The South African nation, now in its second decade of democracy, is a developing nation striving to give its citizens a better life and improved economic conditions. The South African government has a range of departments tasked with heading the development of various sectors of the economy.
The Department of Finance is responsible for ensuring that the country’s financial assets are utilised responsibly. It is essentially tasked with managing South Africa’s national government finances.
The department strives to raise fiscal resources equitably and efficiently and to manage government’s financial assets and liabilities soundly by promoting transparency and effective financial management.
The ministry of finance is the political head of specialised public sector organisations in the areas of finance, economics and accounting.
The National Treasury is responsible for coordinating macroeconomic policy and promoting the national fiscal policy framework.
What the Department of Finance does:
It provides analysis and advice on fiscal policy and public finances, intergovernmental financial relations, expenditure planning and priorities.
The department drives and implements financial systems and programmes in line with macroeconomic policy.
A measurable objective of the department is to promote growth, social development and poverty reduction through sound fiscal and financial policies. The department aims to use various programmes, policies and initiatives to improve the lives of ordinary citizens while also creating numerous avenues for economic growth and development.
With head offices based in Pretoria and Cape Town, the Department of Finance is currently headed by Minister Pravin Jamnadas Gordhan.
Changes made to various financial policies often have an effect on the markets, with international investors relying on consistent policies to guide their decisions. The ministry is often tasked with allaying fears of investors and forging relations with the business sector as a way to encourage economic growth.