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The economy of South Africa is showing green shoots, though there are still some challenges to overcome, the International Monetary Fund (IMF) has forecasted real GDP growth to accelerate to 1.5 percent.
The Minister of Finance Mr Enoch Godongwana will take centre stage on Wednesday, 19 February 2025, as he will be tabling his 2025 budget review in parliament, citizens, and business alike will be listening in with great interest to get an idea on how the economy is doing and how that relates to their lives and investments.
The South African Reserve Bank (SARB) announced a 25 basis point reduction in the repo rate, and also, according the IMF, the acceleration of real GDP growth is as a result of a recovering private consumption and investment supported by stable electricity generation.
The IMF says the performance of the economy will continue on an upward trajectory as annual growth is expected to reach 1.8 percent in the medium term as investment improves gradually on the back of on-going reform efforts to address electricity and logistics bottlenecks.
Though these may be positives, citizens are still faced with ever rising fuel prices and having to dig deeper into their pockets; Godongwana is expected to outline how his department and the country at large will navigate this trying challenge.
Godongwana is expected to reflect on the performance of the economy and give his forecast. As the President of the G20, South Africa is at a vantage point to attract investors and grow its economy, to this effect, the minister is expected to also reflect on how that will impact on the economy of the country.
The Democratic Alliance (DA) has claimed that since it has become part of the Government of National Unity (GNU), the country has become more attractive to investors, the Rand is firmer and the economy is showing growth due to a stronger investor confidence resulting from the GNU.
The Republic of South Africa, rated Ba2 (stable) by Moody’s Investors Service Incorporated, BB- (positive) by S&P Global Ratings and BB- (stable) by Fitch Ratings (Hong Kong) Limited, has mandated Goldman Sachs International and Investec Bank Limited, alongside their empowerment partners, Vunani Capital Partners and Cinga Capital, to arrange a nondeal Global Investor Call (“GIC”) scheduled for Wednesday, 19 February 2025 at 16:00 SAST / 14:00 GMT / 09:00 EST.
