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BLSA CEO’s Weekly Newsletter – SA’s finances are on the mend – now for growth

18 October 2026

BLSA CEO’s Weekly Newsletter – SA’s finances are on the mend – now for growth

The Medium-Term Budget Policy Statement will confirm one of reform’s biggest successes: government debt peaked last year and is now…

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Business Leadership South Africa (BLSA) is an independent association whose members include the leaders of some of South Africa’s biggest and most well-known businesses.

Through BLSA, South Africa’s business leaders engage key players in South African society, including government, civil society and labour, to exchange ideas in our national interest and to create effective dialogue.

By so doing, we contribute to building strong communities underpinned by job creation through sustained economic growth.

INITIATIVES

TAMDEV

The Technical Assistance Mentorship Development (TAMDEV) programme, anchored by NBI, is a collaboration between Government and Business.

THOUGHT LEADERSHIP

18/10/2026 | By Busiswe Mavuso

BLSA CEO’s Weekly Newsletter – SA’s finances are on the mend – now for growth

The Medium-Term Budget Policy Statement will confirm one of reform’s biggest successes: government debt peaked last year and is now falling, after more than a decade of fiscal decline. Treasury’s discipline rebuilt credibility with markets and rating agencies, with S&P and Fitch both upgrading South Africa. It held the spending ceiling, sent windfalls to debt reduction and capped the wage bill. The proposed fiscal rule will give that discipline a legal anchor, lowering borrowing costs for government and business alike. Growth is the missing ingredient, and the best fiscal lever is infrastructure spending that has consistently fallen short. Business stands ready to help get projects built.   The Medium-Term Budget Policy Statement this week will be an opportunity to reflect on another major success in the reform effort: the mending of government finances. At the end of the Zuma administration, South Africa was on a downward path to bankruptcy with spiralling debt, falling tax revenues and state-owned enterprises in permanent need of multi-billion-rand bailouts. But this week, finance minister Enoch Godongwana will be telling the story of a fundamentally different fiscal position: revenue collection that is beating forecasts, falling levels of debt and a government that is spending within its […]

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MEMBERSHIP CRITERIA

Membership to Business Leadership South Africa is granted on application, or by invitation from the Board, based on certain criteria approved by the Council as a whole. Find out more