South Africa running out of time

• South Africa must enshrine its reform process in law to guarantee the momentum gained under President Cyril Ramaphosa endures after he leaves office.
• Investors have warmed to Africa’s largest economy as reforms begin to bear fruit, most visibly with the end of almost daily power cuts as the state-owned electricity utility improves its performance.
• The country will hold municipal elections on 4 November 2026, which could potentially weaken Ramaphosa’s ability to steer the selection of his successor toward someone who will continue reforms.