South Africa's cabinet was still meeting on the 2025 budget less than one hour before the finance minister was due to present it in parliament on Wednesday, a source from the Democratic Alliance party said,

B udget announcements are rarely dramatic events in South Africa. But the statement on March 12th by Enoch Godongwana, the finance minister, could be the most consequential since the end of white rule in 1994.

South Africa’s finance minister unveiled Wednesday a budget with a smaller increase in value-added tax than previously proposed, but it was immediately rejected by a key party in the unity government.

Finance Minister Enoch Godongwana delivered the 2025 National Budget Speech on Wednesday (12 March). The budget addressed several key points, including the country’s current economic status, growth projections, substantial debt servicing costs, proposed increases in VAT and sin taxes, and the continuation of the social relief grant.

Finance Minster Enoch Godongwana Wednesday tabled his budget for the for the 2025/2026 financial year, a month after it was postponed following a fall-out with the ANC’s biggest coalition partner over value-added tax hikes.

The South African rand fell on Wednesday as disagreements in the ruling coalition persisted despite the finance minister scaling back the size of a contentious tax hike in a revised budget. The budget has been the biggest test so far of South Africa's fractious coalition politics,