South Africa’s economic disaster has manifested itself as a financial crisis, with the government saddled with an unsustainable debt load that is costing it over R1 billion a day to service.
Despite the state’s finances reaching crisis levels, there appears to be a lack of urgency in addressing the problem.
While the National Treasury’s policy of fiscal consolidation is bearing fruit, it will take years before the country’s debt burden is reduced significantly.
Sam Busa