As South Africa prepares for the crucial budget speech by Finance Minister Enoch Godongwana, political parties outline their demands for the nation’s economic revival in a context of soaring living costs and rising debt.
With the country grappling with significant economic challenges, the 2025 budget is expected to be a defining moment that shapes the course of the nation’s immediate future.
Among those raising their voices is BOSA, which is urging the Government of National Unity (GNU) to deliver a budget that prioritises robust economic growth, targeting a minimum annual growth of 5%.
The party emphasises the need to cut wasteful spending and insists there be no new tax increases.
They explain that South Africans find themselves squeezed by the soaring cost of living; essentials such as food, transport, and rent have increased, leaving much of the populace barely scraping by.
Recent statistics reveal that an alarming 65% of net income is allocated to servicing debt, with 76% of South Africans frequently running out of funds before the end of the month.
According to BOSA's detailed list of expectations:
– Increased funding to achieve annual economic growth of at least 5%.
– Enhanced investments in infrastructure development.
– Firm resistance against introducing new taxes or increasing existing tax rates.
– A focused approach to reducing the national debt.
– A halt on the indefinite extension of the Social Distress Grant.
– Employment of 120 000 police officers and better management of police resources.
– The recruitment of additional teachers and doctors to tackle workforce shortages.
“This is an opportunity to move away from the mismanagement of the past and chart a new course toward fiscal responsibility,” BOSA highlights, as South Africans hope for impactful changes to uplift their circumstances.
The Democratic Alliance (DA) has also staunchly opposed any tax increases.
They assert that the 2025 budget must demonstrate a commitment to urgent economic reforms that stimulate growth.
“After a decade of sluggish growth and an unsustainable debt burden, the budget must focus on unlocking infrastructure investment and reform that enhances private sector job growth,” the DA stated.
Similar sentiments are echoed by ActionSA, which insists that tax increases should only come alongside significant cuts to excessive government luxuries. “South Africans cannot be expected to shoulder higher taxes while state corruption and mismanagement remain unchecked,” they cautioned.
The Federation of Unions of South Africa (FEDUSA), representing over 617,000 workers, approaches the upcoming budget with an acute sense of urgency. They are calling for measures that alleviate the ongoing economic hardships faced by many citizens. The union demands that the budget prioritises inclusive growth, job security, and social justice to combat rising living costs and stagnant job growth.
Saturday Star