Finance minister Enoch Godongwana’s lack of enthusiasm for the proposed lowering of the inflation target from the current 3%-6% range is a reminder that the timing of economic reforms often matters more than their substance. 

It is also a reminder of the importance to successful economic reform of a sound political foundation, without which reform is impossible. That’s partly because economic reforms often come with short-term pain and long-term, albeit uncertain, benefits. ..

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