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SOUTH AFRICA: DA's Steenhuisen Says No Agreement On Budget Yet But Talks Ongoing

SOUTH AFRICA
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  • Democratic Alliance (DA) leader John Steenhuisen poured some cold water on enthusiasm about apparent progress in intra-cabinet talks on the delayed 2025 National Budget and wrote on X that "there is no agreement yet". He further noted that "constructive discussions (...) are ongoing" and government members are "working towards a resolution by 12 March." Earlier communique suggested that Finance Minister Enoch Godongwana was presented with mutually agreed options and mandated with choosing from among them while rewriting the budget. BusinessDay reported that a downsized 0.75pp VAT hike was among those options. Meanwhile, ANC veterans called for investments in tax compliance to avoid increasing the tax burden on the poor, while several senior corporate executives urged the government to focus on improving fiscal efficiency.
  • Discovery CEO Adrian Gore warned that South Africa could lose its preferential trade status under the US African Growth and Opportunity Act (AGOA), which "looks very, very possible" amid escalating tensions with the Trump administration, and would have serious consequences for the economy.
  • South Africa's S&P Global PMI improved to 49.0 in February from 47.4 amid "partial recovery in economic momentum." The survey provided "evidence that CPI has already bottomed out." It also indicated "concerns about trade relations between South Africa and the US" and the related apprehension about the volatility of the sales environment.
  • The Bureau for Economic Research (BER) will publish the reading of its Business Confidence Index for Q1 at 10:00GMT/12:00SAST.
  • The National Treasury will sell 2030 floating bonds today.
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  • Democratic Alliance (DA) leader John Steenhuisen poured some cold water on enthusiasm about apparent progress in intra-cabinet talks on the delayed 2025 National Budget and wrote on X that "there is no agreement yet". He further noted that "constructive discussions (...) are ongoing" and government members are "working towards a resolution by 12 March." Earlier communique suggested that Finance Minister Enoch Godongwana was presented with mutually agreed options and mandated with choosing from among them while rewriting the budget. BusinessDay reported that a downsized 0.75pp VAT hike was among those options. Meanwhile, ANC veterans called for investments in tax compliance to avoid increasing the tax burden on the poor, while several senior corporate executives urged the government to focus on improving fiscal efficiency.
  • Discovery CEO Adrian Gore warned that South Africa could lose its preferential trade status under the US African Growth and Opportunity Act (AGOA), which "looks very, very possible" amid escalating tensions with the Trump administration, and would have serious consequences for the economy.
  • South Africa's S&P Global PMI improved to 49.0 in February from 47.4 amid "partial recovery in economic momentum." The survey provided "evidence that CPI has already bottomed out." It also indicated "concerns about trade relations between South Africa and the US" and the related apprehension about the volatility of the sales environment.
  • The Bureau for Economic Research (BER) will publish the reading of its Business Confidence Index for Q1 at 10:00GMT/12:00SAST.
  • The National Treasury will sell 2030 floating bonds today.