Ukusebenza kahle komnotho kumqoka uma uhulumeni uzoboleka imali, kuloba uJabulani Sikhakhane
UHULUMENI waseNingizimu Afrika uzoboleka uR424.7 billion ezimakethe zemali kuleli zwe naphesheya. Loku kuzosho ukuthi ekupheleni konyaka wezimali wango-2024/25 uhulumeni uzobe ukweleta uR5.6 trillion, isamba esilinganiselwa ku-75% wengxenye yomkhiqizo womnotho wezwe.
Isikali somkhiqizo womnotho wezwe esijwayelekile sibizwa ngokuthi, phecelezi i-gross domestic product.
Ingxenye enkulu yale mali izobolekwa ngokudayisela abezimali amabhondi. Kule mali uhulumeni ukhokha inzalo unyaka nonyaka, okuyisamba okulindeleke ukuthi sibengaphezu kukaR388bn kulo nyaka wezimali.
Zintathu izinto ezibalulekile ngalolu hlobo olusetshenziswa wohulumeni ukuboleka imali. Eyokuqala, isimo somnotho nezimakethe zezimali, hhayi ezweni ngalinye kuphela kepha emhlabeni jikelele, ikakhulukazi eMelika naseYurophu.
Eyesibili, ithemba abatshalimali abanalo ngohulumeni, ikakhulukazi amandla awo okukhokha izikweletu, okuyinto encike kakhulu esimweni somnotho nempumelelo kahulumehi ekuqoqeni imali yentela.
Eyesithathu, izinga isimo sezimali nokuphatha umnotho jikelele kukahulumeni kwezinkampani ezenza lo msebenzi ama-rating agencies. Zintathu izinkampani ezibalulekile kulo msebenzi: yiMoody’s, iStandard & Poor’s neFitch.
Yini ibhondi? Ibhondi esikhuluma ngayo lapha ayifani nebhondi esiyijwayele. Ibhondi esiyejwayele oyohlobo olusetshenziswa amabhange uma eboleka umuntu imali ukuthenga indlu. Ibhange liboleka umuntu le mali bese libamba ubunikazi bendlu ethengwayo. Loku kuchaza ukuthi umuntu othenge indlu ngalolu hlobo ngeke akwazi ukuyidayisa ngaphandle kwemvume yebhange.
Amabhondi adayiiswa wuhulumeni ahlukile kulolu hlobo esilujwayele. Akukho uhulumeni okunika abathengi bamabhondi awo njengesibambiso sesikweletu. Loku kususelwa emlandweni wokusebenza kwezimakethe zezimali lapho ohulumeni bethathwa ngokuthi behlukile kwabanye ababoleki bezimali – njengabantu nezinkampani.
Behluke kabili ohulumeni. Okokuqala, ohulumeni banamandla okuqoqa intela kwizakhamuzi nasezinkampanini ezihwebela ngaphakathi kwemingcele yezwe. Abantu abanawo amandla okuqoqa imali abangayisebenzisa ukukhokha izikweletu zabo. Bayayisebenzela ngokuthola imisebenzi noma bavule amabhizinisi. Izinkampani zona kufanele zithole amakhasimende ukuze zingenise imali ezingenza inzuzo kuyo.
Amabhondi adayiswa wuhulumeni asebenza ngezindlela ezimbili. Okokuqala ibhondi ngayinye ikalelwe isikhathi. Uma silinganisa, uhulumeni ungaboleka uR100 ngale ndlela iminyaka eyishumi, okusho ukuthi ekupheleni kwale minyaka kufanele ubuyisele le mali kubanikazi bayo.
Okwesibili, uhulumeni uthembisa abatshalimali ukuthi uzobakhokhela inzuzo ethile unyaka nonyaka. Le nzuzo ikalwa ngamaphesenti. Ngokwamatemu asetshenzisa ezimakethe zemali le nzuzo yesithembiso ibizwa nge-coupon rate.
Uma senza isibonelo, uma uhulumeni uthembisa ukukhokha u-10% ngonyaka kwibhondi oyidayise ngoR100 ngayinye, kusho ukuthi kufanele ukhokhe uR10 ngonyaka.
Uma sibahlanganisa laboR10 abakhokhwa wuhulumeni benza uR388.9bn, okuyisamba esizokhokhwa wuhulumeni waseNingizimu Afrika kulo nyaka wezimali (2024/25) ozophothulwa ekupheleni kwangoMashi 2025.
Le mali yenzuzo ibuye ikalwe ngokuyilinganisa nengxenye yomkhiqizo womnotho wezwe. Loku kususelwa ekutheni amandla kahulumeni okukhokha izikweletu zawo ancike esimweni somnotho wezwe. Yingakho nemali yentela eqoqwa wuhulumeni unyaka nonyaka ilinganiswa nengxenye yomkhiqizo womnotho wezwe.
Sikhuluma nje kulo nyaka uhulumeni uzoqoqa imali yentela elinganiselwa ku-25% wengxenye yomkhiqizo womnotho wezwe. Itemu elisetshenziswa lapha yi-tax buoyancy, iisikali soshintsho olubonakala emalini yentela eqoqwayo uma luqhathaniswa noshintsho esimweni somnotho (ukukhula nokuncipha kwezinga lomkhiqizo).
Okwesithathu, izinkampani ezithenga amabhondi kahulumeni ziyahwebelana ngawo kuze kuphele isikhathi ibhondi enqunyelwe sona. Loku hwebelana kubalulekile kwamabhondi. Itemu lalolu hlobo lwemakethe kuthiwa yi-secondary market, eyehlukile kwi-primary market (lapho uhulumeni udayisa khona amabhondi amasha).
Okokuqala, lolu hwebo ludala izinkomba zokuthi abatshalimali bafuna inzalo engakanani ngemali abangayiboleka uhulumeni ngomuso. Ake senze isibonelo ngebhondi yeminyaka eyishumi eyadayiswa ngoR100 uhulumeni oyikhokhela inzalo ewu-10% ngonyaka.
Uma sekuhwetshelwana ngale bhondi, intengo yayo iyashintsha usuku nosuku. Ziningi izizathu zalolu shintsho. Uma inani lebhondi edayiiswa ngayo ezimakethe lehla liba wuR90 kusho ukuthi othenga le bhondi ngoR90 usathola uR10 ngonyaka kuze kuphele isikhathi ibhondi enqunyelwe sona. Nokho inzalo yakhe akusewona u-10%, isingaphezudlwana kuka-11%.
Lo-11% usubayinkomba kuhulumeni yokuthi uma ufuna ukuheha abathengi bamabhondi amasha kufanele uthembise inzuzo engaphezulu kuka-11%.
Kodwa uma intengo yebhondi ezimakethe zemali yenyuka ifinyelela kuR120, kwenza omunye umehluko ezindlekweni zokuboleka imali. Ukunyuka kwentengo yebhondi kusho ukuthi baningi abatshalimali abafuna ukuthenga amabhondi kunabadayisi bawo.
Nalapha, othenge ibhondi ngoR120 usazothola inzuzo ewuR10 ngonyaka. Kepha kusho ukuthi inzuzo yakhe akusewona u-10%, kodwa isingaphezudlwana kuka-8%.
Nalapha, loku kubayinkomba kuhulumeni ukuthi usungaboleka imali ngokukhokha inzalo engaphezudlwana kuka-8%, okuyinzalo engaphansi kuka-10%.
Esinye sezizathu esingadala ukunyuka kwentengo yamabhondi wushintsho ezimakethe zomhlaba, ikakhulukazi eMelika.
Kwenzeka loku emva kwesimo sokuntenga komnotho womhlaba kwango-2008, umsuko wako okwaba wukuma nse kokusebenza kwezimakethe zemali eMelika.
Kwenza amanani enzuzo eMelika ehla kakhulu, kwaphoqa abatshalimali ukuthi bayothungatha kwamanye amazwe. Lahlomula leli zwe ngako, ngokunyuka kwentengo yamabhondi kahulumeni nokwehla kwezindleko zokuboleka imali.
