The complex and multidimensional nature of life in any country means that more than one thing is invariably true at the same time. Moreover, these truths can be highly contradictory, or as Charles Dickens put it far more eloquently at the start of A Tale of Two Cities: “It was the best of times, it was the worst of times”.

In many ways, that line summarises the position in which South Africa has found itself for much of 2025.

The difficulties are all too evident and real.

Despite the pre-G20 spring-cleaning of Johannesburg, the city’s problems remain serious and will not be dealt with by the repair of a handful of key roads and traffic lights. What’s more, the municipal decay is broad-based and is deeply felt in towns and cities far less equipped than Johannesburg for a turnaround.

Then there are the stomach-turning revelations emerging from inquiries into corruption, criminality and political interference in the police and the criminal justice system that arose after the explosive July 6 press conference held by KwaZulu-Natal Provincial Police Commissioner Lieutenant General Nhlanhla Mkhwanazi. While the optics of that press conference were extremely troubling, they have been partially vindicated by some of the revelations, which if acted upon could prove crucial in preventing South Africa’s descent into a mafia State.

Then, there were the geopolitical tensions with the US that hit a nadir during President Donald Trump’s Oval Office ambush of President Cyril Ramaphosa in May, with false claims of a white genocide, followed by the imposition of 30% tariffs in August, and America’s unseemly boycott of the G20 in November.

Despite these negative pressures, 2025 has also been the year in which the national mood has shown genuine signs of recovery.

Given the attention that South Africans pay to their currency, the improvement in the value of the rand has been extremely helpful, as has the robust performance of markets. These financial moves relate strongly to international developments, particularly in the US. However, there are also some important domestic underpinnings, including the success Eskom has had in bringing loadshedding under control, signs that Transnet is in recovery, and reform momentum that is opening up sectors hitherto monopolised by those two State entities to private sector participation.

Another important component in lifting the national mood was the quiet confidence and competence on display during the Medium-Term Budget Policy Statement from the macroeconomic team of the National Treasury, the South African Reserve Bank and the South African Revenue Service – a display immediately rewarded with a S&P Global credit rating upgrade.

Then, there was the impressive hosting of the first G20 on African soil, which provided a strong reminder of the value of multilateralism at a time when geopolitical polarisation is on the rise.

And if that were not enough, there has also been the mood-lifting pleasure of living through a sporting golden age, with our sportsmen and women demonstrating what it means to be truly world class.