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7 minutes to read by  W.Hayes, RBC Emerging Markets Equity team Oct 7, 2025

Our recent trip to Cape Town and Johannesburg brought home how South Africa is a country of striking contrasts, where natural beauty and the potential for growth sit alongside deep-rooted socioeconomic challenges.

Key takeaways:

  • A complex political backdrop: the current multi-party Government of National Unity (GNU) is showing resilience, although reforms and improvements are very slow to materialise, and public patience is wearing thin.

  • Innovation amongst challenges: domestic issues have left South Africa with poor economic growth, and unemployment sits at around 30%. On the bright side, however, companies with good management are seeking to improve, and operational excellence is key to surviving and thriving.

  • Retail therapy in Cape Town: this innovation was evident in Cape Town’s shopping centres, where retailers are adapting to a tough market by targeting specific needs. Both budget-friendly and aspirational offerings seem to be thriving, whilst middle-of-the-road products are struggling.

  • A hospital visit in Johannesburg: the complexities of life in South Africa firmly extend to healthcare, with debates around National Health Insurance continuing to rage on against the backdrop of a sorely under-resourced public system.

  • Glimmers of hope: South Africa’s strong demographics and natural resources offer hope of a brighter future, but progress depends on better governance and execution at both a local and national level.

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RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), and RBC Global Asset Management (Asia) Limited (RBC GAM-Asia), which are separate, but affiliated subsidiaries of RBC.

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