R37 million sports centre disaster and SAA financials delayed again

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

• SAA financials seemingly delayed again: South African Airways has faced criticism for not disclosing its financial issues, with speculations about another delay in publishing its financial statements. Despite a reported R150 million loss in the first three months of a financial period, the airline has not met the legal requirement to publish financial results within six months after the end of its financial year. With a deadline on September 30, SAA previously delayed releasing annual reports from 2019 until 2022, revealing over R23 billion in cumulative losses. [The Citizen]

• Multi-million rand sports centre still unfinished after six years: Six years and over R37 million later, the government-funded Matatiele sports centre in the Eastern Cape is still incomplete. The project, starting in October 2018, faced setbacks when the initial contractor abandoned it in 2019. A new contractor took over in May 2023 to progress with facilities, including changing rooms and grandstands. Despite R23 million spent on the first phase and an additional R12.2 million on the second, completion dates remain unclear, though some structures like the guard house and change rooms are now in place. [GroundUp]

• Agbiz sends warning on Botswana’s SA imports ban: The Agricultural Business Chamber of SA (Agbiz) criticizes Botswana’s import bans on South African fruits and vegetables, labelling them unsustainable and harmful to the two countries’ political and economic relations. Agbiz said that the bans conflict with the principles of their shared customs union, introducing trade instability and negatively impacting the citrus trade. Aiming to boost local agriculture, Botswana’s temporary restrictions will extend to various produce until 2025. [BusinessDay]

• ANC to stage municipal interventions to boost 2026 prospects: A quarter of ANC-led municipalities are dysfunctional, with nearly half at medium risk, necessitating a new task team to tackle these issues and boost service delivery. This move follows the party’s lekgotla, highlighting local governance problems as key to the ANC’s recent electoral setback, especially after losing its parliamentary majority on 29 May. The ANC aims to start rectifying these issues in Johannesburg amidst ongoing leadership disputes in hopes of boosting their chances in the next municipal elections. [Daily Maverick]

• Markets: The rand gained on Wednesday as a rebound in global stock markets boosted risk sentiment. On Thursday (8 August), the rand was trading at R18.35 to the dollar, R23.31 to the pound, and R20.04 to the euro. Oil is trading at $78.36 a barrel. [Reuters]