South Africa’s 2026 Budget Speech announced a mix of bold, interesting and ultimately positive changes - especially for small businesses and South African investors. With pro-business policies that signal economic stability, could this be a turning point for the country?

Described affectionately by Tertius Troost (Associate Director - Tax Consulting at Forvis Mazars) as a "boring" budget, this is the first time in years that we've seen any kind of tax relief for South Africa's middle class. In his words, it's a pivot to stability - and at a time when things are really looking up for South Africa.

He joined me on this podcast to break down the budget basics and to specifically comment on areas like:

• How the budget addresses "bracket creep" by adjusting personal income tax brackets for inflation.
• The increase in the VAT registration threshold and how this assists small businesses.
• A boost for investors in the form of a higher annual limit for Tax-Free Savings Accounts (TFSA).
• The approach taken to online gambling and whether education and regulation should precede taxes.
• Other changes aimed at helping South Africans with retirements savings and even global investments.

You can connect with Tertius on LinkedIn here.

As always, please discuss the impact of the tax changes on your affairs with your personal financial advisor. Nothing you hear on this podcast should be interpreted as advice.

The team at Satrix has clearly been busy. They've launched two brand new ETFs to help South Africans tweak their exposure to offshore markets.

If you're ready to learn more about Europe and Japan, then you're in the right place.

Why does it matter? For most South African investors, offshore exposure is really just a proxy for US tech names. It's hard to avoid this outcome, as Big Tech has been the driving force of most global indices, let alone US indices. The Magnificent Seven are everywhere.

Well, almost everywhere.

Diversification across both sectors and regions is important for investors. In that spirit, Satrix has launched the Satrix Stoxx Europe 600 ETF and the Satrix MSCI Japan ETF.

Siyabulela Nomoyi of Satrix joined me to unpack these offerings. This included discussions on:

• The macro trends in each region and how they have such different top-of-mind items at the moment
• The nature of the underlying indices tracked by these ETFs and how they vary in terms of market depth and sector exposures
• The investment thesis for each regions and what the drivers of returns will likely be over time
• How both products should be seen as complementary to the global picture

If your portfolio is a Lego structure, Satrix has just given you two new pieces.

This podcast was first published here.

Disclaimer:

Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products

Ian Norden, CEO of Intengo Market, returns to Ghost Stories to talk about the sector of the market that he is passionate about: listed and private credit.

Corporate credit (or "debt" from the company perspective) is a key source of funding for companies and can drive higher returns for equity investors if used properly. For investors in these credit instruments, optimising yield and risk are key.

But as we observe a world of shrinking public issuance and growing demand for yield, will private credit be able to address this imbalance and fill the gap?

Intengo sits at the coalface of this industry, building the data and workflow systems that allow private credit markets to scale responsibly, transparently and efficiently. They are playing the crucial role of building sonar in a market where you'll find private credit sitting below the surface.

Key themes covered:

• Private credit vs listed credit — and why the distinction matters
• Why credit markets are buy-and-hold by design
• Supply–demand imbalances in South African debt markets
• The rise of hedge funds and alternative assets
• Data, complexity, and the future of private credit infrastructure
• What private credit growth signals about economic growth