After an excruciatingly slow start and some bad luck, South Africa’s vaccination programme is no longer supply constrained. Demand, however, has become a new concern, with vaccine hesitancy the major cause. This is worrying for several reasons but is especially worrying from an economic perspective. South Africa’s vaccination programme remains its most important economic stimulus. Absent near-universal coverage, the country’s economic recovery will be stunted and sub-par growth will persist.