Analysis - Having assured the governing ANC's national executive committee that South Africa was not running out of money - and that fiscal discipline wasn't austerity - Finance Minister Enoch Godongwana must try to persuade everyone he's got the answers in Wednesday's Medium Term Budget Policy Statement.
Having assured the governing ANC's national executive committee that South Africa was not running out of money - and that fiscal discipline wasn't austerity - Finance Minister Enoch Godongwana must try to persuade everyone he's got the answers in Wednesday's Medium Term Budget Policy Statement.
The fact that economic growth prospects were revised slightly up to 0.7% from 0.4% in September by the SA Reserve Bank is cold comfort to consumers struggling with stubborn above-inflation food price hikes, rotational power cuts and a series of petrol price increases that have raised transport costs.
Resilience is much talked about, but battling high costs and unemployment takes a heavy toll on workers, jobseekers and businesses - actually, almost everyone living everywhere from metros to ruralTo say Finance Minister Enoch Godongwana is saddled with a balancing act with many moving parts is an understatement. In the run-up to an election in 2024, it would be easy to spend, spend, spend - that has happened before - but this time, the rands and cents are simply not there.
While tax collection continues to sharpen, South African Revenue Service Commissioner Edward Kieswetter recently told MPs that the domestic economy lost anywhere between R60-billion and R150-billion because of Eskom's rolling blackouts. That's a significant loss in tax revenue.Godongwana's Medium-Term Budget Policy Statement Likely to Present a Gloomy Fiscal Outlook).
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