Sign in

Krutham

@krutham.bsky.social
38 followers 30 following 437 posts

Krutham is a leading think tank and consulting firm focused on developing financial systems to better achieve social goals.

PostsRepliesMedia
Krutham @krutham.bsky.social · 28/09/2026
Dr Cecilia Schultz will represent Krutham at the 2nd Annual Women in Insurance Claims Conference on 29 September, speaking on climate risk and insurance disruptions. Explore Krutham’s JET expertise: www.krutham.com/just-energy-transit…
000
Krutham @krutham.bsky.social · 25/09/2026
Procurement needs to be clean and efficient and contribute to the development aims of the country, writes Stuart Theobald in this week's Financial Mail. Read more at www.krutham.com/insights/thought-le…
krutham.com
STUART THEOBALD: Seize the moment to fix procurement
Public sector procurement is infuriating. If you are a well-intentioned and competent civil servant, it makes your life impossible, tying you up in
000
Krutham @krutham.bsky.social · 25/09/2026
Government policy should use procurement to drive transformation and develop small businesses while still ensuring value for money, writes Stuart Theobald. Read more at www.krutham.com/insights/thought-le…
krutham.com
STUART THEOBALD: Seize the moment to fix procurement
Public sector procurement is infuriating. If you are a well-intentioned and competent civil servant, it makes your life impossible, tying you up in
000
Krutham @krutham.bsky.social · 25/09/2026
The procurement system is designed more to prevent bad practices than to enable the well-intentioned to be effective, writes Stuart Theobald in this week's Financial Mail. Read more at www.krutham.com/insights/thought-le…
krutham.com
STUART THEOBALD: Seize the moment to fix procurement
Public sector procurement is infuriating. If you are a well-intentioned and competent civil servant, it makes your life impossible, tying you up in
000
Krutham @krutham.bsky.social · 25/09/2026
The Public Procurement Act has been struck down by the Constitutional Court for insufficient public consultation. That is a good thing — it was a bad law, and now there is an opportunity to fix it, writes Stuart Theobald in this week's Financial Mail.
krutham.com
STUART THEOBALD: Seize the moment to fix procurement
Public sector procurement is infuriating. If you are a well-intentioned and competent civil servant, it makes your life impossible, tying you up in
000
Krutham @krutham.bsky.social · 11/09/2026
Last week’s Ipsos poll shows the ANC polling nationally at 31% – still ahead of the next-highest party, the DA, at 25%, but far below the 46% national vote share it had in 2021, writes Stuart Theobald.
krutham.com
STUART THEOBALD | The ANC’s new realism meets an old pledge
If you think politicians are tricky, consider voters. They are the ones who grasp popular slogans and big promises but glaze over at technocratic
000
Krutham @krutham.bsky.social · 11/09/2026
The problem is that the “better life for all” promise has to connect to voters. And polls are not favourable, writes Stuart Theobald. Read more at www.krutham.com/insights/thought-leadership/stuart-theobald-the-ancs-new-realism-meets-an-old-pledge/
krutham.com
STUART THEOBALD | The ANC’s new realism meets an old pledge
If you think politicians are tricky, consider voters. They are the ones who grasp popular slogans and big promises but glaze over at technocratic
000
Krutham @krutham.bsky.social · 11/09/2026
The 2026 ANC manifesto still relies on the ‘better life for all’ slogan from the election campaigns of 30 years ago but most people will have to wait for that, writes Stuart Theobald. Read more at www.krutham.com/insights/thought-leadership/stuart-theobald-the-ancs-new-realism-meets-an-old-pledge/
krutham.com
STUART THEOBALD | The ANC’s new realism meets an old pledge
If you think politicians are tricky, consider voters. They are the ones who grasp popular slogans and big promises but glaze over at technocratic
000
Krutham @krutham.bsky.social · 11/09/2026
Governing is about technical decisions on trade-offs. Every cent spent on one thing is a cent not spent on another thing (or not spent at all, as some taxpayers may prefer), writes Stuart Theobald.
krutham.com
STUART THEOBALD | The ANC’s new realism meets an old pledge
If you think politicians are tricky, consider voters. They are the ones who grasp popular slogans and big promises but glaze over at technocratic
000
Krutham @krutham.bsky.social · 11/09/2026
If you think politicians are tricky, consider voters. They are the ones who grasp popular slogans and big promises but glaze over at technocratic explanations and the complexity of getting public services to work better, writes Stuart Theobald.
krutham.com
STUART THEOBALD | The ANC’s new realism meets an old pledge
If you think politicians are tricky, consider voters. They are the ones who grasp popular slogans and big promises but glaze over at technocratic
000
Krutham @krutham.bsky.social · 10/09/2026
Krutham chair Dr Stuart Theobald examines whether outcomes-based finance should have its own regulatory framework in a new policy note. Visit www.krutham.com/reports/should-obf-… to read the note.
000
Krutham @krutham.bsky.social · 10/09/2026
Eskom and Transnet have both told parliament in March 2022 that procurement rules were stopping them from operating commercially, writes Peter Attard Montalto. Read more at www.krutham.com/insights/thought-le…
krutham.com
PETER ATTARD MONTALTO | Procurement reform is key to South Africa’s growth
Clients sometimes despair and ask me: “what’s the one thing that no-one has thought of to get faster growth?” Yesterday’s decisively “meh” GDP data
000
Krutham @krutham.bsky.social · 10/09/2026
The government has recast R1tn of yearly spend without publishing the socioeconomic impact assessment that section 63(3)(c) of the act obliges it to produce, writes Peter Attard Montalto.
krutham.com
PETER ATTARD MONTALTO | Procurement reform is key to South Africa’s growth
Clients sometimes despair and ask me: “what’s the one thing that no-one has thought of to get faster growth?” Yesterday’s decisively “meh” GDP data
000
Krutham @krutham.bsky.social · 10/09/2026
Procurement is where the growth agenda is tested, and progress has barely begun, with the parent act before the Constitutional Court, writes Peter Attard Montalto. If that act is struck down, the new regulations fall with it.
krutham.com
PETER ATTARD MONTALTO | Procurement reform is key to South Africa’s growth
Clients sometimes despair and ask me: “what’s the one thing that no-one has thought of to get faster growth?” Yesterday’s decisively “meh” GDP data
000
Krutham @krutham.bsky.social · 10/09/2026
South Africa knows its problems and the answers; the issue is implementation and managing expectations during long, complex work to get things moving, writes Peter Attard Montalto.
krutham.com
PETER ATTARD MONTALTO | Procurement reform is key to South Africa’s growth
Clients sometimes despair and ask me: “what’s the one thing that no-one has thought of to get faster growth?” Yesterday’s decisively “meh” GDP data
000
Krutham @krutham.bsky.social · 28/08/2026
The fact that the decoupling would cost the US too has always been the assumed check keeping things in order. That confidence is now gone, writes Stuart Theobald in this week's Financial Mail column.
krutham.com
STUART THEOBALD: When trust fades: the high cost of leaving the US-led financial system
We are witnessing the end of the US century, and I don’t think the consequences have fully landed. Last week I was in a meeting with a global investor
000
Krutham @krutham.bsky.social · 28/08/2026
Regulators’ risk worries and investors’ wishes are heading the same way: outside the US-led system, writes Stuart Theobald. Read more at www.krutham.com/insights/thought-leadership/stuart-theobald-when-trust-fades-the-high-cost-of-leaving-the-us-led-financial-system/
krutham.com
STUART THEOBALD: When trust fades: the high cost of leaving the US-led financial system
We are witnessing the end of the US century, and I don’t think the consequences have fully landed. Last week I was in a meeting with a global investor
010
Krutham @krutham.bsky.social · 28/08/2026
China’s cross-border interbank payment system (CIPS) is growing as more global banks – including Standard Bank, since June last year – sign up as an alternative to Swift, writes Stuart Theobald in this week's Financial Mail column.
krutham.com
STUART THEOBALD: When trust fades: the high cost of leaving the US-led financial system
We are witnessing the end of the US century, and I don’t think the consequences have fully landed. Last week I was in a meeting with a global investor
000
Krutham @krutham.bsky.social · 28/08/2026
It is going to hurt to leave the US-centric system behind. It lowered transaction costs for everyone – spreads and contract costs shrank as scale grew, and governments grew relaxed about surrendering financial sovereignty to US institutions, writes Stuart Theobald.
krutham.com
STUART THEOBALD: When trust fades: the high cost of leaving the US-led financial system
We are witnessing the end of the US century, and I don’t think the consequences have fully landed. Last week I was in a meeting with a global investor
000
Krutham @krutham.bsky.social · 28/08/2026
We are witnessing the end of the US century, and I don’t think the consequences have fully landed, writes Stuart Theobald. Read more at www.krutham.com/insights/thought-leadership/stuart-theobald-when-trust-fades-the-high-cost-of-leaving-the-us-led-financial-system/
krutham.com
STUART THEOBALD: When trust fades: the high cost of leaving the US-led financial system
We are witnessing the end of the US century, and I don’t think the consequences have fully landed. Last week I was in a meeting with a global investor
000
Krutham @krutham.bsky.social · 28/08/2026
Krutham’s Stuart Theobald joins Agostina Coniglio of Keidos at Social Outcomes Conference 2026 for a session on public procurement and outcomes funding. 4 September, 08:30 BST / 09:30 CAT, Oxford and online. Secure your ticket: golab.bsg.ox.ac.uk/community/events…
000
Krutham @krutham.bsky.social · 27/08/2026
The government of national unity has shown that in the existing coalition, existing problems can be tackled, but new ones are problematic – consider AI, skills and economic diplomacy, writes Peter Attard Montalto.
krutham.com
PETER ATTARD MONTALTO | The struggle of doing the hard things
Can South Africa do hard things? When I meet new diplomats who have just arrived in South Africa, they often say they are excited by the “opportunity and
000
Krutham @krutham.bsky.social · 27/08/2026
The recent Industrial Development Plan is a high level statement of intent rather than a detailed set of plans that can take on the hard job of turning manufacturing and industrialisation around, writes Peter Attard Montalto.
krutham.com
PETER ATTARD MONTALTO | The struggle of doing the hard things
Can South Africa do hard things? When I meet new diplomats who have just arrived in South Africa, they often say they are excited by the “opportunity and
000
Krutham @krutham.bsky.social · 27/08/2026
There has been some realisation of the need to tackle big problems, as seen in Operation Vulindlela and other government apex interventions, writes Peter Attard Montalto. Read more at www.krutham.com/insights/peter-attard-montalto-the-struggle-of-doing-the-hard-things/
krutham.com
PETER ATTARD MONTALTO | The struggle of doing the hard things
Can South Africa do hard things? When I meet new diplomats who have just arrived in South Africa, they often say they are excited by the “opportunity and
000
Krutham @krutham.bsky.social · 27/08/2026
So many hard things need to be accomplished to move the country forward, writes Peter Attard Montalto in this week’s Business Day. Read more at www.krutham.com/insights/peter-attard-montalto-the-struggle-of-doing-the-hard-things/
krutham.com
PETER ATTARD MONTALTO | The struggle of doing the hard things
Can South Africa do hard things? When I meet new diplomats who have just arrived in South Africa, they often say they are excited by the “opportunity and
000
Krutham @krutham.bsky.social · 17/08/2026
South Africa’s payments reforms could reshape where banks earn returns. As competition grows, value may shift towards software, distribution, data and customer relationships. Download Krutham’s analysis: www.krutham.com/reports/why-payment…
000
Krutham @krutham.bsky.social · 14/08/2026
South Africa earns you 5.1% vs 2.6% for the EM index and a paltry 1.8% for the world index. From that perspective, South Africa clearly remains in value territory, writes Stuart Theobald in this week's Financial Mail column.
krutham.com
STUART THEOBALD: The persuasive case for local stocks
In these bullish times, emerging markets (EMs) have been the stars. We’ve now had 18 months of sustained outperformance, in which the MSCI EM index has
000
Krutham @krutham.bsky.social · 14/08/2026
The indicators all show South Africa is undervalued. Local stocks boast an earnings yield of 11.7%, while the EM and world indices show 10.1% and 6%. Dividend yields are even starker, writes Stuart Theobald in this week's Financial Mail column.
krutham.com
STUART THEOBALD: The persuasive case for local stocks
In these bullish times, emerging markets (EMs) have been the stars. We’ve now had 18 months of sustained outperformance, in which the MSCI EM index has
000
Krutham @krutham.bsky.social · 14/08/2026
South Africa has been an outperformer for much of the post-Covid period, beating both the world and the emerging markets indices, writes Stuart Theobald. Read more at www.krutham.com/insights/thought-leadership/stuart-theobald-the-persuasive-case-for-local-stocks/
krutham.com
STUART THEOBALD: The persuasive case for local stocks
In these bullish times, emerging markets (EMs) have been the stars. We’ve now had 18 months of sustained outperformance, in which the MSCI EM index has
000
Krutham @krutham.bsky.social · 14/08/2026
Compared with 2008, and previous crises such as that of 1998, EMs have moved far from the ‘original sin’ of pegging currencies and borrowing in foreign currency, writes Stuart Theobald in this week's Financial Mail column.
krutham.com
STUART THEOBALD: The persuasive case for local stocks
In these bullish times, emerging markets (EMs) have been the stars. We’ve now had 18 months of sustained outperformance, in which the MSCI EM index has
000
Krutham @krutham.bsky.social · 14/08/2026
We’ve now had 18 months of sustained emerging market outperformance, in which the MSCI EM index has dominated, delivering a 47% return, or 23% better than the US-heavy world index, writes Stuart Theobald in this week's Financial Mail column.
krutham.com
STUART THEOBALD: The persuasive case for local stocks
In these bullish times, emerging markets (EMs) have been the stars. We’ve now had 18 months of sustained outperformance, in which the MSCI EM index has
000
Krutham @krutham.bsky.social · 05/08/2026
Krutham is looking for exceptional graduates to join our six-month rotational internship programme. If you have an Honours, Master's or PhD degree, strong analytical skills & an interest in financial markets, policy or sustainability, we'd love to hear from you. Apply now: www.krutham.com/join-us
010
Krutham @krutham.bsky.social · 04/08/2026
The Principles for Responsible Investment’s latest report, researched and authored by Krutham with support from the FSCA, EPPF, Old Mutual SA and Futuregrowth, examines how South African asset owners apply responsible investment principles and where implementation remains uneven.
krutham.com
Responsible investment in South Africa
South Africa’s pension fund sector manages nearly R5tn in assets on behalf of millions of beneficiaries whose retirement security depends, in significant
000
Krutham @krutham.bsky.social · 03/08/2026
Alternative and behavioural data could help South African banks extend credit to micro and small businesses. Krutham’s Thembi Khumalo examines what Yoco and Lula are demonstrating and why banks struggle to evaluate cash-based businesses.
krutham.com
Data as collateral: banks need to recalibrate lending models
Banks have the opportunity to lend to micro and small businesses but their models are designed for a different kind of customer. Alternative data can act
000
Krutham @krutham.bsky.social · 31/07/2026
Stuart Theobald's proposal to scrap the GEPF was a little tongue in cheek. No government is going to close the GEPF. But the thought experiment exposes an uncomfortable question: if the fund exists, what public purpose does it serve?
krutham.com
STUART THEOBALD | The PIC has an identity crisis
Here is a controversial suggestion: shut down the Government Employees Pension Fund (GEPF) and use its assets to pay off government debt. Why? Start with
000
Krutham @krutham.bsky.social · 31/07/2026
A fully funded scheme like the GEPF is unusual globally, writes Stuart Theobald in this week's Financial Mail column. Read more at www.krutham.com/insights/thought-leadership/stuart-theobald-the-pic-has-an-identity-crisis/
krutham.com
STUART THEOBALD | The PIC has an identity crisis
Here is a controversial suggestion: shut down the Government Employees Pension Fund (GEPF) and use its assets to pay off government debt. Why? Start with
000
Krutham @krutham.bsky.social · 31/07/2026
Closing the GEPF and paying down debt would instantly improve public finances, with the government taking on the liability of paying civil servants' benefits directly thereafter, writes Stuart Theobald in this week's Financial Mail column.
krutham.com
STUART THEOBALD | The PIC has an identity crisis
Here is a controversial suggestion: shut down the Government Employees Pension Fund (GEPF) and use its assets to pay off government debt. Why? Start with
000
Krutham @krutham.bsky.social · 31/07/2026
Here is a controversial suggestion: shut down the Government Employees Pension Fund (GEPF) and use its assets to pay off government debt, writes Stuart Theobald in this week's Financial Mail column.
krutham.com
STUART THEOBALD | The PIC has an identity crisis
Here is a controversial suggestion: shut down the Government Employees Pension Fund (GEPF) and use its assets to pay off government debt. Why? Start with
000
Krutham @krutham.bsky.social · 22/07/2026
Krutham’s latest paper examines African Bank’s post-rescue strategy and reaches a clear conclusion: the bank has expanded scale and complexity without establishing a viable earnings engine. Read: www.krutham.com/wp-content/uploads/…
000
Krutham @krutham.bsky.social · 17/07/2026
African Bank’s diversification story was real, but the returns case remained unproven. The 1H26 results confirm it. Read more at www.krutham.com/wp-content/uploads/…
000
Krutham @krutham.bsky.social · 17/07/2026
A stock exchange listing for African Bank is a pipe dream – no institutional capital will back a bank performing far behind peers on every key measure. Read more at www.krutham.com/wp-content/uploads/…
000
Krutham @krutham.bsky.social · 17/07/2026
The numbers are concerning: African Bank’s ROE is negative, credit losses have turned up again, cost-to-income has moved above 70%, and Tier 1 capital ratios keep drifting lower. Read more at www.krutham.com/wp-content/uploads/…
000
Krutham @krutham.bsky.social · 17/07/2026
The numbers are concerning: African Bank’s ROE is negative, credit losses have turned up again, cost-to-income has moved above 70%, and Tier 1 capital ratios keep drifting lower. Read more at www.krutham.com/wp-content/uploads/…
000
Krutham @krutham.bsky.social · 17/07/2026
African Bank’s retrenchment negotiations – covering 1,200 of about 4,100 staff – show management has recognised the financial performance is unsustainable, writes Krutham. Read more at www.krutham.com/wp-content/uploads/…
000
Krutham @krutham.bsky.social · 16/07/2026
Regulators setting out clear principles and guardrails for reform would give investors, operators and the financial sector greater certainty, writes Peter Attard Montalto. This is especially important for the financial sector, which must fund the reform process.
krutham.com
PETER ATTARD MONTALTO | Regulators may define Ramaphosa’s lasting legacy
Everyone will know well the story of Marelize, the bike, the rugby posts and the exasperated mother. We can all sympathise with the mother at the moment,
000
Krutham @krutham.bsky.social · 16/07/2026
It is government’s job to set policy and high-level frameworks, but the rules of the “game” should be spelt out and the policy transferred into regulatory principles that guide how regulators deal with and form views of reform changes, writes Peter Attard Montalto.
krutham.com
PETER ATTARD MONTALTO | Regulators may define Ramaphosa’s lasting legacy
Everyone will know well the story of Marelize, the bike, the rugby posts and the exasperated mother. We can all sympathise with the mother at the moment,
000
Krutham @krutham.bsky.social · 16/07/2026
The ANC is expending considerable effort on finding the perfect mayoral candidates for November while undermining itself in the social development portfolio, writes Peter Attard Montalto.
krutham.com
PETER ATTARD MONTALTO | Regulators may define Ramaphosa’s lasting legacy
Everyone will know well the story of Marelize, the bike, the rugby posts and the exasperated mother. We can all sympathise with the mother at the moment,
001
Krutham @krutham.bsky.social · 16/07/2026
With one unethical minister being replaced by another, in no political world does a party need to keep a corrupt leader happy before local elections when the electorate has so clearly woken up to the smell, writes Peter Attard Montalto.
krutham.com
PETER ATTARD MONTALTO | Regulators may define Ramaphosa’s lasting legacy
Everyone will know well the story of Marelize, the bike, the rugby posts and the exasperated mother. We can all sympathise with the mother at the moment,
000
Krutham @krutham.bsky.social · 15/07/2026
African impact investing is past proof of concept. Krutham head of ESG advisory Cuma Dube draws four signals from the Africa Impact Summit, on institutions, instruments and capital needed to scale proven models.
krutham.com
Beyond borders
African impact investing has moved beyond proof of concept. Discussions at the 2026 Africa Impact Summit in Lusaka, together with insights from the Africa
000
Krutham @krutham.bsky.social · 09/07/2026
The performance of local government is a systemic risk to the country and a very difficult challenge to fix, writes Stuart Theobald in this week’s Business Day column. Read more at www.krutham.com/insights/stuart-the…
krutham.com
STUART THEOBALD | Why Enoch Godongwana is right to reject a wealth tax
Inequality in South Africa is extreme and has many dire consequences, driving instability, poor productivity and damage to the fiscus. So, I can
000