SA finance minister - The African Mirror

Nov

02

2023

By KOPANO GUMBI, ANAIT MIRIDZHANIAN and WENDELL ROELF

South Africa seeks tax boost as higher debt peak forecast

SOUTH Africa's finance minister will propose tax changes next year as part of an effort to stabilise public finances that are under strain from a drop in mining revenue, a mid-term budget review showed. The budget document presented to parliament projected wider deficits over the next three years and saw debt peaking at a higher level than in February when the main budget was tabled. Revenue collections in the current 2023/24 fiscal year were forecast to be 56.8 billion rand ($3.04 billion) below estimates in February. The National Treasury said it was committed to spending reductions, moderate tax measures and…

Mar

18

2023

By The African Mirror

South Africa’s bailout of Eskom won’t end power cuts: splitting up the utility can, as other countries have shown

SPECIAL FEATURES: ANALYSIS

THE announcement by the South African finance minister, Enoch Godongwana, of debt relief for the country’s troubled power utility, Eskom, is a step forward. It will fix one problem: Eskom has too much debt. But the plan won’t end power cuts which have worsened in recent years. The international experience is that one way to end electricity shortages is to allow competitively-priced privately-funded generation at scale. This requires a reorganisation of South Africa’s electricity market along the lines announced by the Department of Public Enterprises nearly four years ago. The crux of the plan was to split Eskom into three…

Mar

18

2023

By The African Mirror

South Africa’s bailout of Eskom won’t end power cuts: splitting up the utility can, as other countries have shown

SPECIAL FEATURES: ANALYSIS

THE announcement by the South African finance minister, Enoch Godongwana, of debt relief for the country’s troubled power utility, Eskom, is a step forward. It will fix one problem: Eskom has too much debt. But the plan won’t end power cuts which have worsened in recent years. The international experience is that one way to end electricity shortages is to allow competitively-priced privately-funded generation at scale. This requires a reorganisation of South Africa’s electricity market along the lines announced by the Department of Public Enterprises nearly four years ago. The crux of the plan was to split Eskom into three…

Apr

28

2021

By The African Mirror

Zambia slams SA finance minister

NEWS

AFRICAN MIRROR REPORTER ZAMBIA has slammed South African Finance Minister Tito Mboweni labelling his conduct undiplomatic and saying he is not fit for his position in government. Zambia, a political ally of SA, was angered by Mboweni Twitter post in which he said the Lusaka Airport was not much of an airport. Dora Siliya, Zambia’s Minister of Information and Broadcasting Services and chief government spokesperson was scathing in her response to Mboweni’s social media post. Siliya said the Zambian government was extremely disturbed by Mboweni’s conduct “which totally demonstrated that he is unfit to occupy public office”. The minister said…

Feb

24

2021

By The African Mirror

The 2021″budget of hope”: tax reliefs, “sin taxes” hike

BUSINESS

AFRICAN MIRROR REPORTER SOUTH African Finance Minister Tito Mboweni today unveiled a 2021 “Budget of Hope” which contained tax relief measures, more government spending to stimulate economic activity as well as increases in the prices of alcohol and fuel. Mboweni revealed that the government has set aside R19.3-billion for the purchase of COVID-19 vaccines for a nation where over 50 000 people have died and over 1.3-million have been infected. No new taxes would be introduced to fund the vaccines, which will be provided free of charge for the majority of South Africans. He also tabled a Budget that did…