OPINION: Is South Africa investable again?

The narrative around South Africa’s economy is shifting. As we move through the second quarter of 2026, the global investment community is looking past the “polycrisis” of previous years toward a new reality.

With the Rand showing surprising resilience against major currencies and the Business Leadership South Africa (BLSA) Reform Tracker showing consistent progress, the question has evolved. We are no longer asking if South Africa can be saved, but rather: Is the reform momentum enough to sustain long-term capital inflow?

South African banking group Investec put together some excellent podcast content and this recent podcast has caught our attention. 

In the latest episode of No Ordinary Wednesday, Jeremy Maggs is joined by Rudi Dicks, Head of the Project Management Office in the Presidency; Martin Meyer, Head of Energy and Infrastructure Finance at Investec and Ayan Ghosh, Head of Cross-Asset Investment Strategy at Investec, to unpack the reality behind the narrative. 

From energy gains to persistent bottlenecks in logistics and municipalities, the discussion examines whether progress is enough to sustain investor confidence and what still needs to shift for capital to follow.

Listen to this great interview below: 

Meet the Panel: Credibility at the Core

To understand the complexity of this transition, we feature three voices at the very heart of the country’s economic restructuring:

• Rudi Dicks: As the Head of the Project Management Office in the Presidency, Dicks is the primary architect of “Operation Vulindlela.” He provides a direct line into the state’s progress on unblocking critical infrastructure and regulatory bottlenecks.
  
• Martin Meyer: As Head of Energy and Infrastructure Finance at Investec, Meyer represents the private capital that actually funds the transition. His perspective is grounded in the “hard math” of what makes a project financeable in today’s market.
  
• Ayan Ghosh: As Head of Cross-Asset Investment Strategy at Investec, Ghosh brings the macro-investor lens. He analyses how South Africa’s local reforms stack up against global emerging market benchmarks.

Does the current pace of reform match your business’s investment appetite?

The SA Trade Desk is looking to keep abreast of these trends in real-time. Join the conversation below in the comments or connect with us to share your insights.