It’s been a torrid, terrifying, tumultuous and, ultimately, triumphant year. But that’s enough about the FM …
It is quite strange to reflect on 2025, going back to the expectations South Africans might have harboured at the start of the year. It was still a jittery time. Politically things seemed more fluid than ever before. The ANC was a shadow of itself, the EFF had started fraying around the edges and the MK Party looked anything but poised. US President Donald Trump — with South African-born tycoon Elon Musk in the inner circle — was still ranting and raving at any number of political and economic targets.
That said, at the start of the year most South Africans would probably have settled for how the year finished: prudent fiscal restraints firmly in place, a markedly stronger rand, President Cyril Ramaphosa finally showing some much-needed statesmanship at the G20 and a robust stock market. Trump, despite ongoing tirades, has thankfully shifted into the periphery or, as some may feel, to the lunatic fringe. Considering the country’s sports-mad psyche, perhaps the most underrated uplift came from a series of inspiring performances by mainly the cricket, rugby and soccer teams. It’s no wonder ordinary people hope that one day all South Africans can work together as efficiently and smartly as the Springbok rugby team, which looks able to conquer anything.
All things considered 2025 must, relatively speaking, be regarded as a good year, even if some of the bad stuff remains worryingly conspicuous. South Africa suffered no setbacks on the load-shedding front, with Eskom seemingly humming along nicely. There have been improvements to the ports and rail network, though we still remain a long way from what business would term reassuring efficiency. But crumbling infrastructure (especially in small towns as detailed by the FM) and water supply bottlenecks remain a serious worry, compounded by the continued dysfunction at numerous municipalities. Crime, especially violent incidents, is still all too common.
Ordinary people hope that one day all South Africans can work together as efficiently and smartly as the Springbok rugby team, which looks able to conquer anything
The Madlanga commission did not make for easy viewing. The corruption in law enforcement and the criminal justice system is systemic and the thought that Ramaphosa, currently reviewing the interim report, may not urgently make clear and actionable recommendations is too ghastly to contemplate.
For investors, the year will also rank as more than satisfactory — unless they were part of the pack of bears anxiously waiting for the “overheated” US market to correct. Buoyed by gold and commodity counters, the all share index had surged almost 35% at the time of writing. Investors were also spoilt for choice with a heap of new ETFs launched as well as significant new listings activity in the form of minerals enrichment group ASP Isotopes, cellular services giant Cell C and fintech specialist Optasia. More significant listings beckon for 2026, possibly health and fitness chain Virgin Active and Coca-Cola Beverages Africa.
Finally, for our faithful and highly valued readers this digital edition officially closes 2025 for the FM. We are taking a short break and will resume normal publication on January 15, when we bring you the bumper hot stocks edition filled with views around investment opportunities in the year ahead from the FM investment writing team and a slew of investment experts. This is not to be missed.
The FM wishes all its readers safe travels as well as a peaceful and restorative holiday break.
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