Joburg on the brink: Treasury warning sparks fears of financial collapse
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South Africa’s economic powerhouse is teetering on the edge, with the National Treasury warning it may freeze billions in funding to the City of Johannesburg. A
damning letter from Finance Minister Enoch Godongwana paints a picture of a city deep in crisis - owing over R25 billion but holding just R3.9 billion in cash. The potential funding freeze, worth more than R8 billion, has triggered alarm among political parties and residents alike. With crumbling infrastructure, service outages and an unfunded budget adding to the strain, pressure is mounting on city leaders to act fast. Phemelo speaks to ActionSA Gauteng caucus leader Funzi Ngobeni and DA Johannesburg caucus leader Belinda Kayser-Echeozonjoku.
damning letter from Finance Minister Enoch Godongwana paints a picture of a city deep in crisis - owing over R25 billion but holding just R3.9 billion in cash. The potential funding freeze, worth more than R8 billion, has triggered alarm among political parties and residents alike. With crumbling infrastructure, service outages and an unfunded budget adding to the strain, pressure is mounting on city leaders to act fast. Phemelo speaks to ActionSA Gauteng caucus leader Funzi Ngobeni and DA Johannesburg caucus leader Belinda Kayser-Echeozonjoku.
