Budget 2026: from fiscal strain to stabilization and consolidation through growth rather than taxation

SOUTH AFRICA - Report 26 Feb 2026 by Iraj Abedian

Finance Minister Enoch Godongwana tabled Budget 2026 in an environment marked by cautious macroeconomic stabilization, ongoing fiscal consolidation, and a more complex political landscape under the Government of National Unity (GNU). Whereas Budget 2025 was shaped by political disagreement and the unprecedented postponement of its tabling due to disagreements over VAT increases, Budget 2026 reflects a more settled, although still constrained, fiscal trajectory. The emphasis has shifted from immediate revenue extraction toward consolidation, credibility and gradual stabilization.

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