By Simon Nare
The Road Accident Fund (RAF) is like the problem child of the family; everyone knows something is wrong, no one quite knows what to do, and you can’t simply wish them away.
There’s no formula that seems to work, and still, the bleeding continues.
That pretty much captures the ongoing financial and regulatory challenges that continue to plague RAF.
Since the dark days of apartheid, when it operated as the Multilateral Motor Vehicle Accidents Fund before taking on its current name in 1997 under the new Act, the Road Accident Fund has been posting deficits year after year – even as it draws millions, if not billions, from the fuel levy.
In fact, the entity was first declared insolvent in 1981, carrying a whopping annual deficit of more than R800 million.
Annual deficits, in other words, are nothing new.
However, the picture that is emerging at the
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