Godongwana Highlights SA Resilience Amid Growth Adjustments

Finance minister Enoch Godongwana emphasized South Africa's economic resilience during his mid-term budget speech, despite a revised 2026 growth forecast. Godongwana underscored the country's ability to withstand geopolitical challenges, maintaining fiscal discipline that has attracted favorable ratings agency reviews.

Godongwana delivered the medium-term budget policy statement in parliament on October 21, 2026, presenting a cautiously optimistic outlook. The speech, however, drew mixed reactions, with labor federation Cosatu expressing disapproval through a thumbs-down gesture.

The ANC, Godongwana's key ally, criticized the National Treasury for not proposing bold measures to address high unemployment, crime, corruption, and underperforming public services. The party called for more aggressive interventions to stimulate growth.