Forex controls have many unintended, undetected and under-reported consequences that are gravely injurious to the rand and our national economy.
New finmin Enoch Godongwana says there is little in today’s budget that wouldn’t have been in it had his predecessor Mboweni still been in the post.
“More than a third of labour force unemployed as economists warn unrest could fuel further rise,” writes Joseph Cotterill of the Financial Times.
With Mboweni now gone, the SA economy’s key departments are 100% staffed by former trade unionists and/or communists, all staunch devotees of the Developmental State ideal.
Finance Minister Tito Mboweni was brought in as a stop gap measure after then-Finance Minister Nhlanhla Nene abruptly resigned.
South African Finance Minister Tito Mboweni affirmed his commitment to reining in debt amid concerns that the coronavirus pandemic and a week of deadly riots will further erode the state’s already shaky finances.
Lesetja Kganyago said South Africa is in a strong position to deal with global monetary policy tightening, reports Bloomberg.
Plans are afoot by the South African Revenue Services to address tax avoidance in the country’s minibus taxi industry which only pays R5m in taxes in total.
The South African government resisted implementing a wealth tax, but its new unit aimed at nailing rich tax dodgers may encourage some to emigrate.