President Cyril Ramaphosa has moved to reassure the nation that the 2025 Budget, currently under deliberation by cabinet, will prioritize the protection of vulnerable citizens and lay a foundation for economic growth. This comes after the unprecedented postponement of the 2025 Budget Speech, originally scheduled to be delivered by Finance Minister Enoch Godongwana on Wednesday, 12 March 2025.
In a statement on Wednesday evening, Ramaphosa explained that the delay was the result of “disagreement but also collegial and mature consensus within cabinet” to ensure that the Budget proposals are thoroughly reviewed to secure the wellbeing of the economy and citizens. The President emphasized the importance of balancing growth initiatives with the realities of a constrained fiscal environment.
“We are called upon as the national leadership to pursue all initiatives aimed at growth in order for us to increase employment and alleviate the effects of poverty,” Ramaphosa said. “The Government of National Unity will, in the coming days and weeks, intensify our efforts to balance the imperatives that drive the fundamental growth objectives of this administration with the realities of a constrained fiscal environment.”
The Budget Speech is a critical event in South Africa’s fiscal calendar, outlining the government’s financial, economic, and social commitments for the year. During the speech, the Finance Minister details the allocation of resources to national priorities, as outlined by the President in the State of the Nation Address, and proposes revenue collection measures to fund these interventions.
Ramaphosa stressed that the government is working collaboratively to ensure the Budget serves both individuals and investors. “We are working as partners to ensure that the Budget is one that works for individuals and investors alike,” he said.
The postponement reflects the complexities of crafting a Budget that balances economic growth with support for vulnerable populations amid limited resources. The delay also underscores the challenges faced by the Government of National Unity in aligning diverse priorities and perspectives within cabinet.
As the nation awaits the rescheduled Budget Speech, Ramaphosa’s assurances aim to instill confidence in the government’s ability to deliver a Budget that addresses pressing socio-economic challenges while fostering long-term growth. The coming weeks will be crucial as cabinet finalizes its proposals, with the hope of presenting a comprehensive and impactful plan for 2025.