Three years into his tenure, Enoch Godongwana continues to navigate his job with a “tough love” approach, mirroring his predecessor, Tito Mboweni, an advocate of austerity. His reappointment following national elections reassured markets, signalling continuity and emphasised his commitment to fiscal discipline. Godongwana set a fiscal deficit target of 3.4% of GDP by 2026-27, addressing soaring debt-service costs, which reached R388.9 billion in 2024. Among his key initiatives was prioritising the South African Revenue Service, with a billion-rand investment over two years to bolster its capacity and implement tax reforms to boost revenue. He also prioritised improving energy infrastructure and integrating renewables, aligning with broader reforms to tackle South Africa’s persistent energy problems. But joblessness continues to plague the ailing economy, underscoring the need for more inclusive growth and employment-focused interventions.
