South Africa’s 2026 Budget arrives at a pivotal moment. Debt is hovering near 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook.

Is this genuine fiscal stabilisation or simply a window of opportunity?

In the latest episode of No Ordinary Wednesday, Jeremy Maggs sits down with Investec’s Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs to unpack:

• Whether debt has truly peaked

• How meaningful the commodity revenue windfall is

• The risk of further “stealth” tax pressure on households

• Municipal reform and infrastructure momentum

• What it would take to secure a credit-rating upgrade

Read more on www.investec.com/now Investec Focus Radio SA