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Budget News

Crucial policy missteps have taken place – Ramaphosa

By: Sane Dhlamini Updated 2 hours 57 minutes ago President Cyril Ramaphosa said on Tuesday that, while South Africa has come a long way 25 years into democracy, there have been crucial policy missteps, and he admitted that government has, at times, failed to implement coherent policy or delayed doing so. He was addressing delegates at the 25... →

Repo rate cut welcomed

By: Sane Dhlamini 18th July 2019 Black Business Council (BBC) CEO Kganki Matabane on Thursday welcomed the South African Reserve Bank (SARB) Monetary Policy Committee’s decision to cut the repo rate by 25 basis points to 6.5% from 6.75%. Matabane said the committee’s decision to decrease the repo rate will bring much needed... →

BBC welcomes financial support for Black Industrialists Programme

By: Nadine James 16th July 2019 The Black Business Council (BBC) has welcomed the announcement that R40-billion in financial support will be made available for the Black Industrialists Programme over five years. “To enhance the growth of black industrialists, we will combine the efforts of the Department of Trade, Industry and... →

Climate change takes priority in Creecy’s budget vote debate

By: Nadine James 12th July 2019 Newly appointed Environment, Forestry and Fisheries Minister Barbara Creecy delivered her R7.5-billion budget vote statement in the National Assembly on Thursday, emphasising the socioeconomic threat of climate change, as more than two-million South Africans are directly dependent on the... →

Mozambique’s GDP growth to fall to below 3% following Idai

By: Marleny Arnoldi 17th May 2019 The Mozambican government has estimated its emergency assistance needs and reconstruction costs following cyclone Idai, in March, will reach $1.5-billion, or about 10% of the country’s gross domestic product. The International Monetary Fund (IMF), in a report, compiled information around the... →

Political parties agree on need for business, government collaboration

By: Marleny Arnoldi 12th April 2019 One cannot develop South Africa with a blanket approach, without consultation and discussion and these interactions should not be confined to the election season only, Inkatha Freedom Party MP Mhuleko Hlengwa asserted during a Steel and Engineering Industries Federation of Southern Africa... →

SA entering a very scary socioeconomic corner

By: Rebecca Campbell 29th March 2019 Despite the concerns of Finance Minister Tito Mboweni, South Africa’s 2019 budget saw a real-terms increase in Government spending. Gross national debt will increase to about 60% in the financial year (FY) 2023/2024 – a proportion that, apparently, excludes debt guarantees and other “contingent... →

Financial markets driven by politics, rather than economic fundamentals – Peregrine

By: Marleny Arnoldi 19th March 2019 The world is in an era of populism and nationalism, marked by the rapid rise of politicians echoing the message of a “selfish” State, effectively making the geopolitical landscape a treacherous one, says Peregrine Treasury Solutions. Corporate treasury manager Bianca Botes noted in a release... →

SA will run out of money by 2042 – economist

By: News24Wire 27th February 2019 If the fiscus continues on its current trajectory, South Africa will run out of money by 2042, members of Parliament have heard. The Standing Committee on Finance held public hearings on the Budget on Wednesday. Among those making submissions was Professor Jannie Rossouw of the Fiscal Cliff Study... →

Cova disappointed about lack of incentives announced in 2019 Budget

By: Tasneem Bulbulia 22nd February 2019 Cova Advisory on Friday said the 2019 Budget, presented by Finance Minister Tito Mboweni on Wednesday, was “disappointing” with regard to support for manufacturing, with the manufacturing incentives budget of the Department of Trade and Industry (DTI) expected to be reduced over the next three... →

Labour broking not a dying breed

By: Halima Frost 22nd February 2019 Although the temporary employment sector has been under pressure over some years it has now reached a level they are regarded as legitimate for sectors in an open economy. The industry continues to play a significant role in sectors of the economy including the Constructional Engineering... →

LABOUR LINEUP Labour broking is still a viable option for many short-term projects

Promising growth in construction sector brings hope for 2019

By: Halima Frost 22nd February 2019 Despite the contribution of the construction sector to local economic activity being inconsistent, and having decreased significantly over the years, Constructional Engineering Association (CEA) executive director Anthony Boy is hopeful that there will be an upturn in investments in the sector... →

PAST, PRESENT AND FUTURE Anthony Boy and Louis Breckenridge speak of their hopes for the future

AfriSam expects ‘tough 2019’ amid continuing political, policy uncertainty

By: Simone Liedtke 21st February 2019 Construction materials company AfriSam CEO Rob Wessels expects “a tough 2019”, especially amid ongoing political and policy uncertainty. Wessels was, on Thursday, joined by political analyst Aubrey Matshiqi and AfriSam sales and marketing executive Richard Tomes at a briefing post Finance... →

AfriSam sales and marketing executive Richard Tomes discusses AfriSam and its expectations for 2019. Video: Perfect Directions. Editing: Creamer Media's Christo Greyling

There is no 'endless supply of cash' Mboweni tells Parliament

By: News24Wire 21st February 2019 Finance Minister Tito Mboweni told MPs on Thursday there is "no endless supply of cash" in government, and the state has no printing press to magic new funds. Following on from his maiden Budget speech on Wednesday, Mboweni told a joint sitting of various oversight committees that the biggest... →

Photo by Reuters
Finance Minister Tito Mboweni

Business Unity SA says Mboweni's budget is not bold enough

By: African News Agency 21st February 2019 Business Unity South Africa (Busa) said on Wednesday that it was disappointed at the lack of bold steps to contain government debt in the budget, saying that the budget lacked reforms to turn the tide on low economic growth. Busa president Sipho Pityana, in a statement, said finance minister Tito... →

Busa President Sipho Pityana

Eskom bailout a dominant theme in 2019 Budget

20th February 2019 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Finance Minister Tito Mboweni’s announcement of a R69-billion bailout for Eskom over three years, how this has impacted on the country’s fiscal framework and how it is likely to affect South Africa’s credit... →

Eskom bailout a dominant theme in 2019 Budget. Camerawork and Editing: Creamer Media's Nicholas Boyd.

Cesa optimistic after president’s address

By: Halima Frost 15th February 2019 The 2019 presidential address of industry body Consulting Engineers South Africa (Cesa) president Neresh Pather, which he delivered with cautious optimism, calling for a transparent drive for the betterment of the sector, sent out a strong message about the future of the civil engineering and... →

NERESH PATHER Procurement policies need to be formulated to embrace the long-term needs of projects

2019 Budget will present South Africa with ‘a path of hope’ – PwC

By: Simone Liedtke 13th February 2019 With Finance Minister Tito Mboweni scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20, expectations are high as the country waits to hear how he plans to balance competing expenditure priorities to stimulate economic growth, in spite of fiscal consolidation measures. In the... →

Finance Minister Tito Mboweni is scheduled to deliver the 2019 Budget Speech, in Cape Town, on February 20

SAIIA, Brookings launch Foresight Africa report

By: Sane Dhlamini 28th January 2019 The South African Institute of International Affairs (SAIIA) and the Brookings Institution’s Africa Growth Initiative (AGI) launched the Foresight Africa report on Monday, in Johannesburg, highlighting the top priorities for the continent in 2019. AGI senior fellow and director Brahima Coulibaly... →

AGI senior fellow and director Brahima Coulibaly & ISS senior research consultant Liesl Louw-Vaudran on the Foresight Africa report (Camera: Nicholas Boyd. Editing: Christo Greyling)

Finance Minister invites public comment ahead of 2019 Budget

By: Marleny Arnoldi 24th January 2019 Finance Minister Tito Mboweni is inviting South Africans to share their views about economic conditions and other issues that they would like government to highlight in the Budget, which the Minister will deliver on February 20. Mboweni specified that he would appreciate suggestions on how... →

Photo by Marleny Arnoldi
Finance Minister Tito Mboweni invites public to give suggestions for Budget 2019

Tito Mboweni wants to hear your plans to grow the economy

By: News24Wire 24th January 2019 Finance Minister Tito Mboweni, who will deliver the 2019 Budget on February 20 in Cape Town, has called on South Africans to send him and his team ideas on how South Africa can boost its economic growth. The economy is expected to grow by only 0.7% in 2018, according to the latest estimates of... →

Finance Minister Tito Mboweni

Bloodhound supersonic car project halted

By: Tasneem Bulbulia 10th December 2018 Project Bloodhound, the initiative to break the land-speed world record, has been halted, owing to a lack of funds, BBC News and other media reported at the weekend. Engineering News in October reported that Bloodhound Programme, the UK company behind the project, had entered into administration,... →

Trade wars costly to long-term construction projects

By: Simone Liedtke 23rd November 2018 Owing to the global trade war in steel prices, local manufacturers, such as local steel fabricator Fabcon, are finding it difficult to quote for long-term construction projects. “The stockholding of any steel company is dramatically reduced, as companies are unwilling to hold stock for a longer... →

ANDREW VAN GOOL Companies are unwilling to hold stock for a longer period of time

Signs of positive change in steel sector

By: Simone Liedtke 23rd November 2018 The drive to import certain quantities of steel has gained impetus during 2018, as a result of some doubts in the steel manufacturing industry about the ability of local mills to produce the required level of quality of certain products they require, steel processor and supplier Allied Steelrode... →

WARNE RIPPON There has also more recently been a concerted effort made by the primary steel producer to improve its product quality

PwC unpacks possible outcomes of final 2018 MPC meeting

By: Marleny Arnoldi 21st November 2018 The South African Reserve Bank’s (SARB’s) last Monetary Policy Committee (MPC) meeting for this year is under way, with SARB governor Lesetja Kganyago expected to announce the outcome on Thursday. Policymakers are considering the possibility of a rate hike in November, against the backdrop of... →

Industry body supports economic recovery plan

By: Jessica Oosthuizen 16th November 2018 Industry body Consulting Engineers South Africa (Cesa) welcomes government’s focus on infrastructure development in support of economic recovery and job creation, as illustrated in Finance Minister Tito Mboweni’s Medium-Term Budget Policy Statement (MTBPS) last month, says Cesa CEO Chris... →

CHRIS CAMPBELL We are in a position, as the private sector, to partner with government to develop and build infrastructure to a level that supports good service delivery

Rand not taking the bait on Mboweni's budget

By: African News Agency 25th October 2018 The medium-term budget seems to have done little to allay business and consumer fears as the rand was not convinced on Thursday by reforms announced by government. Finance minister Tito Mboweni on Wednesday delivered the medium-term budget policy statement (MTBPS) outlining that government was... →

Finance Minister Tito Mboweni

Mind the debt trap, Mboweni warns

By: African News Agency 25th October 2018 Finance Minister Tito Mboweni on Thursday warned that reprioritising spending was the only way for South Africa to avoid falling into a debt trap and losing autonomy over its finances. Mboweni told a joint sitting of Parliament's standing and select committees on finance and appropriations the... →

Finance Minister Tito Mboweni

KZN MEC unveils 25 planned projects to attract R200bn investment

By: Marleny Arnoldi 12th October 2018 KwaZulu-Natal Economic Development, Tourism and Environmental Affairs MEC Sihle Zikalala on Friday unveiled his portfolio of investment opportunities, which will result in R200-billion being pumped into the province’s economy over the next few years. Addressing captains of industry during an... →

KZN Economic Development, Tourism and Environmental Affairs MEC Sihle Zikalala

Sub-Saharan Africa’s economy growing, but better revenue mobilisation needed – IMF

By: Marleny Arnoldi 12th October 2018 The macroenonomic outlook for sub-Saharan Africa continues to strengthen, with growth expected to increase from 2.7% in 2017 to 3.1% this year, the latest ‘Regional Economic Outlook’ report published by the International Monetary Fund (IMF) shows. The higher growth reflects domestic policy... →

BER counts cost to the South African economy of ‘lost years’ from 2010 to 2017

By: Marleny Arnoldi 10th October 2018 In marking the tenth anniversary of the largest financial crisis since the Great Depression, the Bureau for Economic Research (BER) has looked back at the performance of the South African economy between 2010 and 2017. Since the financial crisis, domestic real gross domestic product (GDP)... →

IMF appoints Gita Gopinath economic counsellor, research dept director

By: Marleny Arnoldi 1st October 2018 The International Monetary Fund (IMF) has appointed Gita Gopinath economic counsellor and IMF research department director. Gopinath succeeds Maurice Obstfeld, who is retiring at the end of the year. →

Montalto to expand Intellidex’s depth of research

By: Marleny Arnoldi 1st October 2018 Research and consulting firm Intellidex has appointed Peter Attard Montalto head of capital markets research, to expand its depth of research and widen its client base among global investors. Montalto will lead Intellidex’s coverage of economics, politics and fixed income markets in South... →

Ramaphosa aims to crowd in private resources for infrastructure fund

By: Terence Creamer 21st September 2018 President Cyril Ramaphosa has placed the creation of a public-private infrastructure fund at the heart of an economic stimulus and recovery plan, otherwise constrained by South Africa’s serious fiscal constraints. In unveiling the plan during a briefing at the Union Buildings in Pretoria on... →

Photo by GCIS
President Cyril Ramaphosa

A ‘sovereign innovation fund’ proposed in draft technology policy

By: Rebecca Campbell 21st September 2018 The Department of Science and Technology (DST) has, in its recently released draft White Paper on Science, Technology and Innovation (STI), stated that a “sovereign innovation fund” is to be created. “There is a need for increased commercialisation funding,” said section 6.2 of the draft White... →

Kingon’s contract as Sars acting commissioner extended by 3 months

By: Marleny Arnoldi 17th September 2018 Finance Minister Nhlanhla Nene has extended Mark Kingon’s contract as acting commissioner of the South African Revenue Service (Sars) for a further 90 days, effective September 14. The power to appoint a permanent commissioner vests with the President. →

South Africa to set up a 'sovereign innovation fund'

By: Rebecca Campbell 11th September 2018 The Department of Science and Technology (DST), in its recently released draft White Paper on Science, Technology and Innovation (STI), stated that a “sovereign innovation fund” is to be created. “There is a need for increased commercialisation funding,” said section 6.2 of the draft White Paper.... →

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