Goldman Sachs expects South Africa’s rand to extend its strong run in 2026, supported by easing interest rates, steadier public finances, and a more favorable global backdrop.
The currency ended 2025 almost 13% stronger against the US dollar, its best annual performance in 16 years—helped by broad dollar weakness. Looking ahead, the bank sees steady global growth and gradual US rate cuts as key tailwinds, alongside South Africa’s exposure to rising precious metal prices and relatively lower political risk.
Investor appetite is also shifting back toward emerging markets as domestic demand within those markets improves.
While recent manufacturing data has been weak, Goldman believes lower borrowing costs could boost banks, retailers, and broader risk-sensitive assets.
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The financing is designed to cushion energy costs while supporting Botswana’s private-sector and jobs reforms.