A good budget, with an uncomfortably high execution risk

After years of talks, there is a broad understanding of the policies that need to be implemented to stabilise SA’s finances and support growthFinance minister Tito Mboweni may be accused of many things, but no-one can suggest he is not bold. In the face of persistently weak growth and revenue declines, the 2020 budget sets out an ambitious plan to cut expenditure by reining in public sector wages.

No-one in SA believes they receive good service from the public sector. The frequency of service delivery protests continues to rise in the townships, while everyone who can afford to, privately contracts in security, healthcare, education, and even electricity supplies.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

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