South Africa · Governance
Where South Africa’s export credit insurer carried its largest exposures
Ghana accounted for the biggest share of South Africa’s state export credit insurer’s portfolio in March 2026. By September, Zimbabwe was first at 41.68%. Ghana, Zimbabwe and Mozambique together still accounted for more than 87% of reported exposure.
Sources checked
September 2026
Shared scale · 0% to 43.84%
March 2026
Shared scale · 0% to 43.84%
Switch the reporting date. The chart groups all countries outside the top three into one category.
Zimbabwe moved above Ghana by September
Zimbabwe went from 32.39% of reported exposure in March to 41.68% in September, a gain of 9.29 percentage points. Ghana moved from 43.84% to 33.96%, a decline of 9.88 points. Mozambique fell from 14.04% to 11.99%. These are portfolio shares and do not show September rand amounts. Source 1 Source 2
The March book was smaller than a year earlier
The annual report puts the total sum insured at R6.443 billion on 31 March 2026, down from R9.261 billion a year earlier. It reports a 30.4% fall on the rand basis and 25.7% excluding currency translation. It identifies the run-off of existing exposure, claims payments and limited conversion of new business as factors. Source 1
Sector and country rankings describe different concentrations
Power and electricity accounted for 61.14% of the March book, equivalent to R3.939 billion. The published country distribution puts Ghana first at R2.824 billion. The two breakdowns cannot identify how much of a particular country’s exposure belonged to power without a country-by-sector table. Source 1
Pipeline value is at a different stage from insurance in force
The report showed USD 6 billion in medium- and long-term opportunities under review in March. That pipeline includes potential transactions at varying stages. The portfolio measures exposure under existing cover at the reporting date. Project approvals can precede financial close and policy activation. Source 1