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Budget News

Protectionism not the answer to South Africa’s economic problems, CDE says

By: Darren Parker 20th November 2024 Think tank the Centre for Development and Enterprise (CDE) has called for an overhaul of industrial policy to move it away from protectionism and towards a focus on maximising exports. The organisation on November 20 said a new approach to master plans, tariff-setting and competition policy was... →

Namibia has best roads in sub-Saharan Africa, with South Africa scoring on par with Rwanda, Mauritius

By: Darren Parker 20th November 2024 According to the ‘Global Competitiveness Index’ compiled by the World Economic Forum and hosted on the World Bank's Prosperity Data360 platform, Namibia ranks highest in sub-Saharan Africa for road quality, achieving a score of 5.31 out of seven on a scale used to evaluate infrastructure.... →

Agriculture set to benefit greatly if MTBPS sentiment is realised

By: Marleny Arnoldi 31st October 2024 Industry bodies Agri SA and the Agricultural Business Chamber of South Africa (Agbiz) agree that Finance Minister Enoch Godongwana’s Medium Term Budget Policy Statement (MTBPS) shows that government is still committed to stabilising debt and to maintaining primary budget surpluses. The... →

Business welcomes pragmatic MTBPS but maintains public service should be downsized

By: Marleny Arnoldi 31st October 2024 Business, academia and industry associations have welcomed the reforms highlighted in the 2024 Medium Term Budget Policy Statement (MTBPS) delivered by Finance Minister Enoch Godongwana on October 30, particularly those related to infrastructure development and greater private sector... →

Photo by Bloomberg
Finance Minister Enoch Godongwana

Greater coordination needed to realise green-hydrogen aspirations

By: Darren Parker 25th October 2024 Despite enthusiasm for the development of a hydrogen economy from the public and private sectors, there remains a significant lack of coordination to effectively implement projects and bring the dream of a green hydrogen economy to life, according to energy technology company Mitochondria Energy... →

Mamabolo launches digital solution to improve Gauteng’s project delivery efficiency

By: Natasha Odendaal 17th October 2024 Gauteng Infrastructure Development and Cooperative Governance and Traditional Affairs MEC Jacob Mamabolo has unveiled a new digital solution to support its already established Lutsinga Infrastructure House, the nerve centre for Gauteng’s infrastructure projects. The Infrastructure Delivery... →

Image of Gauteng Infrastructure Development and Cooperative Governance and Traditional Affairs MEC Jacob Mamabolo

DPWI, ISA launch project preparation bid window to expand infrastructure investment

By: Darren Parker 15th October 2024 The Department of Public Works and Infrastructure (DPWI), together with government agency Infrastructure South Africa (ISA), has opened a novel project preparation bid window to invite submissions from national and provincial government departments, State-owned entities, public entities and... →

Public Works and Infrastructure Minister Dean Macpherson and Infrastructure South Africa acting head Mameetse Masemola

Photo by Creamer Media
Public Works and Infrastructure Minister Dean Macpherson and Infrastructure South Africa acting head Mameetse Masemola

Gauteng pays first GFIP e-toll instalment

By: Natasha Odendaal 30th September 2024 The Gauteng provincial government (GPG) on Monday paid the first of five equal instalments of its agreed R12.9-billion contribution to historical e-toll debt. Of the first R3.8 billion paid to National Treasury, R3.2-billion was allocated to historical debt and R546-million towards the R4-billion... →

Localisation key to unlocking potential

By: Lumkile Nkomfe 27th September 2024 Efforts to catalyse the localisation of the automotive component manufacturing sector are critical to economic development, says financial services company Nedbank Commercial Banking manufacturing national manager Amith Singh. Increased localisation efforts facilitate job creation and security... →

AMITH SINGH Nedbank believes that the automotive sector is one of the utmost importance and, as such, partners with industry associations to aid the manufacturing ecosystem

Gauteng balancing finances, as first e-tolls debt due

By: Natasha Odendaal 25th September 2024 It is a balancing act as Gauteng Provincial Treasury (GPT) works to prevent bankruptcy, pay down e-toll debt, mitigate an underperforming department, and work within a drastically reduced budget. Speaking to media during a roundtable on Wednesday to discuss the finances of South Africa’s most... →

Defence industry CEO calls for PPPs to fund SANDF projects

By: Darren Parker 20th September 2024 The CEO of the South African Aerospace, Maritime and Defence Industries association, Sandile Ndlovu, has called for the use of public-private partnerships (PPPs) to help fund defence projects in South Africa. Speaking at the African Aerospace and Defence trade show and exhibition, held at Air... →

Photo by Creamer Media
Rooivalk helicopter

Gauteng Treasury eyes public financial management improvement

By: Natasha Odendaal 1st August 2024 With less money to go around, Gauteng’s provincial government faces a balancing act in ensuring the right projects to bring about improved services are implemented. This was one of the messages relayed by Gauteng Finance and Economic Development MEC Lebogang Maile, as he delivered the 2024/25... →

Agri SA welcomes agri budget, but suggests more accountability with grants

By: Marleny Arnoldi 19th July 2024 Industry body Agri SA welcomes Agriculture Minister John Steenhuisen’s budget allocation dedicated to strengthening the agriculture sector, particularly through supporting smallholder farmers and boosting exports. Agri SA CEO Johann Kotzé says enhancing biosecurity measures, as committed to by... →

Cape Town gets another R3.5bn for its record infrastructure spending target to 2027

By: Darren Parker 25th June 2024 The City of Cape Town has secured a further R3.5-billion in financing towards its plans to spend a record amount on infrastructure investment over the three years to 2027. Mayor Geordin Hill-Lewis conducted the signing ceremony with Nedbank on June 24, after the council greenlighted the financing... →

Mayor Geordin Hill-Lewis among local government and Nedbank officials during the signing ceremony

Eastern Cape road projects planned

21st June 2024 The South African National Roads Agency Limited (Sanral) announced in March that it expected to inject close to R2-billion into the Dr AB Xuma local municipality, in the Eastern Cape, when it implements its road maintenance projects over the next three years. The roads agency said it will... →

A road in Africa taken from a lower angle with a yellow line painted through it and a Cats Eye reflector in the tar

FORWARD MOMENTUM Sanral is investing heavily in projects that will completely change the roads in the Eastern Cape

Global growth will not exceed pre-pandemic levels until 2026 at least – World Bank

By: Marleny Arnoldi 11th June 2024 The World Bank expects the global economy to stabilise for the first time in three years, but at a level that is still weak by historical standards. In its latest ‘Global Economic Prospects’ report, the World Bank says global growth will reach 2.6% this year and 2.7% in 2025 and 2026, compared... →

Unctad outlines reforms to avoid impending global public debt crisis

By: Marleny Arnoldi 5th June 2024 Global body UN Trade and Development (Unctad) has urged action to deal with the alarming surge of global debt and proposed reforms to international finance systems to safeguard “a prosperous future for people and planet”. A report published by Unctad on June 4 shows that global public debt hit a... →

South Africa avoids technical recession despite challenges – Deloitte

By: Sabrina Jardim 10th May 2024 With unemployment, loadshedding and a weak economy being front-line issues in the upcoming elections, the incoming administration must drive investment and reform to restart growth, build confidence and help South Africa’s economy meet its potential, says advisory firm Deloitte. In its May 2024... →

Gauteng’s R500bn budget focuses on crime, township economy boost

By: Natasha Odendaal 5th March 2024 Gauteng’s Finance MEC Jacob Mamabolo on Tuesday tabled a provincial budget for Gauteng of R165.8-billion for the 2024/25 financial year, with a focus on fighting crime and boosting the township economy. This will increase to R171.5-billion in 2025/26 and to R176.8-billion in 2026/27, equating to... →

Image of Gauteng Finance MEC Jacob Mamabolo

Budget shows an economy treading water, not collapsing – Jammine

By: Darren Parker 23rd February 2024 Although Finance Minister Enoch Godongwana’s Budget, delivered on February 21, seemed somewhat prudent, Econometrix director and chief economist Dr Azar Jammine said there was not much in it to make one optimistic about South Africa’s economic future either. “The Budget does provide some relief... →

In this video, Engineering News chats with Econometrix director and chief economist Dr Azar Jammine about the 2024 Budget. Video: Darlene Creamer

Innovative interventions needed to turn around underperforming growth trajectory – Agbiz

By: Schalk Burger 22nd February 2024 Against the backdrop of a profoundly challenging macroeconomic environment where South Africa’s economy is expected to continue underperforming, averaging at 1.6% growth in the next three years, innovative interventions are needed to turn the current trajectory around, said the Agricultural... →

Fiscal discipline in Budget, but 5% infrastructure expenditure increase ‘barely positive’ – Minerals Council

By: Schalk Burger 22nd February 2024 Finance Minister Enoch Godongwana maintained focus on fiscal discipline and balancing the need to address socioeconomic challenges facing the country, industry organisation Minerals Council South Africa said in response to the Minister’s Budget Speech on February 21. South Africa, however, needs... →

Minerals Council CEO Mzila Mthenjane

DBSA’s new Project Vumela financing instrument to help municipalities fund bulk infrastructure investment

By: Darren Parker 21st February 2024 Development finance institution Development Bank of Southern Africa (DBSA) has introduced a new financing instrument called Project Vumela, which blends municipal revenue sources with financing from development finance institutions and commercial finance. Revealed in the 2024 Budget Review on... →

Mining tax revenue down by 50.4% y/y

By: Darren Parker 21st February 2024 With various commodity prices taking a nosedive over the past year, windfall tax gains from high commodity prices over the preceding two years have come to an end, resulting in a sharp fall in mining tax revenue, National Treasury has said. In the 2024 Budget Review released on February 21, it... →

Criminal Asset Recovery Fund, not fiscus, to fund SANDF’s war on illegal mining

By: Darren Parker 21st February 2024 The Portfolio Committee on Defence and Military Veterans has claimed that the deployment of the South African National Defence Force (SANDF) in support of the South African Police Service to counter illegal mining at an estimated cost of R492-million is currently unfunded as of November last... →

Global corporate tax minimum to be implemented this year

By: Darren Parker 21st February 2024 In an effort boost tax revenue going forward, government will be implementing the long-awaited global corporate tax minimum in the coming year, Finance Minister Enoch Godongwana revealed upon the release of the 2024 Budget on February 21. He said that the global minimum tax aims to limit the... →

No change to fuel levies this year, Godongwana says

By: Darren Parker 21st February 2024 Government has decided once again to leave the general fuel levy and Road Accident Levy Fund unchanged, resulting in tax relief of about R4-billion. This was announced at the release of Finance Minister Enoch Godongwana’s 2024 Budget on February 21, marking the third consecutive year that this... →

RFP for private transmission investment to be launched in July

By: Terence Creamer 21st February 2024 The South African government will release a request for proposals (RFP) in the coming months seeking private sector investment into a pilot electricity grid infrastructure project. The National Treasury confirms that government has been working in partnership with the International Finance... →

70 out of 72 municipalities approved for Eskom debt relief

By: Darren Parker 21st February 2024 Out of 72 municipality applications for State-owned Eskom debt relief, 70 have been approved, Finance Minister Enoch Godongwana revealed in his 2024 Budget on February 21. The 72 applicants represent R56.7-billion, or 96.9%, of the total municipal debt owed to Eskom as at March 31, 2023, with the... →

Godongwana draws down R150bn from gold and forex account to reduce borrowings and debt-service costs

By: Terence Creamer 21st February 2024 Finance Minister Enoch Godongwana unveiled a far-reaching reform in relation to government’s treatment of the Gold and Foreign Exchange Contingency Reserve Account (GFECRA), which will result in R150-billion in drawdowns from the account over the coming three years to reduce government... →

Finance Minister Enoch Godongwana

Reserves drawdown is wildcard in South Africa’s election budget

By: Bloomberg 19th February 2024 Enoch Godongwana needs to conjure an annual budget that balances spending pressures stemming from this year’s elections with the South African National Treasury’s commitment to stabilise its finances. The rabbit in the fedora-wearing finance minister’s hat is a potential drawdown from the... →

Finance Minister Enoch Godongwana

S Africa's budget to consolidate more slowly, rate cuts delayed – poll

By: Reuters 15th February 2024 South Africa's budget deficit will narrow at a slower pace in coming years than October estimates predicted, put off course by poor mining tax receipts, according to a Reuters poll which also showed the central bank would delay interest rate cuts. The consolidated budget deficit will narrow to... →

Sacci business confidence index shows incremental improvements

By: Darren Parker 8th February 2024 The South African Chamber of Commerce and Industry (Sacci) has revealed that its business confidence index (BCI) for December last year reached a notable 112.1, marking the second-highest level for the year, surpassed only by the January 2023 peak of 112.9. Throughout last year, the BCI... →

There is no substitute for economic growth, Deloitte says ahead of 2024 Budget

By: Natasha Odendaal 1st February 2024 A tight balance is expected for this year’s National Budget as South Africa’s woes continue; however, a significant, or fundamental, raising of taxes is not expected, with a tightening hold on revenue collections to bridge the budget gap foreseen instead. South Africa’s 2024 Budget precedes a... →

World Bank, DBSA report highlights local SDG requirements

By: Sabrina Jardim 1st February 2024 Closing South Africa’s Sustainable Development Goals (SDGs) gap will require significant infrastructure and related spending, informed by the right objectives and relevant metrics, a joint study by the World Bank and the Development Bank of Southern Africa (DBSA) shows. The report, titled ‘Going... →

National Treasury confirms 21 February as budget day

By: News24Wire 24th January 2024 South Africa’s national budget day has been confirmed for 21 February at 14:00, according a statement by the National Treasury on Wednesday. Finance Minister Enoch Godongwana will "announce government’s spending, tax and borrowing plans for the next three years" in Parliament, it said. This... →

Finance Minister Enoch Godongwana

National Treasury pencils in 21 February as budget day

By: News24Wire 22nd January 2024 South Africa’s national budget day is currently scheduled for 21 February, according to National Treasury, which added that the date still needed final confirmations. This year’s event will be closely watched, with Finance Minister Enoch Godongwana having said during the medium-term budget... →

Finance Minister Enoch Godongwana

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