Much is riding in the 2020 Budget speech because a slide into full junk status by Moody’s is a very clear and present danger.

President Cyril Ramaphosa gave a positive SONA 2020 with some real plans to deal with our economic problems. The challenge is implementation.

As much as the government under President Cyril Ramaphosa focuses on drawing investment into the country, it is in matters such as freeing up the private sector, and in particular SMMEs, where we’ll find shorter, quicker pathways to a better growth outlook for the economy.

Broader macro constraints need to be tackled, such as the implementation of measures that will ensure energy security, stabilising the debt pile and consolidating the fiscus. Unless these are addressed, many participants may continue viewing events like the investment conference simply as mere talk shops.

In years past, this week’s speech – that doesn’t carry as much weight as the February budget – was primarily seen as a marker in calendars of just when the state would be unofficially going on its summer holidays. It couldn’t be more different now as it will serve as a statement of intent of Ramaphosa’s first administration, and perhaps the constant date changes bear testimony to its importance – we hope.

Social cohesion improves economic growth by stopping physical and human capital destruction and creating social capital, cooperation and trust in society.