Monique Lewis | 30 October 2024
Finance Minister Enoch Godongwana is expected to indicate how the Government of National Unity (GNU) plans to control debt and grow the economy when he delivers the Medium-Term Budget Policy Statement (MTBPS) in Parliament this afternoon.
He will deliver the MTBPS under very difficult economic circumstances.
Gross domestic product has averaged less than 1% over the past decade.
This is insufficient to keep pace with population growth.
The South African Reserve Bank says a sustained increase in real net investment needs to underpin recovery following years of decline.
Local communities and entrepreneurs say they would like market space in the spaza shop business.
“Government should assist our people financially. We used to run these businesses properly but the government needs to assist,” says one person.
Another adds: “They have a huge unemployment in the township … township business is supposed to be creating jobs. You see, it is unfortunate, but it’s not something that cannot be looked into and to reverse it. Obviously, it’s going to be difficult, and it’s all about, how do we support young entrepreneurs and make them conscious of the fact that they are also part of this economy.”
Meanwhile, a coalition of trade unions and social movements are expected to march to Parliament today against government’s proposed budget cuts.
The action comes amid fears among unions of further budget cuts, reduced social spending, and increased economic strain on working-class families.
Speakers at the event include the Reverend Allan Boesak, South African Federation of Trade Unions (SAFTU) leader, Zwlinzima Vavi and Congress of South African Trade Unions (Cosatu) President Zingiswa Losi.
A memorandum of demands will be handed over to government.
‘Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER’.