Finance Minister Enoch Godongwana on SA’s 2024 budget outlook

South Africa's Finance Minister, Enoch Godongwana, has highlighted key economic hurdles facing the country during an interview with CNBC Africa. In the conversation with CNBC Africa's Godfrey Mutizwa, Minister Godongwana identified electricity, logistical challenges, and crime as the primary obstacles to South Africa's economic growth and development. These challenges have significant implications for the country's budget outlook for 2024 and beyond. One of the major issues facing South Africa is the electricity crisis. The country has been grappling with power shortages and load shedding for years, impacting businesses, industries, and everyday life. Minister Godongwana acknowledged the urgent need to address this challenge to provide a stable and reliable power supply for both domestic and commercial use. Logistical challenges also pose a significant hurdle to South Africa's economic progress. Inefficient transportation systems, road congestion, and port delays hinder the smooth flow of goods and services, impacting productivity and competitiveness. Minister Godongwana emphasized the importance of improving logistical infrastructure to enhance the country's connectivity and facilitate trade both domestically and internationally. Moreover, crime continues to be a pressing issue that affects South Africa's economy and society. High crime rates, including violent crimes and property theft, not only threaten the safety and security of citizens but also deter investment and tourism. Minister Godongwana stressed the need for comprehensive measures to address crime and create a safer environment for businesses to operate and thrive. Looking ahead to the budget outlook for 2024, Minister Godongwana expressed the government's commitment to overcoming these challenges and creating a conducive environment for economic growth. He highlighted the importance of fiscal discipline, strategic investments, and policy reforms to drive sustainable development and prosperity in South Africa. In conclusion, South Africa faces significant obstacles in its path to economic advancement, with electricity, logistical challenges, and crime standing out as key hurdles. Minister Godongwana's insights shed light on the government's priorities and strategies to navigate these challenges and steer the country towards a more prosperous future.