Budget 2023
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Jonas speaks out about bad politics

Cape Town – Bad politics is bad for growth and we should manage politics better in South Africa, Deputy Minister of Finance Mcebisi Jonas said at a press conference in Parliament.

Jonas, who earlier this year caused a stir when he admitted that he was offered but declined the job of minister of finance by the Gupta brothers before the sacking of finance minister Nhlanhla Nene in December 2015, was speaking before the tabling of the medium-term budget policy statement in Parliament.

He was answering a question from a journalist on the the effect the mini budget would have on the possible downgrade of South Africa to junk investment status by international rating agencies.

Jonas said good progress has been made to rebuild confidence in the South African economy. “Obviously a better growth rate for the economy is necessary and growth is the result of business and investment confidence. That is the first aim. Then we are working hard on improving cooperation and understanding between the government and the business community. We have made good progress.”

Jonas added with a smile that the third important point is better management of politics. “Bad politics impacts negatively on confidence and growth,” he said.

Finance Minister Pravin Gordhan, who next week has to appear in court on charges of fraud relating to an early retirement package under his guard at the South Africa Revenue Service, would only say that everything happens in a political context.

But he preferred “for now to concentrate on the MTBPS (medium-term budget policy statement). That is what we are here for. Believe me, I have much to say on the other things, but that will keep us going till this afternoon.”

Gordhan stressed that if everybody acts in the best interests of the country, the rating agencies will be satisfied and not go ahead with the downgrade.

* Visit our Budget Special for all the budget news and in-depth analysis.

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