Portrait of Aliko Dangote, highlighting his financial success and influence in Africa’s economy.
South Africa’s 2025 Budget Speech, originally slated for 19 February, has been canceled indefinitely due to disagreements among parties in the Government of National Unity (GNU). At the heart of the conflict is a proposed two-percentage-point increase in Value-Added Tax (VAT), from 15% to 17%. According to reports, President Cyril Ramaphosa convened an emergency cabinet meeting before the speech to give Finance Minister Enoch Godongwana an opportunity to address concerns about the proposals. The 2025 budget is the first in post-apartheid South Africa to be compiled by a non-majority government. However, the African National Congress lost its majority during the 2024 elections, forcing it to form a coalition government. The postponed speech is now expected to be delivered in March.
Source: BusinessTech