Nedbank, one of SA’s four largest banks, is the latest to add its voice to growing concerns about the state of the country’s public finances, highlighting how acute power shortages, inefficient logistics networks and a higher wage bill continue to hinder the country’s fiscal position.

Reserve Bank governor Lesetja Kganyago has repeatedly warned that the deteriorating fiscal position threatens macroeconomic stability, with the rand likely to come under pressure as SA’s risk premium worsens. The situation is captured in the latest budget numbers that show a rapid deterioration in the fiscal position as revenue falls due to unfavourable global conditions and the harsh domestic environment...

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