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Confidence in the Government of National Unity (GNU) has dropped following the postponement of the budget speech, which in turn negatively affected the markets as the Rand took a nose dive against the US Dollar.
Business Unity South Africa (BUSA) has expressed concern about the delay, saying the postponement is a significant concern for South Africans, the business community and the markets.
The CEO of BUSA Khulekani Mathe, says the development signals serious issues within the GNU, that they are not able to collaborate effectively for the country’s benefit and fulfil their crucial role in determining how the country’s resources will be allocated.
He said the uncertainty within the GNU is something that the country and the business community cannot afford.
“It should have been apparent much earlier that the parties in the GNU were struggling to reach an agreement on the budget, and the postponement should have been announced sooner to avoid compromising the credibility of the National Treasury,” said Mathe.
Mathe further pointed out that, since this was the inaugural budget of the GNU, it was going to differ from that of the past. He further called on all political parties to put their differences aside and work together for the benefit of the country.
“We urge all parties to prioritise the country’s needs over political interests and use the additional time now available to Cabinet to develop a budget that focuses spending on programmes that promote economic growth. This is the only sustainable way to achieve a balanced budget without undermining our social spending programmes or harming the economy,” said BUSA CEO Khulekani Mathe.
