Media Statement

The African National Congress welcomes the latest update by the International Monetary Fund confirming that South Africa has officially reclaimed its position as Africa’s largest economy in nominal GDP terms for 2025. With revised projections placing South Africa at approximately $426 billion, ahead of Egypt at $349 billion and Nigeria at $285 billion, this milestone affirms the resilience of our economy and the correctness of the policy direction pursued under the leadership of President Cyril Ramaphosa.

This achievement is not accidental, nor is it cosmetic. It comes at a time of global economic instability, geopolitical uncertainty, inflationary pressures and post-pandemic recovery challenges that have tested economies across the world. Yet South Africa has emerged stronger. Through disciplined fiscal management, the stabilisation of key financial institutions, decisive structural reforms in the energy sector, and a sustained programme to rebuild investor confidence, our country has demonstrated that consistent, reform-oriented leadership yields measurable results. The restoration of macroeconomic stability, improved credit outlooks, declining inflation and renewed investment commitments are all part of a broader national recovery anchored in the ANC’s economic transformation framework.

From maintaining fiscal discipline and narrowing the budget deficit, to advancing energy reform that has significantly reduced load shedding and unlocked private generation, government has acted deliberately to restore certainty and growth momentum. The investment drive, infrastructure rollout and industrial support programmes are beginning to translate into renewed confidence in South Africa as a premier destination for capital on the African continent. These are not abstract achievements; they are the outcomes of deliberate policy choices grounded in the ANC’s commitment to inclusive growth, economic reform and social protection.

While nominal GDP rankings can shift due to exchange rates and global market conditions, the significance of this moment lies in what it is representing, resilience, credibility and stability. South Africa’s position as the continent’s most industrialised and diversified economy has been reaffirmed. Our financial sector remains robust, our institutions remain credible, and our reform agenda continues to gather momentum.The ANC remains clear that economic size alone is not enough. The next phase of our programme focuses on converting growth into jobs, accelerating local industrialisation, strengthening municipalities, and ensuring that ordinary South Africans feel the benefits of recovery in their daily lives.

South Africa is back at number one. This development demonstrates that steady leadership, policy consistency and structural reform work. The task before us now is to deepen this progress, expand opportunity and ensure that economic growth translates into dignity, employment and shared prosperity for all.

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