The multiparty charter, a group of opposition parties that banded together to oust the ANC from power, has vowed to stabilise SA’s finances and increase transparency in fiscal management should it come to power.
The coalition, which was formed in 2023 ahead of this year’s national and provincial elections, released its joint economic policy proposal on Wednesday, calling for fiscal discipline by capping the government’s borrowing while pushing for inclusive growth as a way to drag SA out of its prolonged economic slump.
“Our approach to generating job-creating economic growth is rooted in our principles, on which there is broad consensus amongst the parties represented in the charter.
“The charter will unlock the full potential of investment by removing barriers and eliminating overly prohibitive limitations. We will therefore defend property rights and introduce additional legislative measures to protect land, capital, and intellectual property rights.”
Though the political parties represented in the charter will be separately contesting the election, the joint policy is expected to form part of each of the their manifestos.
The charter comprises the DA, Freedom Front Plus, ActionSA, IFP, ACDP, United Independent Movement, the Spectrum National Party, the Ekhethu People’s Party and the United Christian Democratic Party, as well as the Independent SA National Civic Organisation.
Several surveys, including one by the ANC itself, indicate that the governing party’s electoral support could fall below 50% in this year’s elections, which would make coalitions the way forward for the governance of the country.
The economic policy proposal by the charter is the first in a series of proposals that the group is expected to released in the lead-up to elections.
The grouping previously agreed in a pact not to work with the ANC, EFF or any “rival formations”, and “will not vote for any office bearers of the ANC and EFF — nominated either directly or indirectly — at any inaugural meetings of the National Assembly, National Council of Provinces and provincial legislatures”.
“To ensure value for money in government expenditure on economic infrastructure, we will further enhance the efficiency and transparency of fiscal management. We will establish fiscal discipline on government borrowing by capping the debt-to-GDP ratio annually through implementing a ‘fiscal rule’. Crucially, we will ensure the independence of the South African Reserve Bank,” the policy position says.
“To help South African businesses to become more competitive, we will reduce fuel prices by specifically targeting the general fuel levy, reforming fuel taxes, and de-regulating the sector.”
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