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SEIFSA Welcomes The Policy Pronouncements In The Medium-Term Budget Policy Statement

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SEIFSA Welcomes The Policy Pronouncements In The Medium-Term Budget Policy Statement:

Johannesburg, November 2023 – The 2023 Medium Term Budget Policy Statement (MTPBS) recognises, reflects and has been structured to respond to key headwinds facing the global and South African economy.

The policy positions contained in this mini-budget are welcome for the fact that they communicate indispensable reform signals. The only way to area the economy on a solid and sustainable trajectory is through economic growth and to achieve that, reform is critical. Particularly reform in the delivery of large-scale infrastructure projects.

For the steel sector, one of the most critical policy considerations communicated is the opportunity for the private-public-partnerships (PPPs) in the financing and execution of large infrastructure projects. This will ensure that projects are executed with efficiency and speed.

The MTPBS posits the creation of novel mechanisms to facilitate co-investing with the private sector and multilateral institutions on selected infrastructure projects and employing alternative financing instruments for priority projects.

These infrastructure projects are a crucial demand source for the metals and engineering sector, which has been languishing in a low demand environment for the last 15 years, therefore their speedy and successful execution is of significant importance to the sustainability of the sector.

We eagerly await the details that will underpin this PPP framework. However, even prior to this announcement in the MTPBS today, SEIFSA maintain already begun engaging relevant departments, including National Treasury to quick track this objective.

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Africa’s Economic Heartbeat and the JSE

Johannesburg is the undisputed financial capital of the African continent. It is classified as an “Alpha Global City,” meaning it plays a primary role in the global economic network. The city generates roughly 16% of South Africa’s GDP and is the headquarters for 74% of the major multinational companies operating in Sub-Saharan Africa.

At the center of this economic power is the Johannesburg Stock Exchange (JSE). Founded in 1887, just one year after the city’s birth, the JSE was initially a way to raise capital for deep-level mining. Today, it is the largest stock exchange in Africa and ranks among the top 20 in the world by market capitalization. The financial district has moved from the historic city center to Sandton, an area often called “Africa’s Richest Square Mile.” This shift reflects Johannesburg’s evolution from a rough-and-tumble mining camp into a sophisticated service-and-finance economy. Despite the decline in actual mining, the city remains the “command and control” center for the continent’s mineral wealth, telecommunications, and banking sectors.