PETER BRUCE: Why these are frightening times for SA
'Economic growth is the only effective way Ramaphosa can anchor his leadership. Instead, he is treading water and we are on the edge'
It's grim. The government borrows up to R20-billion a month to pay for schools, hospitals, welfare and, since former president Jacob Zuma doubled the public service, salaries as well. It is a formidable task and the bond sell-off means the National Treasury has to offer increasingly higher interest rates to attract buyers. Earlier this year it calculated our interest payments alone at R214-billion a year by 2020-21. That is more than R850-million every working day.