In presenting the 2026 national budget to South Africa’s parliament on 25 February, finance minister Enoch Godongwana characterised this as the turning point in South Africa’s public finances – heralding improved confidence, increased growth and rising infrastructure investment.
For over a decade, the size of the deficit and the rise in public debt have been central themes in the annual budget.
This year, analysts have welcomed the apparent turnaround in the budgetary outlook. Debt has peaked at just under 80% of GDP. And for the first time in a decade, the Treasury projects that interest on debt will increase more slowly than spending on education or health.
