South Africa Market Update: December 2024

Written by Cecilia Albertyn

As the South African business year winds down, we can reflect on some truly positive strides made in a year where both local- and global political events have been pivotal.

Investor confidence has grown following the May elections and the formation of a Government of National Unity (GNU). S&P changed its outlook for South Africa from stable to positive. Despite much improvement still needed, the turn is in the right direction. 

With Pick 'n Pay's Boxer making a splash on the JSE a couple of weeks ago, the listing marks a turnaround year for Africa’s biggest stock market, which is likely to see more IPOs in 2025 on the back of greater optimism in the South African economy and the market. The JSE is expected to have an uptick in 2025 amid Anglo American’s planned spinoffs, and Coca-Cola reportedly preparing to list its African bottling business. 

South Africa assumed the G20 presidency on 1 December, taking over the baton from Brazil and becoming the first African country to hold this position.

With inclusive economic growth as one of three stated task force areas, this presents another opportunity to play a major role next year. The demographics of wealth in South Africa are changing along with investor's needs and interests. 

The SME and Informal sectors present huge potential, yet South Africa's financial literacy is estimated at 42%. There is more access to information than ever before in history, but the next challenge is democratising data. With AI making data more valuable than ever we've seen world class Fin Tech and Data Tech innovations coming out of South Africa answering the call.

This year we have expanded our network and exposure in South Africa to reach wider and introduce the Isle of Man as a jurisdiction to a diverse audience wanting to bring their expertise to the global market and grow their businesses and wealth. We look to continue doing more and better in 2025 as we aim to remain competitive and agile in a highly dynamic business world.