By Maarten Ackerman, Chief Economist and Advisory Partner, Citadel.
Calling a spade a spade, Finance Minister Tito Mboweni’s Medium Term Budget Policy Statement (MTBPS) was refreshingly honest about the precarious situation the country now finds itself in, and the severe challenges we face. Most notably, he was candid about South Africa’s dire situation: we are effectively facing crocodile jaws that are widening to swallow the South African economy, as tax revenue has continued to fall while government expenditure has continued to rocket. (more…)
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