Finance Minister Tito Mboweni has dished up a substantial serving of grim fiscal news, with a side serving of burgeoning debt sprinkled with low economic growth, garnished by plans to cut spending. And, while the dish has been prepared using a complex recipe, it’s was unlikely, and did not please the palate of all.
Mboweni started off his medium term budget speech on Wednesday with a number of disclaimers, which is understandable given the hype in the weeks preceding the event.
Recently released employment stats showed an increase in unemployment figures to 29.1%, the highest level in 11 years. The economy is projected to grow at a paltry 0.6% this year, and tax revenue has been disappointing.
Amidst it all, earlier this year, the Finance Minister leap-frogged normal government protocol in his release of economic discussion paper “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for
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