MCCI’s business breakfast on 17 February 2025 proved to be another successful member event. First National Bank of Middelburg and RMB Forex jointly hosted MCCI’s leading business representatives. 

Members discussed the impact of AGOA and how President Trump’s current sentiments about trade with the US could increase the risk of trade wars. Potential exports to the United States was another hot topic in the room. The Treasury would be implementing a currency hedging system for our members that trade in commodities.   

MCCI members disagreed with the statistics on inflation. Our member said that the government’s inflation figures are skewed and that it is difficult for management to reconcile the actual inflation costs for their employees with the government’s figures. It is a difficult balancing act to ensure a living wage for staff whilst considering the published inflation rate. 

Overall, South Africa could expect a limited growth rate, and the reversal of interest rate cuts will stimulate a year of recovery. We should bear in mind that President Trump’s policy proposals pose some risks to the economy.  MCCI trust that the government will take this into account in its discussions with US representatives. 

Although the GNU is having a stabilising effect on the business outlook, both MCCI and John Cairns said that the 2026 local elections could impact on business confidence. 

Members requested another such meeting to focus specifically on the Forex and hedging developments.  Members should be on the lookout for that invitation.