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Budget 2024 no substance or the best in an election year – economists



Although the Budget contained some good news for consumers, mainly on what was left out, all economists were not happy with it.

Was there any substance to Budget 2024 and did the Minister of Finance, Enoch Godongwana do his best in an election year to deliver the best budget under the circumstances in a weak economic environment? Economists weigh in.

Professor Bonke Dumisa, an independent economic analyst, says Godongwana said very little in his Budget speech.

“It was really lacking in substance. The only deviation from past budgets was the R150 billion that National Treasury will take from the R500 billion Gold and Foreign Exchange Contingency Reserve Account (GFECRA).

“As I have said before, it is not wise to dip into contingency funds for operational expenses. I am happy he did not say anything about the National Health Insurance (NHI) and Value-Added Tax (VAT).”

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