Ramaphosa Pushes Spending Cuts to Revive South Africa's Struggling Economy

President Cyril Ramaphosa pushing for spending cuts to revitalise struggling South African economy.
Cuts necessitated by unsustainable public debt levels and stagnant GDP growth.
Covid-19 pandemic impacted spending and revenue collection.
Freight rail system in turmoil, impacting economic growth.
Reforms being implemented to restore efficiency and competitiveness, shift growth trajectory.

news24.com

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9/3/2023

Less spending not necessarily the way to cut SA's deficit, Ramaphosa says

South African President Cyril Ramaphosa believes that lower spending is "not necessarily" the solution to the country's fiscal challenges, as the government faces declining revenue and a significant budget deficit. Instead, he emphasizes the need to focus on key delivery areas and prioritize spending.

9/3/2023

South Africa plans cost-cutting measures as revenue falls

South Africa's National Treasury plans to implement cost-cutting measures, including a hiring freeze and halting new procurement contracts for infrastructure projects, to address a revenue shortfall caused by weak economic performance.