Economy

Now is not the time to increase taxes…

South Africa’s Minister of Finance, Enoch Godongwana, took to the podium on 23 February 2022 to deliver his 2022 Budget Speech. The presentation took place against the backdrop of the Covid-19 pandemic, bouts of load-shedding, rising unemployment and slower-than-expected economic recovery… FAnews did a quick ‘whip around’ of market commentators’ impressions immediately following the speech. At first glance, most were happy with the budget’s expenditure and income proposals, with a Moneyweb.co.za poll of four economists and one finance editor awarding the minister a staggering 7.5 out of 10.

Beyond the deficit: Fundamentally changing the South African economic landscape

There has never been a more important time than today to change South Africa’s economic narrative. The country currently has the highest unemployment rate (46.6% of the labour force per the expanded definition) in the world as well as the highest youth unemployment rate (77.4% per the expanded definition) on the planet.

National Budget 2022

Summary of budget 2022 tax proposals

The backdrop to this year’s budget is two years of Covid-19 and our future recovery efforts. Households are cash-strapped and trying to make ends meet arising from job losses and business failures arising from the ravages of the pandemic.