25/09/2026
Are investors still pricing South Africa for its worst years?
For more than a decade, the dominant investment narrative around South Africa has been shaped by structural problems:
β‘ Unreliable electricity
π’ Inefficient logistics
ποΈ Struggling municipalities
ποΈ Political uncertainty
Some of those challenges remain. But the picture is changing.
Electricity reliability has improved significantly. Private participation in logistics is expanding. Political power is more fragmented. And new intervention is being directed towards some of the country's most important municipal financial problems.
None of this means the risks have disappeared.
But it does raise an important investment question:
When the underlying environment changes, should the assumptions behind your portfolio change too?
The full discussion is in our latest Affluence Capital article.