Enoch Godongwana (Grade C-)

Department
Finance

Key Goals

1. Stabilise the fiscus: Progress
2. Aid economic growth: Failed
3. Implement macroeconomic policy: Failed
4. Enforce spending transparency: Progress

Analysis

Enoch Godongwana has emerged as one of the most trusted members of President Cyril Ramaphosa’s cabinet. 

Regarded as highly rational, Godongwana’s second year in the position has seen him continue his role as the finance minister with one of the tightest grips on the country’s purse strings. And, at least for now, this has served him well — proving the “success” of fiscal consolidation.

But rating agencies and investors aren’t quite yet willing to give the finance minister their full backing. 

The reason for this — growing political pressures in the lead-up to the 2024 national elections — is not in Godongwana’s control. But the coming year will prove whether the minister’s advertised political heft will help guard the fiscus against what the corporate sector considers a populist agenda.

A finance minister has to balance the interests of two very different groups: the financiers and the voters.

The current market and economic conditions make this balance difficult. Markets are volatile and reactive to anything other than the safest bet. But the economy, struggling to grow, requires more audacious policies.

The treasury under Godongwana seems to have sacrificed growth-friendly macroeconomic policymaking to prioritise the fiscal consolidation project and structural reforms, which look good on paper but could take years to set the economy right. 

The country’s growth outlook is dire, jeopardising the sovereign’s bid for credit rating upgrades.

The treasury has also faced problems in enforcing spending transparency, because of a lack of accounting consistency across public entities. 

Godongwana has recently underlined that the quality of spending is out of his hands.

But he has committed to improve state capacity, procurement practices and contract management, which should help solve chronic underspending. 

Ministers

Cyril Ramaphosa	David Mabuza	Maite Nkoana-Mashabane	Fikile Mbalula
Angie Motshekga	Aaron Motsoaledi	Nathi Mthethwa	Nkosazana Dlamini-Zuma
Mmamoloko Kubayi	Thandi Ruth Modise	Khumbudzo Ntshavheni	Ebrahim Patel
Naledi Pandor	Mathume Joseph Phaahla	Pravin Gordhan	Senzo Mchunu
Stella Ndabeni-Abrahams	Lindiwe Sisulu	Thokozile Didiza	Lindiwe Zulu
Patricia DeLille	Ronald Lamola	Barbara Creecy	Bheki Cele
Blade Nzimande	Mondli Gungubele	Enoch Godongwana	Gwede Mantashe
	Thulas Nxesi (Public Service and Administration)	Thulas Nxesi (Employment and Labour)