What to Expect from Tomorrow’s State of the Nation Address

As President Cyril Ramaphosa prepares for his 2026 State of the Nation Address (SONA) tomorrow, expectations are that the speech will seek to stress that reforms are progressing and that several green shoots of progress were seen in 2025.

One of the key points Ramaphosa will emphasise is South Africa’s improved credit rating, which will be framed as a direct result of the government’s broader reform efforts in shoring up investor confidence. The credit rating upgrade is expected to be presented as evidence of the country’s financial recovery, a sign that South Africa’s economic policies are working, and a critical factor in improving investor confidence. The president will likely stress that this upgrade not only signals a stronger economic position but also lays the groundwork for continued growth and increased foreign investment.

Ramaphosa is also expected to spotlight South Africa’s success in getting off the Financial Action Task Force (FATF) greylist. He will likely stress that the country has made significant strides in reforming its anti-money laundering systems and use this as an example of how South Africa is meeting international financial standards. Removing South Africa from the FATF grey list will be framed as a vital step towards restoring the country’s credibility in the global financial system, reducing risks to its economy, and ensuring that it remains competitive on the international stage.

In terms of economic growth, the president will stress that South Africa’s outlook has improved, citing the government’s ongoing structural reforms. He is expected to focus on the government’s efforts to address the energy crisis, particularly through the expansion of renewable energy projects and the reduction of load-shedding. The progress made in these areas will be presented as part of a broader strategy to secure long-term energy stability, which is crucial for supporting economic growth. Ramaphosa will also highlight the government’s investments in infrastructure, which are intended to boost key sectors, create jobs, and drive inclusive growth.

Additionally, Ramaphosa is likely to discuss the shifting dynamics of the global order and the importance of South Africa’s role in a multipolar world. He will likely reaffirm the country’s position within major international forums such as BRICS and its successful hosting of the G20, emphasising the value of strong partnerships with emerging economies and a rules-based global order. These global relationships will be positioned as crucial for securing South Africa’s economic future and ensuring that the country remains a key player in the changing geopolitical landscape. The president will also stress the importance of multilateralism and cooperation in navigating global challenges, from economic shifts to climate change.

Overall, the 2026 SONA is expected to stress the government’s achievements in economic reform, fiscal stability, and global diplomacy. Ramaphosa will likely focus on how these successes have improved the country’s financial standing and contributed to a more optimistic economic outlook. The speech will likely be framed as a reflection of the positive trajectory South Africa is on, with the government continuing to pursue reforms that are critical to long-term economic growth, job creation, and poverty reduction. The president will aim to reinforce the message that the country is moving in the right direction, with a focus on sustaining growth, securing investments, and ensuring South Africa’s continued success in an evolving global order.