Sovereign Analysis /
South AfricaSouth Africa: Little evidence of reform momentum beyond its power sector
Recent Eskom reform and changes to electricity generation regulations are positive but will take years to bear fruit
Beyond this there is seemingly little reform momentum and we don't expect a positive policy shift ahead of 2024 election
The most likely scenario ahead continues to be a painful muddle-through; Buy on Eskom '25s and Sell on South Africa '25s
