantly more to reach the same outcome,” he says.

Lifestyle inflation'

Another flag Prinsloo points to is when a lifestyle upgrade becomes a form of inflation. “Over time, what once felt like a luxury becomes normal and expenses quietly rise to match income. This can leave you earning more but not feeling financially ahead,” he says, noting that a structured approach to investing can help with this dilemma.

Prinsloo also highlights the risk of being underinsured as insurance is often treated as a cost rather than a financial strategy. “It is frequently overlooked or left unchanged for years.

Many professionals assume employer-provided cover is sufficient, but it is rarely aligned with their actual responsibilities,” he adds, speaking to the need to protect income and ensure that financial obligations can be met.

Dr Avron Urison, Chief Medical Officer at 1Life Insurance, explains that “financial protection is not a luxury; it is a cornerstone of a resilient and sustainable life”.

As Worth puts it: “While wealth itself may not guarantee happiness, understanding how to manage money can make life significantly less stressful.”

PERSONAL FINANCE

I spent much more than I had planned over the school holidays and Easter break. Do you have any budgeting tips to help me avoid this happening again? Kobie Kritzinger, Wealth Adviser, PSG Wealth, Menlyn

Overspending on holidays is tough, but it provides a valuable lesson, and you can implement strategies to prevent this from happening again. 

Ironically, overspending on holidays is not always due to a lack of discipline. Imagine opening a pressure valve – it releases steam and pressure. This is what happens to us when we are on holiday. It starts as a means to recharge our mental batteries, but then transforms into daily splurges because “I deserve this.” Lunches, special treats, and impulse buying can quickly deplete any bank account, especially if it feels justified. The truth is, when you are emotionally fatigued, your brain lies to you. It whispers that you deserve the little treats. It tricks you to self-medicate by spending more. 

Below are budgeting tips to help you for your next holiday:

• Set a ‘treat’ before you go on holiday. 
• Use cash instead of cards - swiping is just too easy.
• Track your expenses daily.
• The 24-hour rule: If it can wait 24 hours, it is worth waiting for.
• Manage your daily stress to avoid burnout - mental awareness is important.

By setting a ‘treat budget’, you can remain in control of your emotions and spending. Holidays are meant to restore us, not deplete our finances. Next time, when you are on holiday, choose peace of mind over purchase.

I was recently promoted and received a 15% salary increase. Can you provide guidance on how best to split this additional income between my credit card debt, bond, Tax-free Savings Account, and Retirement Annuity? Amelia Morgenrood, Wealth Manager, PSG Wealth, Faerie Glen Stockbroking and Financial Planning

As a rule of thumb, you should save 15% of all your gross income from the very first day you start working in order to work towards replacing approximately 75% of your income at retirement. If you receive an income increase or a bonus, this rule still applies.

If you did not do the above, a certified financial planner will have to calculate what percentage you need to contribute towards your retirement and evaluate your other savings, debt, and goals to tailor a plan for you. Your retirement plan can consist of a combination of a tax-free investment vehicle, an annuity, and discretionary savings. 

It is essential to always pay yourself (retirement savings) before anything else is paid. After you have contributed to your retirement savings, credit card debt is the next thing to tackle. 

I’ve heard the term ‘a well-diversified investment portfolio’. What does this actually mean and why do advisers suggest having a financial plan structured this way? Herman Wheeler, Wealth Manager, PSG Wealth, Northcliff

Whether it is the state of our roads, the price of fuel or the next global crisis, we cannot take anything for granted. By spreading investments across different assets – a mix of different asset classes, also considering local and offshore assets – it is possible to reduce risk and improve the prospects of healthy and consistent long-term returns.

Diversification offers investors a range of advantages:

• Risk mitigation: Underperformance in one asset class is typically offset by positive performance in others
• Consistent returns: Growth assets (equities) are balanced with defensive ones (bonds, cash, etc.)
• Inflation protection: Asset classes like property or inflation-linked bonds preserve purchasing power
• Global exposure: International investments reduce reliance on South Africa’s economy and currency.

A well-structured and diversified portfolio is likely to generate positive returns. When combined with South Africa’s retirement fund tax incentives (i.e. which provide for a deduction limit equal to the lesser of 27.5% of taxable income, or R430 000 annually), it promotes tax efficiency. 

In this way, there is a balance between risk and reward, providing protection from inflation and optimising returns. It is important to partner with a reputable and experienced wealth advisory firm to guide and advise you along your financial journey. 

I am a young professional with a full-time job and also receive additional income through freelance work. What would be a good starting point for my savings and investment journey? Tunin Roy, Wealth Adviser, PSG Wealth, Cape Town

It makes sense to have three to six months’ worth of income in an emergency fund held in a near-cash investment aiming for returns of money market plus 2%. After that, a Tax-Free Savings Account (TFSA) is the best next step for almost all South African investors. You can contribute up to R46 000 per tax year and up to R500 000 over your lifetime — with all growth and withdrawals completely tax-free. This makes it ideal for both medium - and long-term goals, although if you take funds out, it doesn’t increase the balance of your lifetime allowance.

For retirement planning, open a Retirement Annuity (RA). Contributions are tax-deductible up to 27.5% of your taxable income (capped at R430 000 per year). Your RA contribution could therefore yield a meaningful tax saving, which is added to your long-term financial security. A practical approach would be to direct your stable salary toward fixed monthly contributions, while allocating a portion of your variable freelance earnings to top up your investments whenever possible. To choose the underlying investments or funds, consult a financial adviser who will give you appropriate advice based on your age and circumstances. For example, a younger investor without children may want to invest 100% in equities, whilst an older investor may want to reduce risk through diversification. The sooner you start, the more your returns compound, so the harder your money works for you.

Why is body corporate insurance essential, and how can trustee mismanagement expose owners to financial risk? Ryno de Kock, Head: Distribution at PSG Insure

Body corporate insurance, sometimes called sectional title insurance, is not optional. It is mandated by the Sectional Titles Schemes Management Act (STSMA) and is designed to protect the buildings, common property, and financial interests of a sectional title scheme. This includes cover for prescribed risks such as fire, extreme weather events, civil unrest, and certain water-related incidents, as well as compulsory public liability insurance and cover against the loss of scheme funds due to fraud or dishonesty.

When properly structured, this insurance allows a body corporate to recover after a major loss without passing costs onto individual owners through special levies. However, where trustees fail to manage insurance correctly, significant risk can arise. Common issues include underinsurance due to outdated replacement values, cover that does not reflect the scheme’s actual risk profile, and weak oversight that increases exposure to fraud and financial loss.

Replacement values must be reviewed regularly to keep pace with inflation, rising building costs and improvements to common property. If they are not, shortfalls may only become apparent after a loss occurs. Trustees are also responsible for ensuring mandatory covers are in place and that exclusions or gaps do not leave owners exposed.

Because insurance is intended for sudden, unforeseen events and not poor maintenance, inadequate governance can further compromise claims. An insurance adviser can help trustees meet statutory obligations and protect owners from unnecessary financial risk.

PERSONAL FINANCE

As South Africa commemorates Freedom Day, the nation reflects on the strides made since the first democratic elections 32 years ago.

Political and social transformation remains evident, yet an essential component of this journey, economic inclusion, continues to elude many small and medium enterprises (SMEs).

For countless entrepreneurs, particularly those from historically marginalised groups, the gap between promising democratic ideals and harsh economic realities serves as a reminder of the struggles still ahead.

The findings from the Business Partners Limited SME Confidence Index paint a complex landscape.

While SMEs recognise the efforts made by government and private sector stakeholders to bolster the SME ecosystem, they express a resounding call for more sustained and impactful action to catalyse true economic participation.

Since its inception in 2012, the SME Confidence Index has charted an upward trajectory, revealing a significant transformation in SME sentiment regarding governmental support, rising from just 26% in Q3 2012 to 49% by Q3 2025.

Similarly, confidence in the private sector has climbed from 44% to 54% in the same timeframe, indicating an increasing awareness and appreciation of contributions from corporates, financiers, and enterprise development initiatives.

“While confidence in initiatives introduced since the dawn of democracy is improving, it has yet to reach a level that reflects widespread economic inclusion,” said Gugu Mjadu, Executive General Manager of Marketing and Impact Investing at Business Partners Limited.

Despite positive strides, many SMEs remain constrained by entrenched structural barriers that hinder their ability to thrive within the broader economy.

One of the most pressing issues facing SMEs is their exclusion from traditional financing models.

“Rigid lending criteria and standardised products do not always reflect the realities of SMEs, particularly those in the early stages of growth or operating in underserved markets,” Mjadu elaborated.

She highlighted a critical need for flexible, tailored funding solutions that resonate with the operational realities of small businesses.

In addition to funding, market access emerges as another formidable obstacle.

Breaking into established supply chains and securing procurement opportunities, especially with larger corporates, remains a daunting challenge.

“Inefficiencies, and in some cases, corruption, particularly in public sector procurement processes further exacerbate the barriers,” Mjadu stated.

This reality leaves many SMEs trapped in survival mode, unable to seize growth opportunities.

While financial capital is vital, Mjadu argues that it alone cannot unlock sustainable growth.

“Access to finance is essential, but it is only one part of the equation. We need a more enabling environment that opens up opportunities for SMEs and supports them with mentorship and technical assistance.”

Even well-capitalised enterprises can falter without the necessary support structure to scale their operations effectively.

Yet, amid these challenges, the call for reducing administrative and regulatory burdens has gained momentum.

“Complex compliance requirements can place a disproportionate strain on smaller businesses with limited capacity,” Mjadu noted.

Streamlining processes and cutting unnecessary red tape would free up valuable time and resources, allowing entrepreneurs to concentrate on scaling their ventures.

Addressing these multifaceted challenges requires a unified approach from all stakeholders.

“Creating a truly enabling environment for SMEs requires collaboration between government, financiers, and corporates to remove friction points and actively support small business participation in the economy,” Mjadu emphasised.

As South Africa celebrates the essence of Freedom Day, Mjadu's sentiment resonates: “True freedom should include the ability for entrepreneurs to start, sustain, and grow or scale businesses that create jobs and drive progress. Until more SMEs can do this successfully, our economic freedom remains incomplete.”

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BUSINESS REPORT 

As the reverberations of the US-Iran conflict continue to shake the world, the ripple effects are being felt far beyond the Middle East.

This week, Bianca Botes, Managing Director at Citadel Global, provided profound insights into how these escalating tensions have implications for consumers at the fuel pump in South Africa and beyond.

Fuel prices have surged, but what a simple glance at the price board fails to reveal is the complex web of factors affecting the cost of fuel.

Botes said that the current price isn’t a mere reflection of market conditions but rather the culmination of numerous variable elements involved in the fuel value chain.

Decoding the petrol pricing process

Botes said, "The starting point for understanding fuel pricing is the Brent crude benchmark, a globally recognised price for North Sea oil, a commodity traded in barrels. However, the significant difference between the benchmark price and what prices physical cargoes of oil actually trade at becomes stark during periods of instability when supply routes face potential disruptions."

She said tha during such times, the physical market often deviates significantly from the Brent benchmark, as traders scramble to obtain oil that is readily available.

The disconnection can become pronounced when crises arise, such as the recent geopolitical flare-ups. As a result, South Africa, which produces little domestic crude oil and is increasingly reliant on imports, faces an uphill battle with both supply and prices.

Rising dependence on Gulf fuel

Approximately 80% of South Africa's fuel imports come through Durban, mainly from Gulf producers.

"This supply line has come under increasing pressure due to the escalating conflicts. Decreased shipments from the region have forced South Africa to look elsewhere, notably turning to the US to fill its fuel gap. However, this transition is not seamless. The distance and associated freight costs result in a compounded effect on fuel pricing that the regulated petrol price formula struggles to accommodate," Botes said on Friday. 

When gasoline costs differ from diesel

While the petrol price is strictly regulated by the government, the pricing dynamics for diesel are markedly different.

Botes explained that large commercial users negotiate directly with suppliers, making diesel prices more susceptible to real-time market variations.

"Rising cargo and freight costs will be felt by diesel users long before the changes translate to petrol prices at the pumps, amplifying economic pressures across logistics, distribution, and other sectors reliant on diesel fuel." Botes added.

The macroeconomic implications

The cascading effects of such supply disruptions extend beyond fuel costs, venturing into inflationary pressures and potential adjustments in monetary policies.

"As the unrest potentially stabilises, the focus remains on how quickly the global oil trade will recalibrate to its pre-crisis state, a situation that could take months to normalise if it ever does. With interest rates in the US remaining static in an environment punctuated by high inflation expectations, the global economic outlook remains precarious," Botes said.

This week, the South African Reserve Bank's Governor Lesetja Kganyago cautioned that inflation could indeed drift higher in the coming months, a dynamic influenced significantly by fluctuating fuel costs and international market volatility.

As market analysts observe the continued tightening of supply and rising oil prices, the path ahead appears tumultuous.

"Even as negotiations persist, the shadow of conflict looms heavily over fuel consumers and businesses alike. With the ripples of the latest market dynamics evident in consumer prices, the lesson here is clear: understanding the intricacies behind fuel pricing not only enlightens consumers but also prepares them for the challenges that lie ahead in an ever-shifting economic landscape," Botes said.

On Friday, the Rand traded at R16.62 against the US dollar, R19.43 against the Euro and R22.39 against the British Pound. 

Brent crude was priced at  $106.85 per barrel. 

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BUSINESS REPORT 

As the nation approaches  Freedom Day, a stark reality has emerged: millions of South Africans are still navigating life without effective recognition from the systems designed to support them.

An important voice addressing this issue is AfriGIS, a geospatial data company bringing awareness to the deep-rooted gaps in the country’s digital address infrastructure.

The challenge is not merely about having a home address; it extends to the very foundations of inclusion and social equity.

“When we talk about address data in South Africa, people assume we're discussing a street name and a number. But the truth is far more nuanced,” said Marna Roos, Account Manager and Geospatial Scientist at AfriGIS.

The company highlighted that South Africa comprises a complex tapestry of 14 address types, ranging from traditional street addresses to informal settlement identifiers, each reflecting the myriad ways South Africans occupy space.

Roos pointed out that current systems, which predominantly focus on only one or two address types, end up excluding a vast portion of the populace.

“When a citizen's address does not match an expected format, like a street name or number, these systems flag it as unverified or high-risk. Ultimately, people are turned away as if they didn’t exist,” she added.

This issue has far-reaching implications, affecting access to bank accounts, insurance, municipal services, and even emergency response mechanisms.

The implications of inadequate address recognition can be dire.

Residents in areas inaccurately categorised as undeveloped often find themselves excluded from basic services, simply because incomplete data masked their actual living conditions.

“When decisions are made on a fragmented picture, the consequences for those living there are profound,” Roos said.

This systematic oversight often falls disproportionately on historically marginalised communities, particularly those in informal settlements where development has lagged.

 Roos said that as the nation commemorates its journey towards freedom, those engaged in policy-making must confront the pressing need for comprehensive and layered approaches to address data.

“An organisation that operates on just one of the 14 address classes isn’t making informed decisions; it is merely making assumptions,” Roos said.

Such assumptions perpetuate a cycle of exclusion that disproportionately affects the same communities that have been historically disadvantaged.

The importance of inclusive address data resonates beyond individual lives; it serves as a cornerstone for equitable decision-making.

Whether it’s a municipality allocating resources or a banking institution assessing loan applications, the integrity of these systems hinges on the data that informs them.

“The more comprehensive your address data, the more democratic your decision-making becomes,” Roos said.

As South Africa moves towards 2026, the call for verified and inclusive digital infrastructure becomes increasingly urgent.

The technology and data necessary to enact this transformation are already in place; what remains is the collective will of the government, private sector, and civil society to harness these tools effectively.

AfriGIS urges stakeholders from all sectors to recognise the intricate addressing ecosystem that is vital for fostering democracy and responsiveness in service delivery.

In a nation still grappling with the scars of exclusion, full visibility in address systems can pave the way towards a more equitable future for every South African.

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BUSINESS REPORT 

Each year on Freedom Day, South Africans reflect on the political freedoms secured in 1994 - the right to vote, to participate, and to shape the country’s future.

These freedoms remain fundamental.

But for millions of South Africans, the idea of freedom is also defined by something far more immediate, the ability to get through the month.

In practice, that kind of freedom is closely tied to financial security and, critically, to access.

Today, many households are operating under sustained pressure.

The cost of living continues to rise, while incomes have struggled to keep pace. For a large portion of the population, particularly lower- to middle-income earners and those operating in the informal economy, monthly budgets are stretched thin.

In this environment, credit has become less about choice and more about continuity.

It is used to cover transport, buy food, pay school fees, and keep small businesses running. It is, for many, a necessary tool to manage uneven income and rising costs. Yet while the need for credit is increasing, access to it is not.

A significant number of South Africans remain excluded from traditional banking products such as credit cards and personal loans.

For these consumers, the short-term lending sector plays a critical role providing access to regulated, transparent credit that helps bridge the gap between income and expenses.

When provided responsibly, this form of credit can act as a financial stabiliser, enabling households to manage short-term pressures without resorting to more harmful alternatives. But this system is under strain.

The regulatory framework governing short-term credit has not been meaningfully updated since 2015.

Over that time, the cost of providing credit has increased significantly, driven by inflation, higher compliance requirements and rising operational costs, while regulated pricing structures including caps on interest rates, initiation fees and service charges have remained largely unchanged.

 The result is a formal lending environment that is increasingly constrained and risk-averse.

In practical terms, this means more applications are being declined. In some cases, as many as two-thirds of credit applications are rejected. For consumers, this does not remove the need for credit, it simply removes access to safe, regulated options.

And it is here that the meaning of freedom begins to shift.

When formal systems cannot meet demand, consumers are pushed toward informal and illegal lenders commonly known as loan sharks.

These operators exist entirely outside the regulatory framework.

They offer quick access to cash, but at a far higher cost. Interest rates can be exorbitant, terms are often unclear, and in some cases, collection methods are aggressive or coercive. In this environment, access to credit becomes a trap rather than a tool.

Borrowers can find themselves locked into cycles of debt with no clear path out - their financial choices constrained, their autonomy reduced. Far from enabling freedom, these practices erode it. And, this is not an isolated issue, rather, it is a predictable outcome of a system where demand for credit is high, but access to regulated supply is constrained.

As long as that gap exists, the informal market will continue to grow.

This is why the current debate around short-term lending needs to evolve. There is growing recognition across the industry, led by organisations such as the Credit Association of South Africa (CASA), that the current regulatory framework requires review to better reflect economic realities.

CASA and other industry stakeholders have already engaged constructively with policymakers and regulators, including the National Credit Regulator, to highlight the need for a more balanced and sustainable approach to pricing structures in the short-term credit market. This includes adjusting interest rate caps, initiation fees and service charges, to ensure they reflect current economic realities and so that the framework supports sustainable lending rather than unintentionally constraining it.

This process is an important and necessary step toward ensuring that the regulatory framework continues to protect consumers, while also supporting access to safe, regulated credit.

If South Africa is serious about financial inclusion, and about ensuring that freedom extends beyond the political sphere, then the focus must remain on achieving a balanced outcome. A more sustainable framework would enable responsible lenders to operate viably, extend credit more confidently, and expand access to underserved consumers.

At the same time, strengthening enforcement against illegal lenders must remain a priority, alongside improving consumer awareness and understanding of credit and debt processes.

Ultimately, financial freedom is not about encouraging borrowing.

It is about ensuring that when people need to borrow, as many inevitably will, they are able to do so safely, transparently and within a system that protects them.

Because freedom, in its fullest sense, is not only about rights secured in law. It is also about access in everyday life.

Nita Morgan is Director of Prime Loans .

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BUSINESS REPORT 

In these challenging economic times, consumers are finding themselves scrutinising their purchasing decisions like never before.

A seemingly straightforward choice between a R20,000 Burberry coat and a R5,299 fast fashion alternative becomes a complex evaluation of value, not just in the moment of purchase, but over the life of the garment.

On the surface, the Burberry coat may appear to be an extravagant expense compared to the budget-friendly fast fashion option.

However, a closer inspection can uncover a surprising reality: cheap fashion can cost far more in the long run.

A consumer investing in the cheaper option will likely wear the fast fashion coat five days a week during the 13-week winter season, necessitating replacement after just two seasons.

This adds up to a cost of about R40.76 per wear. When factoring in a resale value of R1,700 at best, the net expenditure becomes R3,599, translating to R27.68 per wear, assuming the coat actually finds a second home.

Many of these garments are ultimately sent to landfills, further contributing to the staggering 92 million tonnes of textile waste generated by the global fashion industry each year.

In contrast, the pre-owned Burberry coat, although initially pricier, boasts an extended wear life that yields approximately 650 wears over a decade.

According to resale trends reported by Luxity, such luxury items appreciate in value by 8% to 10% annually.

Upon resale, luxury retailers often provide around 70% of the original purchase price in store credit, equating to R14,000 for the R20,000 coat.

Consequently, the net cost comes down to R6,000 across those 650 wears, or just R9.23 per wear.

“When budgets tighten, the questions people ask about purchases get sharper. How long will this last? What will I get back when I sell it? A well-chosen luxury piece answers both. Fast fashion rarely survives those questions," Michael Zahariev, Co-Founder of Luxity said.

This scenario is not an isolated incident.

The luxury market consistently demonstrates that items crafted to last, backed by heritage brands, tend to retain or even escalate in value over time.

Notably, Rolex watches in South Africa average a remarkable 126.5% resale value, while the Chanel Medium Classic Flap has appreciated alongside traditional store-of-value assets like gold over the last two decades.

For South African consumers navigating the pressures of rising costs, shopping for luxury has evolved from mere aspiration to practical accessibility.

The prospect of acquiring a Chanel handbag or Hermès scarf from the resale market at a fraction of original prices presents a compelling financial alternative to fast fashion, often rendered worthless within just two years.

“Fast fashion carries a bill that only becomes visible over time, cheap at the till and expensive in the long run. Quality lasts, it retains value, and when you are done with it, someone else can wear it. That is financial literacy, not luxury indulgence,” Zahariev said.

With this understanding, Luxity is furthering its mission by opening its fifth store at Menlyn Park in Pretoria, expanding access to authenticated pre-owned luxury goods across South Africa.

“Buying less and buying better is simply financial literacy dressed well,” Zahariev added.

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BUSINESS REPORT 

As South Africans prepare for another long weekend, marked by Freedom Day celebrations, concerns about road safety are escalating.

Sherry Sibeko, Executive Head of Personal Lines at Miway Insurance, highlights a disturbing trend: despite a reported decline in alcohol consumption in South Africa by 30%, DUI arrests surged by 39% over the recent Easter weekend compared to the previous year.

The data paints a grim picture: long weekends, often associated with leisure and celebration, also correlate with a rise in dangerous driving behaviours.

“Driving under the influence remains one of the greatest threats to road safety in South Africa. Unfortunately, history shows that fatalities on the road spike during these festive periods,” Sibeko said. 

With Freedom Day on a Monday this year, families are likely planning outings and road trips, but Sibeko warned of the serious consequences that can arise from impaired driving.

The legal repercussions for those guilty of driving under the influence are severe.

Offenders could face up to six years in jail, fines reaching R120,000, and potential suspension of their driver’s licence. Moreover, a drunk driving conviction leads to a criminal record, which can have lifelong implications.

Sibeko emphasised that in addition to immediate penalties, motorists must be wary of the long-term impacts dictated by the Administrative Adjudication of Road Traffic Offences (AARTO) Act, which is being rolled out across various municipalities.

Come 1 September 2026, the full demerit points system will be in effect, and continuous infractions could see licences suspended or terminated.

“Insurance claims related to accidents involving impaired drivers are frequently denied.This leaves individuals to foot the bill for substantial repair costs and third-party liabilities,” Sibeko said. 

One pressing question many drivers face is: how much alcohol is too much? Sibeko reveals the complexity of this query: “Factors like body weight, metabolism, food intake, and even fatigue shape how alcohol is processed, making it virtually impossible to define a universally safe limit for all.”

Given these variables, Sibeko insists the safest course is to forgo alcohol if driving is on the agenda.

She introduced Miway's innovative solution, WeDrive, a take-me-home service designed to help customers enjoy their time out without compromising on safety.

“With WeDrive, both the driver and their vehicle can be safely brought home, ensuring a responsible conclusion to the evening,” she said.

Sibeko added, “It only takes one point over the legal limit to seal your fate. Planning ahead, booking transport 48 hours in advance, and making safe choices are vital this Freedom Weekend.”

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BUSINESS REPORT 

Universities South Africa (USAf) notes, with serious concern, the recent article published by Daily  Investor on 19 April 2026, titled “South Africa’s biggest universities are collapsing.” 

The article makes sweeping and damaging claims, which, rather than contributing constructively to  an informed public discourse, serve to undermine confidence in the public higher education system.  Of particular concern is the manner in which the reputations of no fewer than ten public universities  are impugned through unsubstantiated insinuations of mismanagement, corruption, institutional  dysfunction, and poor governance. In the absence of credible evidence, such assertions are both  irresponsible and prejudicial. 

It is particularly disappointing that the principal commentary informing this article is attributed to a  staff member of one of our public universities—an individual who, by virtue of their academic role,  would be expected to appreciate the fundamental importance of evidence-based analysis in  substantiating claims of this nature. 

USAf underscores that responsible journalism demands rigorous verification, balanced analysis, and  the presentation of substantiated facts. This article regrettably fails to meet these standards. The  higher education sector plays a critical role in national development, and any critique thereof must  be grounded in fact, fairness, and a genuine commitment to strengthening, rather than undermining,  public institutions. 

Universities face challenges, but they are not collapsing 

USAf acknowledges that the sector faces real pressures, with Dr Matutu saying: “We must admit  universities are experiencing financial strain, driven by a growing student population without a  corresponding increase in State funding. These pressures create operational challenges. But  challenges do not imply a collapse of universities. Even under these conditions, it would be a stretch  to suggest that institutions are collapsing. The claim lacks merit,” she explains. 

Dr Matutu also emphasises that the sector has repeatedly called for increased investment in  academic programmes, infrastructure and student support. “We have consistently flagged the need  for more funding to match the growing demand for access. But to leap from funding pressures to  claims of systemic collapse is irresponsible and misleading.” 

Universities are autonomous institutions 

She stresses that South African universities are, by law, autonomous institutions. “Universities are  independent entities, and neither Vice-Chancellors nor Councils would promote or condone the  erosion of governance in the institutions they lead. It is their responsibility to protect the integrity of  the academic programme, institutional autonomy and academic freedom, vigorously and without  compromise,” she says.

Dr Matutu points out that while universities are not immune to the governance and corruption  challenges facing our country, its sectors and institutions, the national system of innovation and the  higher education sector have held up well, even in these difficult times. Universities remain stable,  governed well and operationally sound,” she says. 

Competitiveness of South African Universities  

USAf notes that several South African universities continue to be well sought after as international  partners globally. “Global benchmarking studies show steady improvement across multiple  institutions. That is not the behaviour of a system in collapse; it is evidence of resilience, excellence  and continuous improvement,” says Dr Matutu. 

She added that South African universities remain among the most respected on the continent and  continue to produce graduates who are globally competitive. 

USAf welcomes robust debate and evidence-based critique. “We welcome constructive criticism that  advances the role of universities in society. What we reject are alarmist, baseless statements that  paint the entire academic ecosystem with the same brush, without evidence and without context.  Such claims do nothing to solve the real issues we face,” says Dr Matutu. 

A sector committed to excellence 

Dr Matutu has reaffirmed USAf’s commitment to safeguarding the integrity and public value of South  Africa’s universities. 

“Our institutions remain pillars of knowledge production, social mobility and national development.  They are not collapsing. They are confronting challenges – as universities globally are – and they  continue to deliver excellence across teaching, research and innovation,” she said. 

“South Africa deserves responsible commentary, which is evidence-based and grounded in an  understanding of the complexity of higher education. Anything less misleads the public and  undermines the very institutions working tirelessly to serve the nation.”

African business leaders and policymakers have renewed calls for deeper regional integration and stronger domestic financing mechanisms, as billionaire industrialist Aliko Dangote set out bold proposals to accelerate the continent’s development.

Speaking at the "Africa We Build Summit" in Nairobi on Thursday, Dangote, chairman and CEO of the Dangote Group, urged African leaders to remove barriers to movement across borders, arguing that trade and investment cannot flourish without the free flow of people, goods and services.

“Today, with a European passport, you can move faster in Africa than being an African. Which I think we must really stop,” Dangote said.

This is not the first time that Dangote has raised concerns about the burdensome bureaucracy of travelling the continent. Last year, he said he needed 35 visas to travel in Africa on his Nigerian passport, adding that a French passport has more visa-free access in Africa than his.

Dangote on Thursday called on governments to replicate Kenya’s visa-free policy for African nationals, introduced under President William Ruto.

As of January 2024, Kenya has transitioned to a visa-free regime, replacing traditional visas with a mandatory Electronic Travel Authorization (eTA) for all foreign visitors. While no visa is required, travelers must apply for the eTA online at least 72 hours before travel. Some exemptions exist, particularly for East African Community (EAC).

“Why can’t we allow visa-free for all Africans? Please, we need to do that. Because if we don’t really do that, it will be difficult to trade with somebody that you cannot get in and out easily,” Dangote said.

His remarks highlight a growing consensus among African leaders and investors that fragmentation remains one of the biggest obstacles to unlocking the continent’s economic potential.

Despite the creation of the African Continental Free Trade Area, implementation challenges—particularly around mobility—continue to limit intra-African trade.

Without easier travel and streamlined regulations, Dangote argued, even well-capitalized investors face unnecessary hurdles.

His call was echoed and expanded by Samaila Zubairu, president and CEO of the Africa Finance Corporation (AFC), who emphasized that integration must go beyond infrastructure to include financial systems.

“I would like to double down on the appeal for free movement of goods,” Zubairu said. “But we also need reforms to ensure that African capital resides within Africa for Africa’s development.”

Zubairu stressed that while infrastructure investment is critical, the continent cannot achieve sustainable growth without developing its own capital markets. He urged African leaders, including Kenya’s Ruto and Uganda’s Yoweri Museveni, to champion reforms that would enable capital to flow more efficiently within the region.

“We will not develop if we don’t create African capital markets,” he said, adding that the AFC is committed to supporting initiatives that emerge from the summit discussions. “My commitment is to support whatever we agree—not just for today, but to ensure that it happens.”

The dual focus on mobility and capital reflects a broader shift in Africa’s development narrative, from reliance on external funding to building self-sustaining systems driven by local resources and institutions.

Dangote and Zubairu highlighted the disconnect between Africa’s vast economic potential and the structural barriers that continue to hinder growth.

While the continent has made progress in attracting investment and improving infrastructure, persistent challenges such as policy fragmentation, capital flight and limited financial integration remain significant.

Zubairu reinforced this point by linking capital mobility to broader economic transformation. He noted that significant African wealth is still invested abroad, rather than being deployed to finance industries and infrastructure projects on the continent.

The summit, which brought together Heads of State, financiers and business leaders, is part of ongoing efforts to align policy, capital and private sector ambition in driving Africa’s industrialization.

BUSINESS REPORT

A recent study revealed a striking preference among South African employees for using WhatsApp over traditional communication tools like email and enterprise platforms such as Microsoft Teams.

The findings indicated 89% of South Africans turn to WhatsApp for work communications, slightly edging out email use, which stands at 88%.

In stark contrast, only 45% of workers use Microsoft Teams, highlighting a growing trend towards personal messaging apps within professional environments.

The crux of this issue lies not just in the statistics, but in the potential risks that accompany the widespread use of a platform designed primarily for consumer interactions.

Anna Collard, Senior Vice President of Content Strategy and Chief Information Security Officer (CISO) Advisor at KnowBe4 Africa, pointed out that the allure of WhatsApp's familiarity and speed contributes to its increased adoption in the workplace.

“These apps are already on our phones and embedded in our daily routines,” she said, adding that the convenience of messaging can significantly enhance collaboration, especially in remote and hybrid work settings.

Despite these advantages, Collard said that the casual use of WhatsApp can have serious implications for cybersecurity.

"Convenience often comes at the cost of control and compliance," she said, urging organisations to consider the layers of risk involved in using informal communication tools for sensitive business discussions.

With the absence of enterprise-level security measures, there's a notable lack of auditability, particularly troubling for sectors like finance that are subject to stringent data-handling regulations.

The recent KnowBe4 Africa Annual Cybersecurity report, which surveyed 800 respondents across eight African nations—reveals a broader continental trend where a staggering 93% of African respondents use WhatsApp for work.

This sharp increase suggested a shift in workplaces across the region, where employees now favour informal communication over established professional protocols.

Furthermore, only 27% of respondents use enterprise platforms, indicating an urgent need for businesses to adapt.

One of the most pressing dangers of utilising WhatsApp for work communication is the risk of data leakage.

Collard highlighted how the accidental or deliberate sharing of confidential information—ranging from client details to internal strategies—can lead to catastrophic consequences for businesses.

“It’s completely beyond the organisation’s control, creating a shadow IT problem,” she cautioned.

Moreover, the threat of phishing schemes and identity theft looms larger when employees rely on less secure platforms.

Collard added that attackers are adept at exploiting systems with weak identity verification.

Reports of impersonation scams within her network are alarming, as victims’ accounts can be compromised and their sensitive communications accessed. This represents a severe existential threat for any organisation operating under insufficient protective measures.

As the reliance on informal communication tools for workplace interactions becomes increasingly prevalent, Collard argues for organisations to take decisive action.

While the convenience of platforms like WhatsApp cannot be overstated, the risks cannot be ignored.

“Organisations must move beyond simply acknowledging the problem and proactively implement clear policies while providing secure alternatives,” she advised, urging business leaders to create a safer environment for their employees.

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BUSINESS REPORT 

Africa is entering a pivotal phase in its development journey, with domestic capital now outpacing external financing flows and reshaping how the continent funds its infrastructure and industrial ambitions.

This is according to the Africa Finance Corporation’s (AFC) "State of Africa’s Infrastructure Report 2026" (SAIR 2026), released on Thursday.

The report reveals that Africa’s non-bank domestic capital pools have surpassed $2 trillion—exceeding the roughly $1.7trln in cumulative external financing flows recorded between 2014 and 2024.

This marks a structural turning point, signalling that the continent is no longer primarily dependent on foreign capital to drive growth. Instead, the challenge has shifted.

“The constraint is no longer capital—it is intermediation,” said Samaila Zubairu, President and CEO of AFC, at the launch during The Africa We Build Summit.

“We have the savings, but not yet the systems to channel them into infrastructure and industry at scale. Closing that gap is now Africa’s most important economic task. The next phase of Africa’s infrastructure story must move beyond standalone assets towards integrated systems.”

The summit underscored a growing consensus: Africa’s future growth will depend less on raising new capital and more on deploying existing resources efficiently.

The report argues that building robust financial systems, investment pipelines and risk-sharing mechanisms is now the continent’s most urgent economic priority.

Domestic institutional capital has been a major driver of this shift. Pension and insurance assets alone have crossed the $1trln mark for the first time.

Public development banks hold $276 billion in assets, while sovereign wealth funds account for $164bn. Central bank reserves have also grown, rising from $480bn in 2024 to $530bn in 2025.

A notable trend is the increasing role of gold in reserves. Gold now represents approximately 17% of total reserves, up from less than 10% just a few years ago, reflecting both global uncertainty and strategic diversification.

Despite this growth, much of Africa’s capital remains locked in low-risk, short-term investments such as government securities.

The report identifies this as a critical bottleneck, with limited bankable projects and regulatory constraints preventing funds from flowing into long-term infrastructure and industrial development.

At the same time, external financing sources are becoming less reliable. Official development assistance declined from $83.8bn in 2020 to $73.5bn in 2023 and is expected to fall further.

Sovereign bond issuance has also dropped sharply—from over $29bn in 2018 to just $4–6bn annually in recent years—while foreign direct investment has stagnated at around $45–55bn per year.

This evolving landscape means external capital is increasingly playing a complementary role rather than serving as the foundation of Africa’s development model.

Lerato Mataboge, Commissioner for infrastructure, energy and digitisation at the African union, said 

"Infrastructure systems should move beyond fragmentation and begin to operate as coherent, connected platforms that support production, trade and resilience," she said.

"We don't have joint infrastructure planning between countries. We need to address this gap by making it mandatory for countries planning infrastructure to consider the regional impact."

SAIR 2026 highlights that the greatest opportunity now lies in integrated infrastructure systems. Rather than isolated projects, the report advocates for interconnected ecosystems linking energy, transport, digital networks and industrial demand.

In East Africa, this approach is already taking shape. The Port of Mombasa handles over 45 million tons of cargo annually, supported by expanding rail corridors such as the Naivasha–Kisumu line.

Aviation is also emerging as a key growth driver, contributing an estimated $5.5bn to GDP across Kenya, Rwanda and Ethiopia, while supporting around one million jobs.

Energy integration is another priority area. Projects like the Ethiopia–Kenya power interconnector demonstrate how cross-border systems can enhance efficiency and reliability, enabling power to flow where it is needed most.

However, the report warns that Africa remains vulnerable to external shocks due to fragmented systems.

The continent still imports over 70% of its refined fuel and faces an annual import bill of around $230bn for essential goods, including food, fertiliser and industrial inputs.

In digital infrastructure, while connectivity has improved significantly, gaps remain in backbone networks, data centres and enterprise platforms—elements critical for translating access into economic productivity.

Kenyan President William Ruto emphasised the importance of aligning Africa’s financial strength with its development ambitions.

“Africa has the resources and the potential to finance its own transformation,” he said at the summit. “What we must now do is build the systems that ensure this capital works for our people and our economies.”

The report concludes that Africa’s development challenge is no longer about scarcity of capital, but about coordination, execution and institutional capacity. Unlocking the continent’s full potential will depend on its ability to connect finance with real-economy investments at scale.

As Zubairu put it, “Africa is not capital-poor—it is capital-rich but system-poor.”

BUSINESS REPORT

South Africans are increasingly returning to their retirement savings to cope with ongoing financial strain, raising fresh concerns about long-term financial security in the era of the two-pot retirement system, says Therese, head of wealth management at Momentum Financial Planning (MFP).

She says since its implementation on September 1, 2024, the system has given fund members access to a portion of their retirement savings without needing to resign. While this has offered short-term relief to many households, new data suggests it may also be entrenching a pattern of repeat withdrawals.

 Groblersays early trends point to a more complex reality than initially anticipated: “The conversation around South Africa’s two-pot retirement system has largely centred on one key feature: access”.

She says as the system evolves, a more nuanced picture is starting to emerge.

Figures from Momentum Corporate FundsAtWork show that in the first week of March 2026 alone, coinciding with the new tax-year withdrawal window, more than 30 500 claim requests were submitted. Notably, a significant share of these came from individuals who had already accessed their savings before.

This repeat behaviour, Grobler says, suggests that many South Africans are beginning to treat the savings pot as a financial buffer rather than a once-off emergency measure.

She says the trend is particularly pronounced among individuals aged 31 to 45, as well as those earning between R90 000 and R180 000 annually, a segment often described as the “squeezed middle”, balancing debt, living costs, and family responsibilities.

Broader industry data support this picture. According to the South African Reserve Bank’s Quarterly Bulletin and household finance data, consumer finances remain under sustained pressure, with rising debt-service costs and limited disposable income leaving many households vulnerable to shocks. At the same time, research by the Association for Savings and Investment South Africa (Asisa) has consistently shown that a large proportion of South Africans are not on track to retire comfortably, even before the introduction of the two-pot system.

Against this backdrop, the accessibility of retirement savings is proving to be both a relief mechanism and a potential risk.

Small withdrawals, big implications

Momentum’s data reveals that 71% of recent claims were for amounts below R10,000, a sign that withdrawals are often being used to cover day-to-day expenses rather than major financial emergencies.

Grobler cautions that this points to a critical behavioural shift.

“These smaller withdrawals often go towards day-to-day expenses rather than resolving longer-term financial challenges. In the moment, it can be difficult to tell the difference between what feels urgent and what is essential," she says.

While the amounts may appear modest, their cumulative effect can be significant, particularly when combined with tax implications and the loss of compound growth, she says..

The hidden cost of access

According to Grobler, withdrawals from the savings component are taxed at an individual’s marginal rate, meaning that the actual amount received can be substantially lower than the amount withdrawn.

Beyond this immediate impact lies a longer-term cost: the erosion of compound returns, she says.

Momentum modelling shows that a 30-year-old earning R20,000 a month who withdraws their full savings component annually could see their retirement income reduced by up to a third.

This underscores a key concern among financial planners, that repeated access, even in small amounts, can materially alter retirement outcomes over time, she says.

A growing pattern of dependency

“One withdrawal may feel manageable. But over time, repeated withdrawals can start to erode retirement savings in a meaningful way,” Grobler explains.

The rise in repeat claims indicates that withdrawals are increasingly being driven by persistent financial pressure rather than isolated emergencies.

Economists point to a combination of factors behind this trend, including high inflation in essentials such as food, electricity, and fuel, as well as slow income growth. For many households, there is little room to build alternative safety nets, making retirement savings one of the few accessible sources of liquidity.

Building resilience beyond retirement funds

“In a challenging economic environment, it is understandable that people look to available savings to manage immediate demands, but long-term resilience is usually built through structure rather than reaction,” says Grobler.

She highlights the importance of emergency savings and appropriate risk cover as key buffers that can reduce reliance on retirement funds.

This view aligns with findings from Asisa, which emphasise that emergency savings remain one of the weakest areas of personal finance in South Africa, leaving many consumers exposed when unexpected costs arise.

The role of financial advice

Grobler adds that one of the most overlooked aspects of the two-pot system is the role of financial advice before making a withdrawal.

“The decision to withdraw is often made under pressure. Engaging with a financial adviser before making that decision can help bring clarity. It allows individuals to understand the full impact of withdrawing, consider alternative options, and make a more informed choice based on their broader financial position,” she says.

While accessing the savings pot may still be necessary in some cases, she notes that alternatives may exist that do not compromise long-term financial outcomes.

Balancing today and tomorrow

The two-pot system was designed to strike a balance between preservation and accessibility, a policy shift aimed at reducing the need for premature resignation while improving financial flexibility.

However, as usage patterns evolve, it is becoming clear that access alone is not enough to ensure better financial outcomes.

“The two-pot system provides flexibility, and that flexibility is valuable. But it also places greater responsibility on individuals to make decisions that balance immediate needs with future security,” says Grobler.

PERSONAL FINANCE

A man plants two trees in his backyard. He waters one every day. The other, he tells himself, he will get to ‘when things calm down’. Years pass. One tree grows quietly into something strong and useful. The other never quite takes root. The strange part is this: the man was not careless. He was busy, responsible, and focused on bigger things.

Money often works the same way. Most mid-career professionals do not fail because of big, reckless decisions. Instead, they drift into small, reasonable choices that compound over time. Here are a few common examples.

Delaying retirement planning

Retirement planning rarely feels urgent in your 30s and early 40s. Life is busy, income is growing, and it is easy to assume there will be more time later. But later tends to arrive with more responsibilities, not fewer. The real cost of delaying is not just time, but the loss of compounding; starting even a decade later often means you need to contribute significantly more to reach the same outcome. Building your career and increasing your income is critical in these years, but balance comes from starting early with what is manageable. Small, consistent contributions create momentum and reduce pressure later.

Lifestyle inflation without a plan

As income increases, so does spending. This is natural and often well deserved. The problem is not upgrading your lifestyle, but doing so without intention. Over time, what once felt like a luxury becomes normal, and expenses quietly rise to match income. This can leave you earning more but not feeling financially ahead. Enjoying money in the present is just as important as saving for the future, and that is valid. But the key is structure. Without it, spending becomes reactive. A simple approach is to split every salary increase, allocate a portion to improving your lifestyle, and the rest to saving or investing. This creates balance without sacrificing enjoyment.

Being underinsured

Insurance is often treated as a cost rather than a financial strategy, so it is frequently overlooked or left unchanged for years. Many professionals assume employer-provided cover is sufficient, but it is rarely aligned with their actual responsibilities. The purpose of insurance is to protect income and ensure that financial obligations can continue if something unexpected happens. While insurance can be oversold, the bigger issue is misalignment, too little cover where it matters most. Shift the focus from products to outcomes, consider how long your family could cope without your income, what debts need to be settled, and what future expenses must still be funded. Then structure your cover accordingly and review it regularly.

No estate plan or an outdated will

Estate planning is often delayed because it is uncomfortable, not because it is complicated. Many professionals create a will early in life and never revisit it, even as their circumstances change significantly. Over time, that creates a disconnect between their intentions and their legal documents. Estate planning is not about age; it is about responsibility. If others depend on you financially, clarity is essential. Without it, decisions are made on your behalf, often not in line with your wishes. Keep it simple and current: ensure you have a valid will, update beneficiaries on your policies and retirement funds, and make clear provisions for dependants. Regular updates matter more than complexity.

No clear investment structure

Many mid-career professionals are investing, but few have a clear structure guiding their decisions. Portfolios are often built over time, with each choice made in isolation. While each investment may make sense on its own, the overall portfolio can lack direction, balance and clarity around risk. That inconsistency can quietly erode long-term returns. Some investors value flexibility and prefer not to follow a rigid plan, which can be useful. However, without a defined structure, flexibility can easily become scattered decision-making. A more effective approach is to build a core portfolio that is long-term, diversified, and aligned with your goals, supported by a smaller tactical portion for adjustments. The aim is not to predict markets, but to stay consistent across them.

Final thought

Financial mistakes in your 30s and 40s are rarely dramatic. They are quiet, a delay here, an upgrade there, an assumption that things are ‘good enough’. Each decision feels reasonable. Together, they shape your future.

The challenge is not knowledge; most professionals know what they should do.

The challenge is behaviour, acting early, consistently, and with intention. The man with the two trees was not irresponsible; he just waited. And in finance, waiting is often the most expensive decision you can make.

* Prinsloo is the financial adviser at Alexforbes.

PERSONAL FINANCE

When it comes to our physical health, many of us are super diligent (especially at the start of the new year), hitting the gym often enough to finally qualify for that free Kauai smoothie, committing to healthier habits, and getting our annual check-ups with the GP, gynae, or dentist booked in the diary.

But while your physical health is important, don’t neglect another critical aspect of your life: your financial health.

We’re often very disciplined about booking health check-ups and paying attention to what our bodies are telling us, but far less proactive about our finances. A financial health check follows a similar logic; it’s about getting the right expertise, understanding where you stand, and making small adjustments to course-correct, where needed.

Here are 5 financial health checks you shouldn’t skip in 2026

Find the right specialist

Just as you wouldn’t self-diagnose a serious health concern, managing your finances isn’t a DIY job.  A qualified financial adviser plays the role of your specialist, someone who understands your full financial picture and who will consult with you to help you build and protect your financial dreams.

Beyond choosing products, a good adviser helps you ask the right questions, challenge assumptions, and make informed decisions as your life evolves. Importantly, they also act as an objective sounding board when emotions threaten to derail long-term plans.

Book your annual check-up

Most people accept that annual health check-ups are non-negotiable, yet seem to lack that same discipline when it comes to their money. A financial check-up should review key areas such as your budget, risk cover, short-term insurance cover, and investments to ensure they remain appropriate. Are you over- or underinsured? Are your savings, emergency fund, and retirement contributions still adequate? Is your will up to date?

Even small changes in income, expenses or family circumstances can quietly throw things out. For example, if your income has steadily grown over the course of a few years due to annual increases and promotions, the amount you set for yourself as your retirement target a few years ago might be outdated now and in the future.

Regular reviews will help to ensure your financial plan stays relevant and aligned to your goals.

Set your treatment plan

A diagnosis without a treatment plan is redundant, and the same applies to your financial health.

Once you know where you stand, set clear goals for the year ahead. These could include building an emergency fund, paying off debt, increasing retirement contributions, or planning for a major milestone such as buying a home. Well-articulated goals, with concrete action to get you there,  add structure and accountability, helping turn good intentions into real progress.

Reset unhealthy habits

When a health issue is identified, lifestyle changes usually follow, and your finances should be no different. Once you’ve assessed your position, it’s important to consider whether your current saving, spending, and investment habits still match up with your aspirations.

For example, if you tend to let your emotions guide your investment decisions or purchases, now is the time to reset. Small adjustments made early often have a far greater impact than dramatic changes made too late.

Track your vital signs

Doctors rely on vital signs to measure progress over time. In your financial life, your net worth plays a similar role. Understanding what you own versus what you owe gives a far clearer picture of your financial health than your monthly salary alone, and tracking this annually allows you to see whether you’re moving forward. It also provides a valuable benchmark for future planning, helping you and your adviser assess whether your current plan is delivering long-term improvement.

Here is a simple formula for measuring your net worth: subtract what you owe from what you own, adding up assets like savings, investments, and property, and then deducting debts such as loans and credit cards. If your property is bonded, it still counts towards your net worth, but only the portion you actually own. For example, if your home is worth R3 million and you still owe R1.5 million on the bond, your net worth reflects the R1.5 million equity, not the full property value.

Good financial outcomes don’t happen by accident. They’re the result of regular check-ins, informed decisions, and a willingness to adjust as circumstances change. Treating your money with the same discipline as your health can ensure a healthier, issue-free future.

* Wolmarans is the franchise principal at Consult by Momentum.

PERSONAL FINANCE

South Africa’s coffee market is undergoing its most significant transformation in decades.

What was once a category defined by necessity and routine is now being reshaped by premiumisation, personalisation and purpose.

Locally, the coffee market is projected to exceed $500 billion by 2030, driven largely by younger consumers seeking experience, authenticity and value beyond caffeine alone.

Locally, industry data shows that specialty and premium coffee segments in South Africa are growing at more than double the rate of traditional instant coffee, while sugar usage in hot beverages continues to decline year-on-year.

In South Africa, the expansion of independent roasteries and specialty cafés across major metros such as Johannesburg, Cape Town and Durban reflects a structural shift in demand, one that is influencing retail strategy, pricing models and shelf allocation across the FMCG landscape.

Even within a price-sensitive environment, consumers are increasingly willing to trade up when the value proposition feels credible, differentiated and experiential.

This is more than a shift in taste. It is a shift in mindset.

For generations, instant coffee and chicory blends were household staples in South Africa.

Chicory, made from roasted chicory root, became embedded in local consumption patterns as an affordable, reliable alternative during periods of constraint. Today, it retains relevance for consumers seeking heritage-driven taste experiences.

Coffee quality is influenced by several factors, including the species of the bean and the altitude at which it is grown.

Broadly, coffee can be divided into washed and unwashed Arabica, as well as Robusta.

Washed Arabica beans are typically cultivated in highland regions at altitudes above approximately 1,200 metres.

The cooler climate and slower maturation process allow the beans to develop greater complexity, which contributes to their higher quality and, consequently, a higher price point. These coffees are often characterised by bright flavour profiles with fruity, citrus and berry-like notes.

In contrast, unwashed Arabica and Robusta varieties are generally grown in lowland regions below roughly 700 metres.

In these warmer environments, the beans mature more quickly and produce higher yields, resulting in a lower cost of production.

Unwashed Arabica tends to deliver richer, chocolatey undertones, while Robusta is known for its bolder, more intense character with spicy notes and higher caffeine content.

Specialty coffee, by contrast, is defined by exceptional bean quality, traceable origin and precision roasting.

Arabica beans are often prized for their aromatic complexity and layered flavour, while Robusta contributes strength and intensity.

The distinction matters because today’s consumers are choosing more deliberately. Coffee is no longer simply a habitual beverage; it has become an expression of identity, lifestyle and values.

The question is no longer “Do you drink coffee?” It is  “What kind of coffee do you drink  and why?”

For Gen Z and younger millennials, coffee has become far more than a beverage. It is a daily ritual, a mood enhancer and a form of self-expression.

Gen Z consumers actively seek personalised food and beverage options that reflect their identity.  Global beverage trend data indicates growing interest  in drinks that support cognitive performance and stress relief .

Customisation is no longer a luxury; it is expected. Oat milk or almond? Cold brew or pour-over? Single origin or blend? 

The power has shifted from producer to consumer. This is where the next phase of category growth lies: not in volume alone, but in meaning.

Premiumisation is not only reshaping consumer expectations; it is redefining value creation within the category. While overall volumes may fluctuate in a constrained economy, value growth is increasingly concentrated in higher-quality, experience-led offerings.

South Africa’s specialty coffee scene reflects a broader desire for authenticity and craftsmanship.

Consumers want to know where their beans come from, how they are roasted and what story sits behind each cup. Transparency builds trust. Origin builds intrigue.

As climate volatility and supply chain pressures reshape global coffee production, responsible sourcing and traceability are becoming strategic imperatives rather than optional brand narratives. In this environment, credibility matters more than ever.

The café experience has also migrated into the home. Consumers are investing in grinders, brewing equipment and curated subscriptions. Brewing is becoming a ritual rather than merely a convenience.

At the same time, convenience itself is being redefined. Today’s consumer expects quality without compromise, even in fast-paced, on-the-go moments.

This is driving growth in formats that combine café-level taste with portability, expanding coffee consumption beyond traditional occasions and into new daily touchpoints.

At Jacobs Coffee, this shift has directly informed how we innovate. Our recent Jacobs Specialty Coffee was developed with the goal of continuing to make high quality, indulgent café style / coffee shop style coffee more accessible - inviting consumers into a more premium, more intentional relationship with their daily cup at home. 

Innovation today must balance aspiration with accessibility.

Another defining trend is coffee’s convergence with wellness. Functional formulations and ingredient innovation are expanding the category beyond stimulation into performance and wellbeing.

As consumers become more health-conscious, value is increasingly being created at the intersection of energy, focus and lifestyle support, helping build a more functional coffee routine

South Africa’s coffee culture now reflects a market that is more curious, more discerning and more expressive than ever before. From chicory blends born of necessity to carefully curated specialty ranges, the category is moving from habit to intention.

Coffee is no longer simply a commodity. It has become a reflection of consumer intent.

The next decade of growth in South Africa’s coffee market will not be driven by volume alone, but by brands that translate consumer insight into credible, differentiated value. In an intentional market, authenticity is not a differentiator, it is a prerequisite for growth.

Domaine Rautenbach, Senior Brand Manager for Jacobs.

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BUSINESS REPORT 

More than 3.4 million young South Africans are not in employment, education or training. It is a sobering number — but it does not have to define us.

In fact, it may be the clearest signal yet that South Africa stands at a moment of redesign.

At a recent National Education Summit, Higher Education Minister Buti Manamela offered a powerful reframing: “The crisis is not necessarily only unemployment. It is a crisis of pathways.” That insight shifts the national conversation. Because if the challenge is pathways, then the opportunity is design.

South Africa does not start from zero.

It has institutions, programmes, talent and ambition. What it needs now is alignment — and a renewed focus on building visible, scalable pathways that connect learning to earning, and potential to participation.

Over the past three decades, the country has made significant progress in expanding access to education. But access alone is no longer enough. The next phase must be about outcomes — about ensuring that every young person can see, and step onto, a credible path into the economy.

From job seekers to job creators

Equally, the structure of the economy demands a mindset shift.

The formal sector, on its own, cannot absorb the scale of youth entering the labour market each year. Preparing young people exclusively for employment is no longer sufficient. South Africa must become intentional about producing job creators.

Encouragingly, this shift has already begun. Technical and Vocational Education and Training (TVET) colleges are introducing entrepreneurship into their programmes, exposing thousands of students to the fundamentals of starting a business.

But entrepreneurship cannot be taught in isolation. It must be enabled. Young entrepreneurs need access to funding, to markets, to procurement opportunities and to experienced mentors. When these elements come together, entrepreneurship moves from theory to traction — and from small ventures to scalable enterprises.

Where the jobs will come from

The question then becomes: where are the most credible opportunities for job creation?

Several sectors stand out — not as abstract possibilities, but as immediate engines of growth if aligned with the right skills and support:

• Green economy and renewable energy: South Africa’s energy transition is not only an environmental imperative; it is a job creation opportunity. From solar installation and maintenance to grid innovation and battery technology, the green economy can absorb both technical and entrepreneurial talent at scale.
• Agriculture and agro-processing: With the right investment in value chains, rural economies can be revitalised. Agro-processing, in particular, offers a powerful bridge between primary production and industrialisation, creating jobs across the spectrum from smallholder farming to export-oriented enterprises.
• Digital economy and technology services: The rise of remote work and global digital platforms has lowered the barriers to entry for South African youth. Skills in software development, data analysis, digital marketing and platform-based services can connect local talent to global demand.
• Infrastructure and construction: The country’s infrastructure backlog is well documented — and so is its potential as a job creator. Expanding artisan training and aligning it with large-scale infrastructure projects can unlock thousands of opportunities while addressing critical national needs.
• Tourism and the experience economy: South Africa’s natural and cultural assets remain under-leveraged. With the right focus on safety, service excellence and entrepreneurial participation, tourism can once again become a major employer, particularly for youth and women.

These sectors share a common characteristic: they require both skills and systems. Training alone will not unlock their potential. Nor will policy in isolation. What is needed is coordinated execution.

From fragmentation to alignment

Minister Manamela’s observation that “our challenge is not lack of programmes but fragmentation” points to the heart of the issue.

South Africa does not lack ideas. It lacks integration. Education, industry and government often operate in parallel rather than in partnership. As a result, young people encounter a maze of opportunities that are difficult to navigate and even harder to translate into tangible outcomes.

The next phase of reform must focus on stitching these elements together into coherent pathways — clear journeys that a young person can follow from school, through training, into work or enterprise. This is not simply a policy challenge. It is a leadership challenge.

It requires business to step forward as co-creators of pathways, not just consumers of talent. It requires educational institutions to design with the end in mind. And it requires government to act as the integrator of the system, ensuring that incentives are aligned and outcomes are tracked.

A moment to build, together

On 28 May, South Africa’s Future of Jobs Summit will bring together leaders from across sectors to engage precisely on these questions. The opportunity is not to add another layer of programmes, but to accelerate alignment — to move from intention to implementation.

South Africa has done this before. At defining moments, the country has demonstrated an extraordinary ability to align around a shared goal and deliver against it. The challenge now is to apply that same collective focus to the question of youth pathways.

Because the stakes are clear — but so is the opportunity.

If South Africa can design and scale pathways that work, it will not only reduce unemployment. It will unlock a generation of builders, creators and contributors.

And in doing so, it will answer a far more important question: What does freedom look like when every young person can see a future — and step into it? 

Dr Nik Eberl is the founder and executive chair: The Future of Jobs Summit™ (Official T20 Side Event). He is also the author of Nation of Champions: How South Africa won the World Cup of Destination Branding).

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As South Africa marks Freedom Day, the national conversation will once again turn to political liberation.

But for millions of South Africans, the more urgent question is economic: how to build stability, dignity, and opportunity in a labour market that remains deeply unequal.

Increasingly, the answer lies in the rise of the side hustle.

What was once dismissed as a coping mechanism for financial strain is now a defining feature of modern work. In South Africa, more than 10% of households participate in side hustles, including over 40% of high-income earners – a clear signal that this is no longer just about survival, but a strategic and widespread shift in how people earn, learn, and grow.

A global movement, a local reality

Globally, the side hustle economy has surged over the past decade. From the gig economy in the United States to freelance and creator ecosystems in Europe and Asia, workers are increasingly building “portfolio careers” – combining employment with entrepreneurial or passion-driven pursuits.

This shift has been accelerated by technology, which has lowered barriers to entry and opened access to global markets. At the same time, economic shocks – from the 2008 financial crisis to the COVID-19 pandemic – have eroded the idea of job security, pushing people to diversify their income streams.

But globally, side hustling is not only about necessity. It is also about autonomy, creativity, and purpose.

In Africa – and particularly in South Africa – the story is more complex.

Here, multi-income livelihoods have long been part of economic life. What is new is the scale and intentionality. Across the continent, side hustles are becoming more structured, more ambitious, and more central to upward mobility. In South Africa’s case, they are shaped by high unemployment, rising costs, and inequality – also by ingenuity and resilience.

The result is a uniquely powerful phenomenon: a workforce that is both responding to economic pressure and actively redefining opportunity.

The rise of the “hybrid” worker

The traditional model of employment – one job, one employer, one identity – has faded. In its place is a new kind of worker: one who blends formal employment with entrepreneurial ambition.

This “hybrid” professional is not disengaged from their primary job. On the contrary, they are often more innovative, adaptable, and commercially aware. Running a side venture builds real-world skills – decision-making, resilience, creative problem-solving – that formal roles do not always develop.

Side hustles also provide something less tangible but equally important: a psychological buffer. In an uncertain economy, having an additional source of income or a platform for self-expression reduces anxiety and increases a sense of control. This can translate into higher motivation and engagement at work.

Yet despite these benefits, many organisations continue to treat side hustles with suspicion.

What leaders are getting wrong

Too many workplaces are operating on outdated assumptions: that employee commitment is finite, that time equals productivity, and that outside interests dilute performance.

This thinking is increasingly out of step with reality.

Employees with side hustles often bring expanded market awareness, broader networks, and a stronger entrepreneurial mindset into their primary roles. Their exposure to different industries and customers allows them to spot opportunities and solve problems in ways that more traditional career paths may not.

The real risk to organisations, is not that employees have side hustles, but that they fail to recognise and harness the value they can create.

The leadership shift: from control to collaboration

The rise of the side hustle economy presents a clear challenge – and opportunity – for leadership.

First, organisations can move away from rigid, time-based management models and towards outcome-based performance. In a world of hybrid careers, what matters is not where or how long people work, but what they deliver.

Second, leaders can shift from policing to partnering. Instead of ignoring or restricting side hustles, organisations can put their energy into creating clear, transparent policies that set boundaries while building trust. Open conversations about expectations and performance are far more effective than silent suspicion.

Third, leaders can explore ways to actively channel entrepreneurial energy internally. Employees who are building ideas outside the organisation are demonstrating initiative. By creating intrapreneurial platforms – innovation labs, internal ventures, or idea incubators – there is a chance that the organisation can harness this energy to improve its own products, processes, and services.

Fourth, leadership can double down on prioritising well-being and sustainability. The side hustle economy can empower, but it can also exhaust. Leaders need to pay attention to workload, energy levels, and burnout, ensuring that performance expectations remain realistic.

Finally, leadership development itself must evolve. Tomorrow’s leaders will need to be prepared to manage non-linear, multi-dimensional careers, to coach rather than control, to build cultures of trust and transparency, and to lead for adaptability and innovation, not just efficiency.

A national opportunity hiding in plain sight

Getting this right has implications that extend beyond individual organisations.

Side hustling is already embedded in South Africa’s economy and it deserves to be recognised as a pipeline for entrepreneurship, innovation, and small business growth. Policymakers have an opportunity to modernise labour frameworks, simplify tax systems for micro-entrepreneurs, and support skills development that acknowledges real-world, informal learning.

At a time when economic growth remains constrained, the side hustle economy represents a bottom-up engine of activity – one that is already creating value, often without formal support.

Rethinking freedom

South Africans are hard workers. They work after hours, on weekends, and in between demanding jobs, many are constructing parallel pathways to income and opportunity. The side hustle is no longer a distraction from “real work.” It is, for many, the most real work they have.

The question is whether our institutions – businesses, policymakers, and leaders – are ready to catch up.

In many ways, the ability to build, to participate in the economy, to experiment, and to thrive is the ultimate expression of freedom we can have as South Africans. So this Freedom Day, the real test of freedom may not be what we celebrate – but whether we can recognise and support the multiple ways South Africans are already claiming it.

Zara Cupido is the research manager at Henley Business School and author of a new report The hidden return on investment of side hustles: why leaders see them as catalysts for growth, published by Henley Business School Africa.

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In an industry traditionally dominated by men and often difficult to access for small businesses, Mahlatse Lekwadu has carved out her own path with determination, resilience and an unwavering belief in possibility.

The 52-year-old entrepreneur from Limpopo is the founder of Magadine Business Enterprise Pty Ltd, a company that has spent the past seven years building its footprint in the mining and industrial supply sector.

Living with a neurological disorder, Lekwadu has not only had to navigate the usual challenges of entrepreneurship but also barriers linked to accessibility, prejudice and limited support systems.

Yet she has transformed those challenges into fuel for growth.

Today, Magadine Business Enterprise supplies major clients including Glencore Eastern Mine and Lion Smelter from its base at Unit B19, Mining Supplier Park in Steelpoort.

Her story is one of grit, purpose and breaking barriers in spaces where representation for women and people living with disabilities remains limited.

Starting small with big ambition

Like many South African entrepreneurs, Lekwadu began with little more than determination and a vision for a better future.

“From 2018 to 2021, we operated under a subcontract. Launching the business was difficult due to financial constraints. We relied on loans from family, friends and personal credit to purchase stock,” she said.

For the first three years, the business operated from the family garage, a modest beginning that contrasts sharply with the company’s current position serving established mining clients.

Securing opportunities in the sector was no easy task.

Lekwadu said one of the toughest hurdles was becoming a registered vendor in the mining industry, a process that required persistence and patience.

“Getting registered as a vendor in the mining sector was a drawn out process. I had to persistently send daily emails until we secured the vendor number and, later, tender opportunities,” she said.

Turning adversity into strength

Accessibility remains a major challenge for many South Africans living with disabilities, and Lekwadu experienced this firsthand.

“Infrastructure like ramps was also a major barrier,” she said.

Rather than allowing those obstacles to limit her ambitions, Lekwadu chose to lead from the front. She remains actively involved in the day to day running of the company, strategic planning and team leadership.

“I don’t have a disability, I have a different ability,” she said, echoing the words of author Robert M Hensel.

Her mindset reflects a broader truth about entrepreneurship in South Africa. Talent and leadership are not defined by physical condition but by vision, commitment and the ability to create value.

For Lekwadu, business success is about more than profit. It is also about creating security for her family and opening doors for others.

“My motivation stems from wanting to ensure a better future for my children. I also enjoy mentoring others and continuously learning, especially from the youth,” she said.

That spirit of mentorship and community upliftment is central to her mission. By succeeding in a sector where women owned and disability owned businesses are still underrepresented, she is helping reshape perceptions of who belongs in mining and industrial supply chains.

Looking ahead

Despite the progress made, Lekwadu says the journey continues. One of the company’s current priorities is finding the right marketing expertise to support its next phase of growth.

“One of our biggest challenges now is finding a reliable and committed marketing consultant. We are looking for a passionate marketer who can take Magadine Business to the next level,” she said.

Her willingness to keep evolving highlights a trait shared by many successful entrepreneurs: the understanding that growth requires constant adaptation.

Proud Limpopo roots

Born in Bothashoek village in Limpopo and raised in Burgersfort, Lekwadu’s journey is deeply rooted in her community.

She attended Madinoge Primary School and Mmiditsi Secondary School in Bothashoek, foundations that helped shape the resilient business leader she is today.

As South Africa continues to seek inclusive economic growth, stories like Lekwadu’s offer an important reminder that opportunity expands when barriers are removed.

From a garage startup to supplying major mining operations, Mahlatse Lekwadu is proving that determination, courage and vision can build success against the odds.

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South African consumers are facing a financial storm as the effects of the United States (US) and Iran conflict effects start to trickle through to our shores. 

While US President Donald Trump announced an indefinite extension of the ceasefire between the two nations, the US blockade of the strategically crucial Strait of Hormuz is set to remain in place, which keeps concerns over oil supply firmly on the table.

This will continue to directly affect fuel prices in South Africa and around the globe as oil supply will become constrained.

What is alarming is that despite government's efforts to try and help cushion South Africans from hefty fuel price increases by staying the fuel price levy for April, data from the latest Debt Rescue consumer survey revealed that consumers are already buckling under the pressure. 

The survey was conducted amidst the April 2026 fuel and electricity price hikes, which revealed the impact of the latest price surges and how it has added financial pressure to consumers in the country. 

9 out of 10 respondents polled in the survey reported that they are under serious financial strain.

People are cutting back on essential goods and services to make ends meet, with 52% of those polled saying they are facing severe financial pressure and don’t know how they will cope, while 32% will now struggle to afford the basics. 

According to Neil Roets, CEO of Debt Rescue, South Africans have valiantly attempted to weather the storm of escalating costs over the past five years. However, “their wells have all but run dry,” he said.

“Another sharp increase in the fuel price will push inflation up even more, and this is likely to result in a significant slowdown in economic growth in South Africa, in turn putting severe strain on hard-working consumers due to the resultant job losses, reduced disposable income, and higher debt-servicing costs,” Roets said.

“This means that households will likely cut down on non-essential spending, creating a vicious cycle of decreased demand, which will weaken the economy further and exacerbate already high unemployment. We are heading for a meltdown,” Roets added.

Statistics South Africa released Consumer Price Index (CPI) this past week that showed inflation edged up slightly from 3% to 3.1%. 

The main contributors to the higher inflation in February were housing and utilities, which increased in their contribution by 0.1 percentage point, as well as entertainment, restaurants, and accommodation services, which increased by 0.2 percentage points over the February read.

Frank Blackmore, Lead Economist at KPMG South Africa, pointing to the Monetary Policy Review that was also released last week, said that there still remains a lot of uncertainty on the Middle East conflict.

Blackmore said, "There is still a lot of uncertainty around the war in Iran, both in terms of its duration and intensity. Therefore, most central banks have decided to hold interest rates at current levels. These levels are seen to be slightly restrictive, or moderately restrictive, affording authorities more room to look through the first-round effects of the energy price shocks that have come through." 

He added that this means interest rates in South Africa are likely to remain higher for longer, with possibilities of an increase.

"Depending on the intensity and duration of the inflationary shock of the war. The Reserve Bank’s inflation model shows a number of alternative paths, depending on the assumptions used regarding the duration and intensity of these inflationary effects. The Reserve Bank still expects GDP growth to increase to around 2% by 2028, but the impact on household consumption expenditure may be skewed to the downside, given higher inflation for this year. This could reduce economic growth in 2026, although no specific growth levels were mentioned," Blackmore said. 

"There could be some positive developments towards the end of 2025, including potential sovereign credit rating upgrades and the removal from the FATF grey list. The bottom line is that we can expect no further interest rate cuts this year. Any potential cuts may only materialise in the fourth quarter, and even then, only if the war ends relatively soon. Otherwise, rate relief may be carried over for a longer period," Blackmore added.

Another disturbing insight from the Debt Rescue survey is the grave impact the latest fuel and electricity price increases will have on the cost of food and household essentials.

“Steep electricity tariff hikes approved by the National Energy Regulator of South Africa (Nersa), including an 8.76% hike for Eskom customers and even higher municipal increases, effective April 2026 - are directly feeding into higher food manufacturing and retail costs,” Roets said.

The Debt Rescue Survey results concur, with 60% of respondents stating they expect a significant increase in grocery costs in the coming weeks and months, to the point that they may struggle to afford basics; while 75% believe fuel increases are significantly driving up the cost of goods and services. 

“My advice to those who cannot break free from their financial constraints is to seek help from a registered debt counsellor who can assist them to manage their financial predicament. This has been a very successful solution for thousands of consumers who are plagued by over-indebtedness,” Roets said.

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As South Africa grapples with a rapidly evolving digital landscape, the narrative surrounding women in technology is shifting dramatically.

No longer is the focus merely on increasing access, the pressing issue now is whether women are genuinely influencing the systems, decisions, and innovations steering the future of work.

Seugnet van den Berg, co-founder of Bizmod, shed light on the imperative for women to move beyond mere representation in the tech sector.

"Having women present is not the same as giving them real influence. If women aren’t actively shaping decisions and outcomes, then digital transformation simply reinforces the same structures organisations are trying to move away from. Inclusion on its own isn’t enough," van den Berg said. 

Beyond corporate tick boxes

Closing the digital gender gap requires a profound commitment that transcends Corporate Social Investment initiatives, according to van den Berg.

"For true progress, inclusion must be interwoven into the operational fabric of organisations, influencing decision-making and technological deployment. When women take on integral roles in developing and applying emergent technologies, especially generative AI, their diverse perspectives can significantly dictate adoption trends, usability, and long-term benefits," van den Berg said. 

“Technology has real human consequences. It changes how people work, learn, and access opportunities. When those effects aren’t prioritised from the beginning, systems struggle to gain traction. Including women in design and decision-making improves adoption and leads to better business outcomes,” van den Berg added. 

She said that the onus of empowerment lies not solely with organisations, individuals must also cultivate the confidence to take part.

"Participation in the digital economy translates to a proactive approach, building digital literacy, capabilities, and aspiring for one’s contributions to make a difference," she said. 

Rebuilding the talent pipeline

Engaging initiatives at schools and community levels, such as hackathons and digital bootcamps are essential to dispel these myths, showcasing that technology extends far beyond coding to encompass problem-solving, creativity, and tangible societal impact, according to van den Berg.

“Teachers can only guide learners towards careers they understand themselves," van den Berg said. 

Leadership in a rapidly changing world

As artificial intelligence and automation continue to redefine the workplace landscape, van den Berg said that it is crucial that women's participation in technology extends beyond individual roles into leadership and governance.

"Women in executive positions must embrace the dual responsibility of mentorship and sponsorship. The upcoming generation of women requires guidance that reflects the complexities of navigating ambition amid cultural expectations and systemic bias. Change happens when women lead visibly and confidently, supporting one another and setting a different standard for what leadership looks like in practice,” van den Berg said.

Ultimately, women’s involvement in technology cannot simply be a matter of representation, it is a necessity.

The future of work relies on diverse thinking, ethical leadership, and actionable solutions that resonate with the populace.

Without women's active participation in shaping the digital economy, the potential for genuine inclusivity and advancement remains tantalisingly out of reach.

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