South Africa’s structural constraints must be dealt with as the country looks to spur on its economic recovery, Finance Minister Enoch Godongwana said on October 31.
Speaking during a post-Medium-Term Budget Policy Statement briefing hosted by the South African Chamber of Commerce and Industry, he said government was working to restore the health of public finances in the country
He pointed out, however, that there were many risks, given the global slowdown.
However, Godongwana emphasised that, what the country needed to look at was not macroeconomic policies, but rather, the micro problems that were happening in the country.
In this regard, he said the biggest structural constraint facing the country was a lack of stable electricity supply.
Godongwana said that, rather than trying to fix State-owned utility Eskom, as has been the case for the past 14 years, the focus should be on getting power to the grid through all means, and fast-tracking this.
“Regardless of how good the macroeconomic policies
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