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Budget News

Ramaphosa’s SoNA holds bold promises, but lacks finer details, says BLSA

By: Donna Slater     15th February 2021 In his February 13 State of the Nation Address (SoNA), President Cyril Ramaphosa highlighted factors that will serve to lift the economy, tackle Covid-19 and boost ailing electricity infrastructure, says Business Leadership South Africa (BLSA) CEO Busi Mavuso. Of particular interest, she says,... 

Industry body seeks purposeful rebuilding

By: Darren Parker     12th February 2021 The Consulting Engineers South Africa (Cesa) theme for this year is: Rebuilding with purpose. This is aimed at encouraging the engineering and construction sectors to pursue the rebuilding of the sector and the economy in a more conscious and mindful manner so that all South Africa’s... 

Industry body seeks purposeful rebuilding
Photo by Creamer Media
SUGEN PILLAY Cesa’s call to purposefully rebuild the economy and infrastructure will aim to foster an enhanced social compact between all industry partners and stakeholders

Strategic forethought hindered by crisis mindset

By: Darren Parker     12th February 2021 With South Africa’s fiscus placed under immense strain as government attempts to combat the effects of the pandemic, South African Institute of Civil Engineering (Saice) CEO Vishaal Lutchman fears that owing to the Covid-19 pandemic, the country’s leadership is in “head down crisis mode”, with... 

Strategic forethought  hindered by crisis mindset
VISHAAL LUTCHMAN Government has not prioritised infrastructure development for the past decade and it will likely not prioritise it in 2021 either

SIU recovers R127m worth of dodgy PPE payments so far  

By: Marleny Arnoldi     5th February 2021 The Special Investigating Unit's (SIU's) work has resulted in the recovery of R127-million of funds, which had been paid irregularly by the State to service providers of personal protective equipment (PPE) and related services. This was revealed on February 5 as SIU head Advocate Andy Mothibi... 

SIU recovers R127m worth of dodgy PPE payments so far
SIU head Advocate Andy Mothibi discusses the unit's progress on uncovering Covid-19 PPE corruption

Treasury likely to maintain bond auction levels 

By: Bloomberg     4th February 2021 South Africa’s National Treasury will probably keep the levels of its bond auctions constant until the end of the fiscal year, even with domestic-debt issuance running ahead of target. The Treasury is unlikely to “adjust its in-year bond auction levels due to the short time period remaining after... 

Treasury likely to maintain bond auction levels
Finance Minister Tito Mboweni

District Development Model to improve planning, implementation as South Africa embarks on economic recovery

By: Donna Slater     29th January 2021 The Covid-19 pandemic is providing a good socioeconomic testing ground for the newly rolled-out District Development Model (DDM), with its One Plan, One Budget strategy expected to alleviate disjointed planning, budgeting and implementation across the different spheres and entities of... 

WEF yearly summit to be held in Singapore in May

By: Donna Slater     8th December 2020 The World Economic Forum (WEF) will convene its 2021 Special Annual Meeting in Singapore from May 13 to 16; and return to Davos-Klosters, in Switzerland, for the 2022 edition. The change in location reflects the forum’s priority of safeguarding the health and safety of participants and the host... 

Government departments implement initiatives to create more jobs

By: Donna Slater     16th November 2020 Various government departments have commenced with the rollout of President Cyril Ramaphosa’s plan to protect and create jobs as part of his emergency relief package that has been mobilised in the wake of the Covid-19 pandemic and to address the impacts thereof. To date, Public Works and... 

Maintenance saves companies’ bottom line

13th November 2020 With economic uncertainty levels reaching an all-time high, it is necessary to find creative and resilient ways to reduce budgets while boosting the bottom line. Preventive maintenance is often one of the most tempting to trim, however, doing so could end up costing a business significantly more... 

Maintenance saves companies’ bottom line
PREVENTION BETTER THAN CURE Companies can minimise the risk of costly reactive maintenance as reactive maintenance only addresses problems as it arises

B4SA proposes alternatives to another hard lockdown in event of a second wave

By: Donna Slater     10th November 2020 To restore and boost investor and consumer confidence in South Africa, Business for South Africa (B4SA) is requesting certainty from government that there will not be another “hard economic lockdown” – such as those of Alert Levels 3 to 5 – in South Africa in the event of a second wave of... 

Next interim candidate appointed as FSCA commissioner

By: Marleny Arnoldi     9th November 2020 National Treasury has appointed Olano Makhubela interim commissioner of the Financial Sector Conduct Authority (FSCA) for a period of three months starting November 6. He is currently the divisional executive for retirement funds supervision at the authority and will continue with these... 

Covid-19 accelerates domestic sustainable finance market – Standard Bank

By: Donna Slater     4th November 2020 The Covid-19 pandemic has heightened the focus on climate change and financial instruments that promote sustainable economic development, Standard Bank group CEO Sim Tshabalala noted in the latest episode of the ClimateBiz podcast series hosted by the International Finance Corporation (IFC). In... 

Economic Reconstruction and Recovery Plan presents opportunity to build a better economy, says Saice

By: Donna Slater     4th November 2020 The Economic Reconstruction and Recovery Plan tabled by President Cyril Ramaphosa in October, provides an opportunity to build a better structured economy, reports South African Institution of Civil Engineering CEO Vishaal Lutchman. Following Ramaphosa’s announcement of the plan, Finance Minister... 

Bank to play pivotal role in recovery plan

By: Cameron Mackay     30th October 2020 State-owned development finance institution Development Bank of Southern Africa (DBSA) is looking to accelerate playing a meaningful role in the economic recovery of the country by assisting in financing and implementing vital infrastructure projects for the transport sector, particularly road... 

Bank to play pivotal role in recovery plan
THE ROAD TO RECOVERY The DBSA sees roads infrastructure and other transport sector infrastructure as key to stimulating economic growth and social inclusion

Medium-term budget highlights 

29th October 2020   Creamer Media's Chanel de Bruyn speaks to Creamer Media Editor Terence Creamer about the new fiscal framework presented by Finance Minister Tito Mboweni during his Medium-Term Budget Policy Statement, on Wednesday; what this could mean for public sector wages and South Africa's credit rating;... 

Medium-term budget highlights
Medium-term budget highlights

Budget policy critical to economic recovery from Covid-19, says BLSA

By: Donna Slater     26th October 2020 This week is an important one in that South Africa’s Medium-Term Budget Policy Statement (MTBPS) will be presented by Finance Minister Tito Mboweni on October 28, having the potential to support a recovery in business sentiment leading to a recovery in growth and employment, says Business... 

BLSA implores Mboweni to prioritise revenue collection in MTBPS 

By: Marleny Arnoldi     23rd October 2020 In an open letter from Business Leadership South Africa (BLSA) addressed to Finance Minister Tito Mboweni, the organisation asks that the Medium Term Budget Policy Statement (MTBPS) "aggressively trim remaining fat" towards efficient revenue collection in the country. On behalf of business,... 

Mboweni requests to move MTBPS to October 28 

By: Marleny Arnoldi     14th October 2020 Finance Minister Tito Mboweni has asked for an extended timeframe to table the 2020 Medium Term Budget Policy Statement. The Speaker of the National Assembly acceded to the request for the Minister to table the budget on October 28, instead of October 21, pending approval of the Parliamentary... 

Mboweni requests to move MTBPS to October 28
Finance Minister Tito Mboweni

SA Mint pays homage to eye surgery invention in latest crown, tickey series 

By: Marleny Arnoldi     7th October 2020 The South African Mint (SA Mint) has again shined a light on the retinal cryoprobe, which is featured on its 2020 crown and tickey coin series. The South African Reserve Bank subsidiary has since 2016 celebrated the national genius of inventors and inventions, which have had global success, on... 

National Treasury launches Covid procurement spend dashboard

By: Marleny Arnoldi     5th October 2020 Further to President Cyril Ramaphosa’s directive to organs of State in August to submit information around their Covid-19 procurement, the National Treasury has published an interactive Covid-19 procurement dashboard to show procurement activity. Treasury was tasked with creating a standard... 

Civil society organisations urge leaders to tackle corruption

By: Donna Slater     1st September 2020 In an open letter addressed to President Cyril Ramaphosa and Finance Minister Tito Mboweni, Corruption Watch executive director David Lewis and Public Affairs Research Institute executive director Dr Mbongiseni Buthelezi urge the leaders to tackle corruption by taking advantage of the current... 

Treasury goes live with info on State Covid-19 procurement contracts

By: Marleny Arnoldi     26th August 2020 The Presidency on August 26 confirmed that all Covid-19-related government expenditure has been published online. The Office of the Chief Procurement Officer has published a full list of all companies who have been awarded contracts by government for the supply of goods and services relating to... 

B4SA disappointed at TERS payment suspension

By: Donna Slater     26th August 2020 Business for South Africa (B4SA) is disappointed that all payments of Unemployment Insurance Fund (UIF) Temporary Employer/Employee Relief Scheme (TERS) benefits have been halted pending investigations by the Auditor-General (AG). It is understood that the AG is investigating system integrity... 

Covid-19 severely impacts business confidence, unemployment

By: Donna Slater     17th August 2020 Strategy and investment consulting firm Singular Group says the Covid-19 pandemic has severely impacted South Africa’s economy, to such an extent that business confidence is at an all-time low, 22% lower than during the 2008 global financial crisis and currently ranking in the 8% range. During... 

More German experts coming to help reactivate South African industry

By: Rebecca Campbell     14th August 2020 The German embassy in South Africa expects further technical experts from that country to arrive in South Africa, subject to the approval of the South African government. The first contingent of these experts, sent to help reactivate and upgrade German-owned factories and service companies in... 

UIF TERS extended July/August applications to open next Monday

By: Donna Slater     13th August 2020 The Unemployment Insurance Fund (UIF) will open and begin processing the July/August Covid-19 Temporary Employee Relief Scheme (TERS) benefits applications from August 17. This follows the signing of the new directive on the extended period of benefits by Employment and Labour Minister Thulas... 

EU liquor trading partner puts pressure on South African govt to lift alcohol ban

By: Marleny Arnoldi     11th August 2020 In a statement, the liquor industry of South Africa has acknowledged the concerns raised by SpritsEurope around imbalances in trade between South Africa and the European Union (EU), owing to the continued ban on alcohol sales. The EU is South Africa’s biggest trading partner and the economic... 

Absa revises GDP forecast on better-than-expected data

By: Donna Slater     4th August 2020 Based on better-than-expected data arising from the first and second quarters of the year, financial services company Absa has revised down its forecast for the gross domestic product (GDP) contraction this year from 9.7% previously, to 8.3%. However, Absa notes that taking into account the... 

Solidarity Fund ramps up farming, food assistance

By: Marleny Arnoldi     31st July 2020 South Africa’s national Solidarity Fund has ramped up its efforts to bring relief to those most affected by the Covid-19 pandemic. The fund has been focusing its efforts since its inception in March on humanitarian efforts, as well as medical supplies, but food relief and gender-based violence... 

Difficult times ahead for property sector

By: Darren Parker     31st July 2020 Following the significant challenges because of the Covid-19 outbreak, the outlook for the South African commercial and industrial property sector for next year remains somewhat bleak, says South African Property Owners Association (Sapoa) CEO Neil Gopal. Since the start of the national lockdown... 

Difficult times ahead for property sector
NEIL GOPAL There needs to be urgent intervention at local municipal level

Economic recovery interventions present hope

By: Darren Parker     31st July 2020 South African Institute of Black Property Practitioners (SAIBPP) CEO Vuyiswa Mutshekwane says it is encouraging to already see a number of the proposals being put into practice from the SAIBPP’s 10-point plan to catalyse economic development and drive the post-lockdown economic recovery. The... 

Economic recovery interventions present hope
VUYISWA MUTSHEKWANE It is not business as usual and things are unlikely to return to normal anytime soon

With IMF loan granted, govt has a chance to embed pro-growth economic reforms  

By: Marleny Arnoldi     28th July 2020 North West University Business School economist Professor Raymond Parsons says the timing of the International Monetary Fund’s (IMF’s) loan to South Africa again emphasises the extent to which the country has reached a defining fork in the road in dealing with challenges and that a clear sense of... 

Gauteng Premier recovers from Covid-19, resumes duties

By: Sane Dhlamini     23rd July 2020 Gauteng Premier David Makhura has recovered from the novel coronavirus and has already resumed his official duties by joining Thursday’s virtual sitting of the Gauteng Provincial Legislature, where the Adjustment Budget was tabled as part of the province’s Covid-19 response. He expressed his... 

Gauteng Premier recovers from Covid-19, resumes duties
Gauteng Premier David Makhura

AfDB approves R5bn loan for South Africa's Covid-19 fight

By: Donna Slater     23rd July 2020 The African Development Bank (AfDB) board has approved a loan of about R5-billion ($288-million) to the government of South Africa, as the country battles one of the largest Covid-19 caseloads in the world. The loan forms part of the AfDB’s $10-billion Covid-19 Response Facility and will finance... 

Agri SA bemoans agriculture programme budget cuts

By: Marleny Arnoldi     22nd July 2020 Industry body Agri SA says the Department of Agriculture, Land Reform and Rural Development’s salary bill should be cut by a higher amount rather than the cuts announced in funding for programmes for food security, land reform, production aid, infrastructure and rural development. “Scaling down... 

Agri SA bemoans agriculture programme budget cuts

CW report highlights impact of corruption in health sector

By: Sane Dhlamini     22nd July 2020 Not for profit organisation Corruption Watch (CW) on Wednesday released its ‘X-Ray: The critical state of the health sector in SA’ report which aims to uncover the impact of corruption in the healthcare sector. The report demonstrates how people who are reliant on public health facilities in... 

CW report highlights impact of corruption in health sector

Sars losing out on R5bn in excise duties, says alcohol industry

By: Marleny Arnoldi     20th July 2020 The renewed prohibition of alcohol sales has resulted in the South African alcohol industry having no choice but to apply for a deferment of payment of excise duties to the South African Revenue Service (Sars) valued at R5-billion for July and August. In a statement issued on behalf of the... 

Sars losing out on R5bn in excise duties, says alcohol industry
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