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Gaolathe to Gaolathe: Budgeting through a crisis

Friday, February 07, 2025 | 310 Views |

Legacy: In 2009, Gaolathe faced a crisis similar to the one his son Ndaba is reckoning with PIC: PHATSIMO KAPENG & FILE PIC

In his 2009 budget speech, the late Baledzi Gaolathe forecast a deficit of P13.4bn due to the global financial crisis. His son, Ndaba, is due to announce a shortfall of more than P10bn on Monday. Both have had to deal with fiscal crises, but the younger Gaolathe has less room to manoeuvre, writes MBONGENI MGUNI

Excerpts from the late Baledzi Gaolathe’s last budget speech are strikingly similar to the themes and statements made in more recent years by the country’s finance ministers when describing the generally leaner budget and economic trends.

At the time in 2009, Gaolathe was facing the global financial crisis, which would eventually lead to suspension of operations at Debswana, an uptick in unemployment, huge budget deficit and a 14.1% contraction in the economy, a historic low yet to be matched.

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