GNU passes budget stress test

28 July 2025 - In this week’s Risk Alert, we begin with a recap of two DA wins in the budget process, before analysing the political implications of the process.

We discuss the growing pressure the uMkhonto weSizwe Party is applying on President Cyril Ramaphosa. From there, we move to some economic risks for South Africa highlighted by Lesetja Kganyago, the Reserve Bank governor, before closing with a look at SA-US relations and the trade outlook.