South Africa’s Medium-Term Budget Policy Statement indicates the government recorded a primary budget surplus in FY2023/24 for the first time in 15 years

SOUTH AFRICA - Report 31 Oct 2024 by Iraj Abedian

Finance Minister Enoch Godongwana, who has remained in his position during South Africa’s transition from being sorely governed by the African National Party (ANC) to a Government of National Unity (GNU), presented an update on government finances since the presentation of the country’s main Budget (in February), the Medium-Term Budget Policy Statement (MTBPS). The Minister highlighted one of the GNU’s three top priorities as outlined by President Ramaphosa: “...to drive inclusive growth and job creation, to reduce poverty and tackle the high cost of living..." However, the country’s fiscal policymakers face a difficult balancing act: they must manage debt sustainability while addressing the socio-economic needs of a population experiencing muted income growth and mounting economic hardships.

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