33. South Africa’s reform test: Fleeting gains or fundamental change?
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Last year’s strong market returns renewed optimism in South Africa after years of sluggish growth, but many investors are wondering whether the country has truly reached a turning point or is merely in the midst of a false dawn. Allan Gray portfolio managers Thalia Petousis and Sandy McGregor are joined by ESG analyst Raine Adams to discuss whether the country’s reform narrative is on track. They also explore the structural factors shaping the economic environment, including energy, water and logistics, and share views on whether local asset prices can withstand global shocks.
Chapters
- 00:00 Introduction
- 01:14 South Africa's reform agenda
- 07:58 What is driving improvement at Eskom?
- 14:52 Renewable energy, independent power producers and baseload energy
- 18:45 What is driving the water crisis?
- 24:32 Green shoots for South Africa's water crisis
- 28:13 Challenges at Transnet
- 33:08 Beyond local reform: tailwinds driving South Africa's asset performance
- 33:42 Why are gold prices falling?
- 44:04 Closing thoughts
