Checking the Boxes: Trevor Manuel Reflects on Team SA’s Report Card at Davos 2026

As the Alpine snow settles on another World Economic Forum in Davos, the question for South Africa is: did its delegation deliver? According to Old Mutual Chair and former finance minister Trevor Manuel, the answer is a measured yesbut with a crucial caveat that the path to investment remains a marathon, not a sprint.

In a post-forum reflection, Manuel highlighted that the 2026 delegation, led by Finance Minister Enoch Godongwana, arrived with a tangible advantage: a list of prior commitments they could now check off.

“Last year commitments were made that this year that delegation could come back and say ‘Okay, let’s take out your list… and let’s check the boxes’,” Manuel noted.

The Deliverables: A Strong Foundation

Those checked boxes form a solid foundation for South Africa’s narrative:

• Government of National Unity (GNU): “Check, still hanging together.”

• FATF Greylisting: “Check, we’ve been removed.”

• EU Listing: “Check, we’ve been removed.”

• G20 Chairmanship: “We handled that successfully.”

This track record of stability and reform provided a starkly different conversation from the more defensive posture of previous years. The message, as Manuel put it, was that “in spite of everything happening, there’s still a bright side to the economy that will allow South Africa to pull into the future.”

The Reception: Positive, But Patient

How was this received by the global investors who crowd Davos’s corridors? Manuel described the atmosphere as “all still very positive,” but was quick to temper expectations. The real work, he explained, happens in the countless bilateral meetings where detailed persuasion takes place.

Crucially, he warned against expecting a sudden deluge of capital. “It’s not going to be a light switch… This is a managed transition,” he emphasised. The implication is clear: credibility has been restored, but converting that into tangible investment flows requires consistent, ongoing effort beyond the Alpine summit.

The Takeaway: A Corner Turned, Not a Race Won

Manuel’s assessment suggests South Africa left Davos 2026 with its house demonstrably in better order. The delegation successfully shifted the narrative from explaining problems to showcasing solutions and delivered outcomes. However, the forum served as a platform, not a panacea. The “managed transition” ahead requires the government and private sector to now diligently build on this regained credibility, ensuring the boxes checked in Davos translate into jobs and growth back home. The report card is good, but the real exam has just begun.