With commodity prices, especially gold and platinum-group metals, delivering an unexpected revenue tailwind in South Africa, Finance Minister Enoch Godongwana steps into Parliament on Wednesday, February 25, armed with the strongest set of fiscal numbers in years. Markets are pricing in a credible consolidation plan that could finally stabilise public debt and open the door to sovereign credit rating outlook upgrades.
This will be Godongwana’s second budget under the Government of National Unity (GNU) and comes at a delicate political moment. With 2026 shaping up as a year of heightened electoral sensitivity, the minister is widely expected to avoid any repeat of last year’s bruising VAT controversy. Analysts across the board,…