2026 is set to be the year in which we are likely to see real rates across the yield curve fall, which should, in theory, have a larger impact on growth, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-the-madness-of-importing-water-and-divining-the-future/

The big question hanging over 2026 is whether the next big steps on structural reform can be taken, as the bar keeps rising, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-the-madness-of-importing-water-and-divining-the-future/

Nominations are now open for the Africa Impact Investment Awards 2026, sponsored by FirstRand and presented by Krutham. Submit their nominations before 16 February 2025: kaiia.krutham.com/entering-the-awards/ #ImpactInvesting #AfricaImpactAwards #AIIA2026

Krutham’s senior researcher for market research, Thembi Baloyi, joined MyBroadband’s technology show, What’s Next with Aki Anastasiou, alongside Absa CIB representatives Rob Downes and Juanetta Furusa-Matelakengisa to discuss the Digital Assets Africa Insights 2025 Report.

The benchmark is back. The FM Top Analyst Awards return in 2026 through a partnership between the JSE, Financial Mail South Africa, EquityRT and Krutham. Learn more: krutham.com/media/were-excited-to-announce-the-return-of-the-fm-top-analyst-awards

Why has public sector investment capacity deteriorated so dramatically and how can it be rebuilt? Asks Stuart Theobald in Business Day. Read more at www.krutham.com/insights/stuart-theobald-investment-strike-narrative-debunked-companies-align-with-profits/.

If the government wants higher overall investment, it has two levers: invest more itself, particularly in infrastructure that enables private sector activity; or create conditions that make private investment more attractive, writes Stuart Theobald.

Reserve Bank data show cash held by nonfinancial corporations has grown from R1tn in 2021 to R1.5-tn now, a 50% increase in four years, writes Stuart Theobald in this week’s Business Day column.

Companies aren’t hoarding disproportionately; they’re simply larger than they were four years ago, writes Stuart Theobald in this week’s Business Day column. Read more at www.krutham.com/insights/stuart-theobald-investment-strike-narrative-debunked-companies-align-with-profits/.

Are South African companies on an investment strike? It’s a narrative some like to spread, declaring that corporate South Africa is acting against the country’s best interests, writes Stuart Theobald.

We’re hiring! Krutham is looking for a senior leader to head our ESG advisory practice, guiding how investors, banks and corporations integrate ESG into strategy and decision-making. Apply now: www.krutham.com/join-us Applications close 12 December 2025

Krutham principal for impact investing Justin Prozesky joined the B-BBEE policy panel at the ABSIP Financial Services Symposium 2025. The discussion focused on South Africa’s transformation trajectory after 30 years of B-BBEE and the work still required to build a more inclusive economy.

Absa CIB’s Digital Assets Africa Insights 2025 report shows how consumers across five key markets understand and engage with digital assets. Krutham served as the research partner, providing an independent assessment of consumer views.

The MTBPS ultimately showed what can be done once the cabinet takes a simple, high-level decision that macro-sustainability must come before splurges writes Peter Attard Montalto.

The exit from the grey list now does not remove the (meaningful, even if not baseline) risks of being back on it in 2028, as the bar keeps rising, writes Peter Attard Montalto. Read more: krutham.com/insights/peter-attard-montalto-sure-the-vibe-is-suddenly-buoyant-but-lets-not-get-ahead-of-ourselves

The suddenness of the inflation target change breeds conspiracy theories writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-sure-the-vibe-is-suddenly-buoyant-but-lets-not-get-ahead-of-ourselves/

A question that arises is obviously that if things can be done when such a moment arises, why aren’t they normally possible, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-sure-the-vibe-is-suddenly-buoyant-but-lets-not-get-ahead-of-ourselves/

The mood of locals in the week since the MTBPS and then at the G20 and B20 was buoyant and unlike anything I’ve seen in recent times, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-sure-the-vibe-is-suddenly-buoyant-but-lets-not-get-ahead-of-ourselves/

The Financial Times examines the implications of the US absence from the G20 summit and features commentary from Krutham MD Peter Attard Montalto on the response of member countries. Subscribe to read the full article here: https://on.ft.com/44t1cTv

Krutham’s head of impact investing research and ESG, Nicole Martens, will deliver the keynote address at the ESG and Climate Africa Summit in Nairobi, Kenya, titled Taking stock of ESG: Where we came from, where we are, and where we are going. Attending the summit? DM us to connect with Nicole.

From the G20 Summit, Krutham MD Peter Attard Montalto joined Newzroom Afrika and met ministers and diplomats to discuss Krutham's ongoing political economy research. Watch both interviews: krutham.com/insights/watch-peter-attard-montalto-on-the-g20-summit-and-investor-sentiment-toward-south-africa/

Krutham’s Matthew le Cordeur presented at the SOE Conference on strategic SOE reform, outlining capability gaps, alignment challenges and the need for a clearer end-state for turnaround. DM us to learn more about Krutham’s insights on SOE reform.

Krutham MD Peter Attard Montalto joined Newzroom Afrika from the G20 Summit at Nasrec. Visit www.krutham.com/insights/watch-peter-attard-montalto-on-the-g20-summit-and-investor-sentiment-toward-south-africa/ to watch both interviews.

In a new @greencb.bsky.social piece, Dr Cecilia Schultz, Krutham’s senior analyst for Infrastructure and JET, examines why innovations alone cannot close the protection gap and why insurance must link to wider adaptation strategies. Read here: greencentralbanking.com/2025/11/19/c...

Krutham is proud to contribute to the partnership with the Anglo American Foundation, Standard Bank, WINGS, Savant and IPASA, which was selected as a B20 Legacy Initiative. The initiative strengthens collaboration between business and philanthropy.

The central question isn’t whether the Ramaphosa administration can maintain discipline – the record shows it can. The question is what comes after, writes Stuart Theobald in Business Day. Read more at www.krutham.com/insights/stuart-theobald-sp-upgrade-sparks-hope-for-sas-investment-grade-return/.

To maintain the trajectory to return to investment grade, SA will have to remain highly disciplined on fiscal management, writes Stuart Theobald in Business Day. Read more at www.krutham.com/insights/stuart-theobald-sp-upgrade-sparks-hope-for-sas-investment-grade-return/.

Not only would re-admittance to global indices lead to a substantial jump in global flows to SA debt, but it would signal that SA was investible overall, writes Stuart Theobald. Read more at www.krutham.com/insights/stuart-theobald-sp-upgrade-sparks-hope-for-sas-investment-grade-return/.

SA bond yields were rallying long before S&P Global announced last Friday that it had upgraded SA’s credit rating one notch and was maintaining a positive outlook, writes Stuart Theobald. Read more at www.krutham.com/insights/stuart-theobald-sp-upgrade-sparks-hope-for-sas-investment-grade-return/.

Krutham’s managing director, Peter Attard Montalto, is moderating two panel discussions today at the B20 South Africa 2025 Summit. Contact us at [email protected] to discuss Krutham’s work.

We’re hiring: Infrastructure and Just Energy Transition (JET) analyst Krutham is looking for a junior analyst to support research, data analysis and project work across infrastructure and the just energy transition. Apply now: www.krutham.com/join-us

Listen: Peter Attard Montalto, managing director at Krutham, on National Treasury’s mid-term budget on 702’s The Money Show with Stephen Grootes. Visit https://www.krutham.com/insights/listen-review-of-national-treasurys-mid-term-budget/ to listen to the full clip.

Reams of academic research on why the yield curve is so steep inadequately factor in the psychological mischaracterisation of tail risks, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-ancs-conservative-fiscal-stance-questioned-as-elections-loom

The government seems firm on the right choice not to blow everything up by spending before growth, given the timeline uncertainty of reforms, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-ancs-conservative-fiscal-stance-questioned-as-elections-loom

Holding the macro-fiscal line is one thing but in a society with SA’s problems, more spending is always needed, writes Peter Attard Montalto. Read more at krutham.com/insights/peter-attard-montalto-ancs-conservative-fiscal-stance-questioned-as-elections-loom

Operation Phumelela welcomes the 2025 MTBPS and calls for reforms to bring financial services back onshore. A “Synthetic Financial Centre” model could help reclaim trillions in offshore-managed savings. Read more: www.operationphumelela.org.za

Krutham’s managing director, Peter Attard Montalto, will attend the B20 South Africa 2025 Summit, the official G20 dialogue forum with the global business community. DM to discuss Krutham’s work. Learn more: b20southafrica.org

In any society where economic resources concentrate too heavily in elite hands, the rest of the population has a constant incentive to force redistribution, writes Stuart Theobald. Visit https://www.krutham.com/insights/stuart-theobald-case-against-inequality-is-ultimately-a-moral-one/ to read more.

The Stiglitz report claims that redistribution would not be at the expense of economic performance but would in fact contribute to enhancing it, writes Stuart Theobald in Business Day. Read more at https://www.krutham.com/insights/stuart-theobald-case-against-inequality-is-ultimately-a-moral-one/

The Stiglitz report claims that redistribution would not be at the expense of economic performance but would in fact contribute to enhancing it, writes Stuart Theobald in Business Day. Read more at https://www.krutham.com/insights/stuart-theobald-case-against-inequality-is-ultimately-a-moral-one/

The specific mechanism that makes inequality bad for financial markets is not clearly spelt out in the Stiglitz report, writes Stuart Theobald in this week’s Business Day column. Read more at https://www.krutham.com/insights/stuart-theobald-case-against-inequality-is-ultimately-a-moral-one/

The Stiglitz report notes that in 2000-24, the richest 1% captured 41% of all new wealth while the bottom half captured 1%, writes Stuart Theobald. Read more at https://www.krutham.com/insights/stuart-theobald-case-against-inequality-is-ultimately-a-moral-one/.

Krutham’s research manager for infrastructure and the just energy transition, Matthew le Cordeur, spoke to Carbon Pulse about how South African banks are adapting as the carbon market matures and why coordination across the sector is essential. Read more: https://carbon-pulse.com/452472/

Krutham’s research manager for infrastructure and the just energy transition (JET), Matthew le Cordeur, will deliver a presentation on state-owned enterprise (SOE) reform at the SOE Conference in Cape Town. DM us to discuss Krutham’s research.

Krutham’s senior analyst for infrastructure and JET, Lameez Omarjee, will join a panel on Green Economy and Sustainability at the Western Cape Investment Summit in Cape Town from 5-7 November 2025. DM us to discuss Krutham’s research.

We’re pleased to welcome Thobekile Nxumalo to Krutham as our new junior data analyst. With experience in financial analysis and Power BI, Thobekile joins us to support our banking practice, including primary market research and quantitative projects across the business.

We might well get another positive surprise, when rating agency S&P is scheduled to provide an update on its credit assessment, writes Peter Attard Montalto. Read more at krutham.com/insights/peter-attard-montalto-off-the-greylist-but-theres-a-long-way-to-go-and-no-sudden-growth-impetus/

The key now is that lessons are learnt and that the government is able to respond faster under the National Treasury’s leadership, writes Peter Attard Montalto. Read more at krutham.com/insights/peter-attard-montalto-off-the-greylist-but-theres-a-long-way-to-go-and-no-sudden-growth-impetus/

There is relatively limited scope for further adjustments to SA risk perceptions by foreign banks, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-off-the-greylist-but-theres-a-long-way-to-go-and-no-sudden-growth-impetus/

There is relatively limited scope for further adjustments to SA risk perceptions by foreign banks, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-off-the-greylist-but-theres-a-long-way-to-go-and-no-sudden-growth-impetus/