Show me the money: Finance minister Tito Mboweni prepares for budget speech

Show me the money: Finance minister Tito Mboweni prepares for budget speech

- Mboweni tweeted a photo of him and his team working on the speech

- The finance minister faces the tough task of pleasing many different groups with his speech

- He will also have to convince South Africans that he and Ramaphosa can rescue the economy

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Finance Minister Tito Mboweni has been preparing for today's budget speech, where we he will have to convince a skeptical nation that he and President Ramaphosa have plans in place to turn around the economy.

Mboweni previously gave South Africans a behind-the-scenes look at photos of his team working on the speech.

However, it might take more than Mboweni's trademark humour and down-to-earth style to win over South Africans.

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Along with Ranaphosa, the finance minister has been trying to drum up foreign investment in places like Davos.

Reportedly, the pair have brought in $35.5 billion already from countries like Saudi Arabia and companies like Mercedez-Benz, with $20 billion expected to follow later in the year.

But some experts have expressed doubts about whether these plans are enough.

Unemployment remains high, economic growth is slow and several government institutions have major debt problems - most notably Eskom, which is threatening to collapse. 

Mboweni also faces the difficult task of pleasing voters hungry for economic transformation, as well as reassuring investors looking for stability and policy certainty.

On top of that, the finance minister will have to address tensions within the ANC's own alliances, such as the trade unions' opposition to any restructuring that might result in job losses.

READ ALSO: Maimane asks Ramaphosa to tell SA truth about Chinese-owned power station

All of this means that all eyes will be on the finance minister today, and his remarks may have a major impact on the future of both his party as well as the country as a whole.

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Source: Briefly.co.za

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