CAPE TOWN | Political parties and commentators have been debating Finance Minister Enoch Godongwana’s Medium Term Budget Policy Statement (MTBPS), with many arguing that the proposed adjustments will inevitably cause more harm than benefit.
The Mail & Guardian claims that Godongwana has upheld the Treasury’s position on the nation’s economic growth in spite of the strong opposition.
Godongwana emphasised that while most nations bounced back from the global financial crisis of 2008, South Africa did not.
Says Godongwana:
I believe there is a fundamental connection between that time and power disruptions, and that connection has affected growth rates.
You are doomed no matter what macroeconomic strategy you choose if there is no electricity, no transport, no crime, and no state capability.
Commentators were left with a bad taste in their mouths due to Godongwana’s stance on the nation’s urgently needed growth.
They feel that mending supply issues or raising government spending will not alleviate the country’s economic crisis.
Herman Mashaba, the president of ActionSA, criticised the mid-term budget speech, claiming that Godongwana did not adequately address the primary economic problems that South Africans face.
Mashaba claimed that Godongwana’s statement demonstrated the ANC’s lack of a specific plan to boost employment and rescue the nation from its present financial catastrophe.
Mashaba continued by saying that the speech ought to have concentrated more on issues like economic expansion, improper use of public funds, and embezzlement of public funds.
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