South Africa's debt has been spiralling since the 2008 global financial crisis. Exacerbated by pandemic-related borrowing in 2020, the government's total debt is now R4.7-trillion. Most of the funds have been raised on the domestic bond market. Factors such as failing state-owned companies, wasteful expenditure, loadshedding and unemployment mean the economy isn’t generating enough tax to balance the budget. With an election in 2024, spending is likely to remain high, with the debt burden rising even further.