Cape Town: President Cyril Ramaphosa says the events of last week present an opportunity to raise the level of understanding among South Africans around the budget and what it means for them. This comes as the annual Budget Speech by the Minister of Finance was postponed for the first time in the nation’s democratic history.
According to South African Government News Agency, the postponement was a decision made by the Cabinet to allow further discussion on areas of disagreement among parties in the Government of National Unity (GNU). The budget, which holds significant public interest and is closely watched by investors and financial markets, is now set to be tabled in Parliament on 12 March 2025.
President Ramaphosa highlighted the importance of the budget in reflecting government’s choices and priorities for the country’s development. He noted that decisions on public fund allocations have implications for every South African, emphasizing the need for accountability, transparency, and consensus-building in addressing concerns raised by different parties.
This budget marks the first to be presented by the GNU, a new arrangement that necessitates a unique approach. Ramaphosa acknowledged that forging agreement among the political parties within the GNU is ongoing and that disagreements and policy divergences are natural in such a coalition. However, he emphasized that these differences do not indicate a crisis but rather demonstrate a functioning democracy where consensus-building is key.
The President assured the nation that the GNU remains committed to working for the South African people, despite differences among parties. He urged the public to have confidence in the government’s direction, noting that the decision to postpone the Budget Speech reflects a commitment to thorough deliberation and meaningful engagement.
Amidst challenges such as slow growth, limited revenue, high unemployment, and a large social wage, Ramaphosa stressed the importance of public discourse on budgetary issues. He reiterated that the government’s effort to implement national priorities is part of a broader social contract that relies on accountability and transparency.
The GNU’s formation, a result of the public’s desire for political parties to collaborate for national progress, continues to adapt to new circumstances. Ramaphosa concluded by affirming the government’s dedication to learning, adjusting, and moving forward in partnership with the South African people.