Duma Gqubule calls on the government to open the spending taps, in the hope that this will ignite GDP growth and draw private investment along in its slipstream . The message must be music to any politician’s ears, for what could be more appealing than being given carte blanche to write cheques that cash themselves?
If you want to spend more than you earn, you have to borrow to make up the difference. But already SA owes more than R4.3-trillion, with its debt-servicing costs growing at an alarming rate and its credit rating junked. By 2024/2025, the government will spend R1bn a day servicing its debt, according to Treasury projections. Today, it is already spending more on servicing debt than on the army, police, courts and home affairs combined.
Instead, to grow the economy requires doing precisely what Gqubule so cavalierly dismisses: increase business confidence not through fancy investment conferences , but by deregulating and reducing red tape as a starting point.
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