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The second-largest economy in Africa after Nigeria, South Africa benefits from some of the most sophisticated financial markets in the world, paired with a robust regulatory system, and is also home to the headquarters of a number of major multinational players in the fields of industry, energy and financial services.
Malusi Gigaba, South Africa’s minister of finance, delivered the Medium-Term Budget Policy Statement (MTBPS) to Parliament on October 25, outlining a mix of partial privatisations and infrastructure spending aimed at spurring economic growth while still pursuing fiscal consolidation.
South Africa has recovered from its recession, though investors remain cautious given policy uncertainties and waning business sentiment.
Rising uncertainty over fiscal policy has seen South Africa’s sovereign credit cut to junk status by two rating agencies, although the move appears to have had only a modest impact on the currency thus far, with inflation still within the target range.
South Africa’s economy faced another challenging year in 2016, as soft commodity prices, slow domestic demand and an uncertain political outlook combined to limit growth, with prospects for the coming year expected to be only somewhat more positive.
THE COMPANY: Established in 1918, Sanlam has grown to become the second-largest listed life insurance company in South Africa, after Old Mutual. The group operated as a mutual fund until its listing on the Johannesburg and Namibian stock exchanges in 1998. In legacy of its demutualisation, Sanlam...