Director of Brenthurst Wealth Management, Magnus Heystek, announced that South Africa’s national debt has now surpassed the R3 trillion mark. Breaking it down into digestible terms, he added that each woman, man and child owes an overwhelming R55 276.
The interest Mzansi pays is now R170 billion per annum.
Stating this in such unambiguous terms surprised South Africans even though most were already aware of the country’s economic crisis.
Magnus explained that everytime any citizens pays tax, it goes towards paying off the country’s debt.
Eager to find the humour in the situation, one Twitter user, Themba, joked that the numbers must be incorrect because he only owed Edgars R2000. Another user humorously suggested that we simply use a credit card to put an end on all of it.
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In an attempt to describe what the alarming number meant for the average South African, Twitter user Buddy Wells, wrote that Mzansi should be asking, “why when demand pull is low, growth practically zero, unemployment extreme, are we funding so much of government deficit spending with foreign investment instead of through the SARB buying of government bonds?”
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Another user pointed out the high amount is in large part due to rollover from the previous apartheid government.
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