Nov 25

CAMmunique – November 2022


Many have come to regard the annual budget and Medium-Term Budget Policy Statement (MTBPS) as the true state of the nation addresses, rather than the pomp and circumstance surrounding the opening of parliament each February.

Whereas the President’s opening of parliament speech publicises the achievements of the previous year, as well as the policy and legislative agenda for the forthcoming year, the budget sets out in considerable detail in the Budget Book, exactly how these policies are going to be costed and paid for.

Moreover, given the extraordinary global financial flux, inflation and rising interest rates, this year’s Minister of Finance MTBPS took on even more importance for our economy. With this in mind, in this edition of CAMmunique, the Cadiz team unpacks the major elements of the MTBPS, from a macro-economic perspective, right the way through to the expected impact on individual consumers.

While the MTBPS leaves a number of key questions unanswered, such as the degree and quantum of Treasury’s support for Eskom, it does provide the contours of government’s economic and fiscal policy thinking, as well as providing a litmus test of the current and projected state of the South African economy.

We trust you will enjoy and benefit from the read and please do not hesitate to be in contact with us should you have any queries regarding the publication, or any question regarding any of the Cadiz funds.

Until December, take good care during this final run-in to the end of what has been a highly eventful year so far.