South Africa’s public finances are in a poor state, with the government failing to meet its tax-collection targets and tighter financial conditions making it difficult to borrow more and at affordable rates, Finance Minister Enoch Godongwana warned.
Ongoing power cuts, logistical constraints and the consequences of a campaign to loot state funds during former President Jacob Zuma’s nine-year presidency had made the difficult fiscal situation more challenging, he said. “We have faced similar challenges in the past and managed to make the necessary policy decisions and trade-offs to navigate the storm.”
Expenditure cuts will come at a difficult time for the ruling African National Congress, which is gearing up for elections next year and is at risk of losing its national majority for the first time since it took power in 1994.
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