Tag: economy

Ramaphosa delivers positive 25th State of the Nation address - full text.

Tito Mboweni, South Africa's newly appointed Finance Minister, delivered his maiden Medium Term Budget Policy Statement (MTBPS) to Parliament by starting his address with the words, "South Africa finds itself at a crossroads."

All eyes are on newly appointed Finance Minister Tito Mboweni’s first Medium Term Budget Policy Statement (MTBPS), scheduled to be delivered to Parliament on 24 October. Just two weeks into his tenure, Minister Mboweni will face the task of affirming government’s commitment to fiscal consolidation and strategic investment in the face of low economic growth.

Reality can be avoided for only so long. The South African economy has slipped into its first technical recession since 2009. Cyril Ramaphosa’s confidence in growth for the economy has proven hollow. Without a change in the size and the amount of control the state has grasped over the lives of South Africans, without a change in policy from socialism to free markets, this recession was inevitable.

In 2005, former President Mbeki committed his government to an economic growth target of 6 per cent, but only after 2010. For the interim five years a more modest target of 4.5 per cent was envisaged.

South Africa’s economy contracted by -0.7% qq (seasonally adjusted and annualised) in 2Q18, the second consecutive contraction, which confirmed that the country entered a technical recession in the second quarter.

ANC President Cyril Ramaphosa announced in a statement last night (31 July 2018) that amendments will be made to the constitution to enable the expropriation of land without compensation.

President Cyril Ramaphosa will deliver his maiden State of the Nation Address (SONA) on 16 February 2018. The annual speech kicks off the Parliamentary year and focuses on the country’s current political and economic situation.Regarding the latter, South Africa experienced deteriorating economic conditions during 2014-2017, and there is great hope for an improvement in economic growth during 2018 under the new administration.

Victor Mphaphuli | Co-head | STANLIB Fixed Income | media@stanlib.com | www.stanlib.com |South Africa’s economic history since 1994 when the country first asked global...

Deepa Vallabh | Head: Cross-Border Mergers and Acquisitions: Africa and Asia | Cliffe Dekker Hofmeyr | deepa.vallabh@cdhlegal.com | www.cliffedekkerhofmeyr.com |Over more than decade, a...