Number of the Day | 78.9% | 20 October 2026
South Africa has promised to stabilise government debt at 78.9% of GDP and then begin bringing it down. Ahead of the Medium-Term Budget, Francis Herd examines whether government can deliver on that commitment after years of rising borrowing.
The consequences extend beyond the headline figure. Debt credibility affects the interest government pays, the country’s prospects for improved credit ratings and how much tax revenue remains available for public services. With more than 21 cents of every rand in tax revenue going towards debt-interest costs, can South Africa afford another missed promise?
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Chapter List
(00:00) Why South Africa’s 78.9% Debt Target Matters
(01:06) Can Government Finally Stabilise Its Debt?
(02:20) Why South Africa’s Debt Promise Faces Scrutiny
(02:51) How Debt Costs Drain Public Money
(04:45) Will the Medium-Term Budget Deliver?
