Amid the headwinds created by the Covid-19 pandemic, it’s time the Aloe ferox, which survives in dry, harsh conditions, is nurtured — but the options are limited
It is hardly two months since the minister of finance, Tito Mboweni, in his budget speech confidently likened the South African economy to, a plant that survives in arid conditions. It wins even when it seems the odds are against it, he said. He went on to reassure MPs that “the South African economy has won before and it will win again”.
The irony is that a decision over whether a plant needs watering is usually a no-brainer. A wilting plant from dryness certainly needs watering, but it is not always clear what to do with an economy that is facing a risk of stagnation from a complex medical ailment that can shut down the respiratory system of affected people but has close economies.
South Africa finds itself in an untenable situation exacerbated by electricity supply constraints and fiscal discipline problems. The economy entered the coronavirus era already in dire straits — debt rising and growth taking a nosedive. The budget tabled in February 2020 was at pains to find growth and recovery triggers to no avail because the salary bill continued raking in a lions’ share of the resources.
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