National Budget Speech 2024

Setting a course for South Africa's economy in the year ahead

Finance Minister Enoch Godongwana


Read on for insights from Investec experts who unpack what the Budget means for your finances.


South Africa Finance Minister Enoch Godongwana on an Investec Moneyweb banner that says "Decoding the Budget Speech"
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Get all the expert analysis of the 2024 Budget Speech in this special edition of The Moneyweb Investor, brought to you by Investec.

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Annabel Bishop
Bloomberg TV: Kicker for Rand will be start of Fed cuts: Investec's Bishop

Investec Chief Economist Annabel Bishop discusses the South Africa budget announcement and says likely to see a coalition government this year. She also sees the main catalyst for the rand to be the start of rate cuts by the US Federal Reserve.

Budget 2024 webinar image
WATCH: A deep dive into key insights on 2024’s budget

In this webinar recording, Moneyweb’s editor Ryk van Niekerk along with Dr David Masondo, Deputy Minister of Finance, Annabel Bishop, chief economist at Investec, and Keith Engel, CEO of the South African Institute of Tax (Sait), go beyond the numbers, offering you insights into the plans outlined by Finance Minister Enoch Godongwana.


  • Government taps GFERCA funds to help reduce the country’s greatest debt burden in almost 80 years.
  • Gross national debt hovers around 74% and is expected to stabilise at 75% in 2025.
  • No increase in VAT or fuel levies.
  • While there is no increase in personal income tax, a decision not to adjust tax brackets for the new financial year will push some taxpayers to a higher tax bracket. 
  • The South African economy remains severely constrained, plagued by infrastructure challenges, lower commodity-driven revenue and a bloated public wage bill.
What was said at the Budget Speech in 2024?

The Minister of Finance Enoch Godongwana walked a tightrope in providing financial assistance to Eskom, supporting households, and increasing investment spending.  There was very little on economic reforms, emphasising the urgency for a shift in gears from blueprint policy documents to implementation.

What is South Africa's budget deficit?

South Africa’s budget deficit is predicted to narrow to 5 percent of GDP in 2024/25. Gross debt has grown to 74 percent of GDP, and is projected to climb to 75 percent in 2025.


Further Budget 2024 commentary

SONA 2024 commentary

The opinions and views expressed are for information purposes only and are subject to change without notice. They should not be viewed as independent research, recommendations or investment advice of any nature.