Ahead of the Minister of Finance’s 2026 Budget Speech on Wednesday, the 25th of February, we share views of companies.
Grovest said early discussions suggest the Minister might focus on potential tax pressure.
This could place strain on middle income earners and those in the formal employment sector, if brackets remain unchanged.
“When tax policy shifts, the impact goes beyond take home pay. It influences how capital is structured, preserved and allocated. In this environment, tax efficiency is not simply a technical consideration. It becomes part of how portfolios are positioned for the year ahead.”
Simon Schaefer, Deloitte Africa Economist, shared his predictions for the 2026 National Budget online.
Schaefer, said “every time a Minister speaks, there’s more money coming out than coming in. As an economist, I think we should focus a little bit more on the economic side of things. We are all aware of how troublesome and maybe chaotic the global economic environment is, at the moment.
So I think an internal focus is necessary.
Over the last year, we built some momentum, we also started to address structural challenges.
Think of the electricity crisis which is now under control, improvements around ports. Now we need to get people into work, to expand our tax base.”
Investec’s Annabel Bishop, Chief Economist, said South Africa’s 2026 Budget arrives at a pivotal moment, when debt is nearly at 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook.
Picture of Finance Minister, Enoch Godongwana.