5 important things happening in South Africa today

Here’s what is happening in and affecting South Africa today:

• Godongwana to deliver the Budget Speech: Finance minister Enoch Godongwana will present the budget allocation for 2024 to Parliament today, 21 February, at 14:00. The Government is looking to raise an additional revenue of R15 billion in the 2024/2025 financial year. [Parliament]

• MPs unanimously support the two-pot bill: A bill overhauling South Africa’s retirement regime was adopted by all parties in the National Assembly on Tuesday. MPs believed the bill, which will allow workers access to a portion of their retirement contributions while preserving the bulk for retirement, was necessary to help workers caught in a cost-of-living crisis. However, some MPs cautioned the public not to blindly deplete their retirement savings. [BusinessDay]

• Ramaphosa announces election date: President Cyril Ramaphosa has announced that the 2024 National and Provincial Election will take place on 29 May 2024. The 2024 elections coincide with South Africa’s celebration of 30 years of freedom and democracy. [BusinessTech]

• Anglo’s Kumba Iron Ore plans to cut 490 jobs: Kumba Iron Ore, a subsidiary of Anglo American, plans to cut 490 jobs due to production reductions caused by rail bottlenecks. The company has struggled to transport enough materials to ports due to the limited capacity of state-owned rail operator Transnet, which has shortages of locomotives and spares, as well as cable theft and vandalism. [Business Times]

• Markets: The South African rand rose against a softer dollar on Tuesday as traders awaited domestic inflation figures and the finance minister’s budget speech today. On Wednesday (21 February), the rand was trading at R18.88 to the dollar, R23.85 to the pound, and R20.42 to the euro. Oil is trading at $82.64 a barrel. [Reuters]