Offshore diversification has always been a prudent approach for local investors to de-risk their portfolios, but the pace and scale of capital flight from SA since 2018 has been unprecedented.

As the reality dawns that President Cyril Ramaphosa’s administration faces a complex and difficult task in balancing politics with the tough economic reforms needed to stimulate growth, both local and international investors are shunning rand-based assets, even as 10-year yields on SA bonds topped 8.4% in July.

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