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Finance minister Tito Mboweni’s new economic strategy paper is a refreshing, much needed breath of fresh air for an economy struggling for oxygen. The paper is replete with common sense proposals all aimed at achieving the economic growth South Africa desperately needs. We have been stumbling along a low-growth path of high taxes, kilometres of red-tape, wealth redistribution, and anti-individualism for far too long. If Mboweni’s paper can be taken as a true step in a new direction, a direction of more individual freedom, South Africa will see green shoots of recovery almost immediately.
An essential component of the rule of law is the existence of impartial courts where disputes are resolved fairly without favouritism to one of the parties. This is important for the economic welfare of individuals in a country because no modern economy can survive without individual property rights or contracts.
The top risk in South Africa is structurally high unemployment; followed by growing income disparity and inequality, according to the 2019 IRMSA Risk Report.
We now have the next (and final?) edition of the National Health Insurance Bill which, aspirationally and inspirationally, seeks to achieve universal access to quality healthcare services in the Republic of South Africa in accordance with section 27 of the Constitution.
The latest iteration of the NHI Bill has confirmed what South Africans have known for more than a decade: that taxes will need to rise to fund the government’s unworkable and unfeasible NHI scheme. During these dire economic times, the NHI tax will be the final nail in the coffin for cash-strapped consumers struggling to make ends meet.
In October 2015, the Gupta brothers offered Mcebisi Jonas the position of minister of finance in exchange for R600 million. Then deputy minister of finance, Jonas turned down the bribe and a period of deep introspection followed for him.
A Green Economy can be defined as a system of economic activities related to the production, distribution and consumption of goods and services that result in improved human well-being over the long term, while not exposing future generations to significant environmental risks or ecological scarcities.
It’s undeniable that more South Africans are taking advantage of the EB-5 (employment-based, fifth-preference) immigrant investor program, which provides an investor’s entire family with United States green cards based on the creation of jobs for U.S. workers. With no age requirement or need for a U.S. sponsor, the EB-5 visa has quickly become a popular visa option for those seeking an easier life in America with more educational and employment opportunities for a family’s future.
South Africa’s equity market capitalisation equates to more than 200% of the country’s gross domestic product (GDP), the highest proportion in the world and a level that is simply not sustainable.