This Special Budget Speech Episode of No Free Lunch features Ricardo Smith, where he discusses the South African medium-term budget speech and its implications for South Africa’s economy:

Host Greg Stewart introduces a summary of the medium-term budget speech delivered by the finance minister, Enoch Godongwana on 12 November, highlighting a projected 20 billion Rand surplus and a strategic shift from consumption spending to infrastructure investment. 

Ricardo Smith, a prominent South African economist and investment strategist, emphasises the importance of the surplus, noting that while commodity prices have contributed significantly, tax efficiencies have also played a role. Smith discusses the challenges of managing South Africa’s growing debt, which is projected to reach nearly 80% of GDP, and highlights the need for a firm commitment to containing debt.