Godongwana delivered medium-term budget statement, Economist Owen Nkomo weighs in

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Published Nov 15, 2025

Finance Minister Enoch Godongwana has delivered the 2025 Medium-Term Budget Policy Statement, outlining a cautiously optimistic outlook for South Africa's public finances.

The address highlighted stabilising debt levels, stronger-than-expected revenue collection and a fiscal position that many are calling a potential turning point after years of strain.

This comes after a turbulent main budget process earlier in the year, which was delayed, contested and forced into major revisions that rattled confidence.

Now, with a more confident tone, the minister argues that fiscal discipline, improved tax compliance and lower inflation have started to pay off.
But behind the optimism, there are still clear concerns, from high rate of unemployment, slow growth to service delivery pressures and longer-term risks to revenue.

To help us unpack what has truly improved, what still needs urgent attention and what the country is still lacking, we're joined by Economist Owen Nkomo.

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