NEWS

BUDGET SPEECH
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February 22, 2023

Economist predicts what South Africans can expect from the budget speech today

Finance Minister, Enoch Godongwana will delivered the Budget Speech today

The Minister of Finance Enoch Godongwana will deliver the Budget speech under tremendous pressure as the country suffers rolling blackouts. Experts said this is a difficult time for Godongwana.  Fouche Venter is an Economist Expert based in Centurion in Pretoria. "People must expect government to bail out Eskom but not in full bail out as that will mean more tax for South Africans," said Venter. As things stands most Economists predicts that South Africa might find itself in recession before the end of the year. "In terms of expectations on the budget speech this. I don't see much changes as from the minister announced last year around August. More things are expected to stay the same ad they will bail out Eskom but not a full bail out," said Venter.

LOADSHEDDING

Venter further said that the government is expected to announce ways to stay out of darkness as the country is still battling loadshedding. "The minister might be expected to announce solar and battery usage as other means to help South African households to stay out of the dark. This might be an alternative way to keep the households lights on as we are nearing winter," he said.

NSFAS

Venter said that when it comes to National Students Financial Aid (NSFAS) the government shocked the world when it announced free higher education for poor and working class in 2017. Former President Jacob Zuma announced then that government will subsidies free higher education for poor and working class students. Zuma said then that the definition of poor and working-class students enrolled TVET Colleges or university from South African households with a combined annual income of up to R350 000 from 2018 academic year.  "The government will put some money for the NSFAS, but it won't be the same as five years ago. The budget that was announced five years shocked many in the financial sector and I don't see it happening again," Venter said.

OPPOSITION PARTIES

Some opposition parties expect that the minister must announce ways or plans to take South Africa out of the energy crisis. Godongwana is expected to give his budget speech on Wednesday at 2pm. Godongwana will give his budget speech when South Africa is facing another crisis as it may be grey listed on Friday. Cutting back on wasteful expenditures like money for entertainment on ministers. Other experts said that there is no room from government to increase tax as the cost of living is too high.

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