Kganyago and Godongwana to sell SA’s investment case in London

Finance minister Enoch Godongwana and Reserve Bank governor Lesetja Kganyago will next week descend on London, one of the world’s leading financial hubs, to sell South Africa’s investment case to investors.

The two men, who lead the country’s fiscal and monetary policy, are set to attend a South Africa Macroeconomic Summit convened by the JSE and Investec to shore up foreign direct investment in the country.

Eskom boss Dan Marokane and his Transnet peer Michelle Phillips will also attend the summit, where they are expected to engage with investors on the progress made by the two state-owned entities — both of which are indispensable to South Africa’s economy.

JSE group CEO Leila Fourie said the summit comes at an opportune time. Sentiment towards South Africa is changing, with inflation contained and public debt stabilising, she said, adding that discussions will explore how the improved fixed-income environment can support broader equity market momentum and long-term infrastructure investment.

“The shift in investor appetite does not imply South Africa’s structural growth challenges suddenly disappeared; they did not, but the direction of travel became materially clearer,” Fourie said. “For investors seeking scale, liquidity and exposure to both structural reform and global resource demand, South Africa offers a credible and compelling market.

The shift in investor appetite does not imply South Africa’s structural growth challenges suddenly disappeared; they did not, but the direction of travel became materially clearer.

—  Leila Fourie, JSE group CEO

“We have the opportunity to position South Africa on the global stage as open for business and relevant. The UK summit ensures that South Africa’s best corporate stories remain in the global conversation to support fuller valuations and contribute to the health of the broader equities market.”

The summit comes a week after Godongwana tabled the 2026 budget. Wednesday’s speech was largely well received by the markets, with the Treasury set to announce its fiscal anchor in October.

The Bank has been overhauling monetary policy in recent months and in 2025 managed to get government buy-in to lower the inflation target to 3% with a percentage point latitude in either direction — the biggest monetary policy reform since the early 2000s.

“The UK remains one of South Africa’s most important investment partners and this forum provides a valuable platform to deepen that relationship. Bringing together senior policymakers and institutional investors in one setting enables meaningful dialogue, strengthens transparency, and supports informed capital allocation decisions,” said Ruth Leas, CEO of Investec Bank’s UK business.

The UK remains one of South Africa’s most important investment partners and this forum provides a valuable platform to deepen that relationship.

—  Ruth Leas, CEO of Investec Bank’s UK business

Investors are likely to probe Morakane on Eskom’s revised unbundling plan. However, President Cyril Ramaphosa used the state of the nation address to assure investors that Eskom’s unbundling plan, which he announced in 2019, will remain intact.

The JSE explained the importance of hosting the summit in the UK, saying the investment corridor between the two countries supports £12.1bn in bilateral trade and £26bn in UK foreign direct investment in South Africa.

Co-operative governance & traditional affairs minister Velenkosini Hlabisa and his public works & infrastructure peer, Dean Macpherson, will also attend the summit.

Hlabisa’s trip comes after Ramaphosa’s commitment that his administration in the coming months will finalise a revised white paper on local government, meant to provide solutions for the functioning of an effective local government system.

South Africa has undertaken significant reform in the management of state assets since 1994. To this end, Macpherson’s department has put measures in place to allow for more state income to be generated through its R155bn property portfolio.

‘Credible reform’

“Global capital is flowing to markets that combine institutional strength with credible reform. South Africa is increasingly demonstrating both,” said Cumesh Moodliar, CEO of Investec South Africa. “Improving fiscal metrics, easing inflation and operational gains in energy and logistics are reinforcing confidence in the country’s direction of travel.”

“Forums such as this summit are vital in connecting that progress with global capital. By sustaining reform momentum and deepening co-operation, South Africa can attract long-term investment that drives infrastructure delivery, competitiveness and inclusive growth.”