Africa Weekly: SA budget, SARB to cut, Transnet, Ramaphosa-Trump

South Africa’s finance minister appears to have succeeded – at the third time of asking – at delivering a 2025 Budget that will make it through parliament. But it seems almost certain that tensions within the GNU over fiscal policy will resurface before long. Meanwhile, a change to the Reserve Bank’s inflation target didn’t materialise as had seemed likely, meaning that MPC is still on course to deliver a rate cut next week. On the same day as the budget, President Ramaphosa’s visit to the White House went as badly as many had feared, although any macro fallout from tensions with Washington is likely to be limited.