It is often difficult to get societal buy-in or to change expenditure priorities when the country’s requirements are diverse and the means limited. In South Africa, we do have a structural reform framework in the form of the National Development Plan, which has been adopted by all parties. It is not the plan that is lacking, rather its implementation.
It is far easier to look for a quick fix such as monetary policy. This is not a peculiar South African phenomenon, however. Monetary policies, in conjunction with fiscal policies, were instrumental in avoiding worse outcomes to the global financial crisis. But monetary policy is not the appropriate policy to raise potential output.