Durban - African Christian Democratic Party (ACDP) leader Reverend Kenneth Meshoe said on Wednesday that South Africa had the highest debt to GDP ratio in sub-Saharan Africa, which urgently needed to be addressed by government.
Meshoe made the remarks during the first presidency budget vote in the National Assembly, and was quoting a report released on Tuesday.
"Yesterday, the Institute of International Finance published its global Debt Monitor, which reportedly puts South Africa’s debt to Gross Domestic Product (GDP) at almost 60%, after reaching 59.3% in the first quarter," said Meshoe.
He said that according to the report, the country had seen the biggest debt to GDP increase in the sub-Saharan Africa region during the quarter – up from 54,7% in 2018 - and that government's struggle to rein in date was cited as the main contributor to the increase.
During his State of the Nation address, president Cyril Ramaphosa called for a relentless focus on economic growth. Economists welcomed the undertaking, but cautioned that policy uncertainty was at the root of South Africa's stunted growth.