MTBPS2025 in a Nutshell: A Turning Point for South Africa’s Finances

Loading player...
SPECIAL BROADCAST GUESTS:
Sifiso Skenjana – Economist & Managing Director, ESG Analytics |
Enoch Godongwana – Minister of Finance |
Edward Kieswetter – SARS Commissioner |
John Steenhuisen – Minister of Agriculture |
Zuko Godlimpi – Deputy Minister of Trade, Industry & Competition |
Songezo Zibi – SCOPA Chairperson |
Miyelani Holeni – Group Chief Advisor, Ntiyiso Consulting Group

South Africa’s fiscal story just got a little brighter. In a surprisingly upbeat 2025 Mid-Term Budget Policy Statement, Finance Minister Enoch Godongwana signalled that the country’s long climb toward fiscal stability is finally paying off.

The deficit is narrowing faster than expected, debt is stabilising below 78% of GDP, and the primary balance is back in surplus for the first time in over a decade. Buoyed by higher tax revenues, lower borrowing costs, and renewed investor confidence, government is projecting a return to fiscal health by 2028, alongside a bold new 3% inflation target that could lock in lower interest rates for years to come.

In this special broadcast, Gugulethu Mfuphi brings together key policymakers and economic minds, from Finance Minister Enoch Godongwana to SARS Commissioner Edward Kieswetter, SCOPA Chair Songezo Zibi, and more to unpack what this new fiscal chapter means for growth, agriculture, trade, and the everyday South African.

From the numbers behind the optimism to the politics shaping policy discipline, our guests explore whether this is finally the inflection point for South Africa’s economy and what it will take to keep the momentum going.
12 Nov 2025 3PM English South Africa Business News · Investing

Other recent episodes

BofA Slashes SA Growth Forecast as Inflation Surges

Bank of America has cut South Africa’s 2026 GDP growth forecast to 1.3%, warning that higher oil and fertilizer prices will keep inflation above 4% for most of the year. Economist Tatonga Rusike explains
23 Apr 3PM 11 min

Understanding SA’s First Wealth Score

Franc unveils South Africa’s first-ever Wealth Score, revealing that financial habits—not income—are the strongest predictor of financial health. We unpack why SA’s national score is 45/100 and the behavior gap between knowing and doing with Dr. Thomas Brennan, founder and CEO of Franc.
23 Apr 3PM 13 min

Clicks Lifts HEPS 8% Despite Warehouse Disruptions.

Clicks delivered firm interim results with diluted HEPS up 8.1%, even as warehouse system delays cost an estimated R175 million in lost sales. CEO Bertina Engelbrecht discusses pharmacy growth, trading margins, and festive‑season competition.
23 Apr 2PM 16 min