Business Unity South Africa (BUSA) welcomes the decision by S&P Global Ratings to upgrade South Africa’s long-term foreign and local currency credit ratings. This development affirms progress made in restoring fiscal stability, improving institutional integrity, and setting a path toward inclusive economic growth.

The upgrade follows the 2025 Medium Term Budget Policy Statement, which reaffirmed the government’s commitment to stabilising debt, delivering a primary budget surplus, and accelerating structural reforms.

“The decision signals a turning point in South Africa’s economic recovery,” says Khulekani Mathe, CEO of BUSA. “It reflects the combined effort of government, business and civil society to rebuild credibility and restore confidence. What matters now is translating this progress into real outcomes such as investment, job creation and broader economic opportunity.”

S&P cited improvements at key state-owned enterprises, including Eskom, and stronger revenue collection as contributing factors. These developments suggest a more credible fiscal trajectory, which is critical to investor confidence.

BUSA believes the country must now focus on sustaining this progress. Priority areas include infrastructure investment, regulatory reform, reliable energy and logistics systems, as well as strengthening the public sector by improving service delivery and tackling corruption.

“South Africa has a chance to shift from stagnation to growth. Organised business is committed to playing its role by investing in productive capacity, supporting public-private collaboration, and contributing to reforms that strengthen the economy,” Mathe concluded.

ENDS
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Mbalenhle Ngema
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mbalenhle@gravitas.africa
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