Makin Sense Of 2025

In this episode of Makin Sense, the panel looks back on 2025 and the events and stories that shaped politics, markets, and public mood. The conversation opens in South Africa with a debate over the African National Congress and its evolving approach to the Government of National Unity. Frans argues that the ANC increasingly appears to accept the GNU as South Africa’s governing reality, suggesting a possible move away from some of its more populist instincts. James pushes back, pointing out that the year began with the ANC signing major policies into law, including expropriation without compensation, BELA, employment equity, and the continued pursuit of the NHI, and he warns that South Africans will need to remain vigilant over how these measures are implemented. From there, the panel ranges across the broader political landscape, including governance developments, how global events affected South Africa, the country’s posture in the G20, local government shifts, and what investors should make of the direction of travel. The discussion then turns to the United States, where the panel weighs Trump’s first year of his second term, with Richard crediting reforms on the Southern border, education, energy, and foreign policy, while criticising tariffs that have unsettled business, a retributive turn in lawfare, and the failure of DOGE to tackle the scale of government spending on benefits. The episode closes in the United Kingdom, where Simon argues that the Starmer government’s handover of the Chagos Islands to Mauritius was a major blunder, and adds that the UK’s economic performance was notably weak in 2025 with little sign of near-term improvement. Chapters00:00 Introduction to the Panel and Overview of 202502:08 Political Dynamics in South Africa's GNU09:29 Key Developments in South Africa's Governance14:05 The Impact of Global Events on South Africa16:22 South Africa's Position in the G2020:14 Local Government Dynamics and Political Shifts22:17 Investment Perspectives on South Africa26:02 Reflections on South Africa's Future35:37 Transition to the United States36:18 Trump's First Year: Policies and Controversies48:25 The Ugly Side of Politics in the US58:53 The Rise of Extremism in American Politics01:08:05 The UK's Political Landscape in 202501:24:41 Concluding Thoughts and Future Outlook