Hail Mary Budget betting on divine (resources boom) intervention

Loading player...
SA’s colourful finance minister Tito Mboweni cracked his customary jokes in a relaxed Presser ahead of today’s Budget Speech. And he hardly missed a beat during the flurry that followed the live tweeting of his obviously embargoed comments by an SABC staffer (a first for “lock-up” which led to the ejection of all SABC personnel).

But deep inside, the former SARB Governor and chairman of some of Africa’s mightiest companies, knows the structuring of South Africa’s books is the gamble of his life. Mboweni deviated from his natural conservatism, throwing away his central banking book. And like his boss Cyril Ramaphosa whose SONA referred to faith and prayers, there’s something of trusting in Providence in Budget 2020.

The combination of corruption, incompetence and excessively powerful trade unions has put South Africa up a financial creek with nary a paddle in sight. Ramaphosa warned us in SONA that the national priority right now is to address the fundamentals. And topping that list is the massive disaster called Eskom.

One day someone will work out the true cost to a nation of the thieves who infested Eskom’s boardroom and seats of operational power. After absorbing the scale of the damage, it should be a national obsession to get the Gupta brothers and their local associates – Pamensky, Essa et al – into orange onesies… Learn more about your ad choices. Visit megaphone.fm/adchoices
26 Feb 2020 8AM English South Africa Investing · Business News

Other recent episodes

Cityboy is back: his tip to win big in financial services? Trade your soul

A former top-ranked City of London stockbroker has written a manual for winning at business, politics and life. There's just one catch: to follow it, you'd have to think like a psychopath. Geraint Anderson, the man behind the legendary "Cityboy" column, tells BizNews editor Alec Hogg why he built his…
30 Jul 9AM 32 min

R1-billion blended finance programme to transform real estate

In this interview with Chris Steyn, Alessandro Scalco of RMB Sustainable Finance shares the details of a R1 billion Blended Finance Programme to formalise and scale South Africa’s burgeoning affordable rental market. Rand Merchant Bank (RMB) has partnered with INDLU, a property financial technology company that empowers landowners to build,…
30 Jul 6AM 15 min

BN Daybreak: Ramaphosa interdict bid; Fed holds rates; Fauci's Fifth Amendment; Zambian kwacha

In today's episode, the Fed leaves interest rates unchanged amid a fractured vote and market sell-offs. Locally, four parties are challenging President Ramaphosa's impeachment interdict, while Treasury controversially releases funds to 69 failing municipalities. We also cover Dr. Fauci invoking the Fifth Amendment regarding the Covid-19 response, Zambia's kwacha surging…
29 Jul 11PM 16 min

Murder, mayhem, treachery, and court battles = SA politics: Solly Moeng

In his latest interview with Chris Steyn, Political Commentator Solly Moeng, talks about four political parties joining in a Constitutional Court bid to try and overturn President Cyril Ramaposa's impeachment committee interdict; a murder investigation into the death of General Sindile Mfazi, who was investigating an unauthorised undercover operation to…
29 Jul 5AM 15 min