The prospect of an additional public holiday may be something to get excited about for many South Africans, but the country’s economy simply cannot afford it.
Finance minister Enoch Godongwana must announce concrete steps on how the government is going to tighten the belt in the midst of the country’s looming financial crisis.
Despite the huge gap between politicians’ salaries and the average South African salaries, ordinary South Africans are further expected to pay for the government’s failures while politicians are exempted from them.
A financial legacy involves more than generational wealth that is passed down through the generations.
A second pause in interest rate increases could have a positive impact on business and consumer confidence and boost economic growth.
South Africa is becoming less and less attractive as an investment destination with foreigners who have already sold more than R220 billion in South African shares and bonds since the beginning of this year.
The National Treasury and the South African Revenue Service’s (SARS) intended plans to try to cast the tax net even wider may end up causing more damage than economic benefits.
South Africa can use the Brics summit to try to strengthen economic cooperation between the grouping but must at the same time guard against doing so at the expense of other trade relations and partners.