Government bosses to lose qualifications, and nuclear power boost for SA

The rand weakened on Monday in anticipation of Finance Minister Enoch Godongwana’s budget speech later this week.

This speech is expected to shed light on the state of Africa’s most industrialised economy. The rand traded at 18.43 against the U.S. dollar, which is about 0.4% lower than its previous close.

Analysts are focusing on tomorrow’s budget presentation to parliament, where the government will outline its spending priorities, revenue collection strategies, and updated economic forecasts for the year.

Reuters analysts forecast South Africa’s budget deficit will be larger than previously estimated for the next three years.

On Tuesday (18 February), the rand strengthened slightly, trading at R18.45 to the dollar, R23.24 to the pound and R19.29 to the euro. Oil is trading lower at $75.34 a barrel.

Here are five other news stories making waves in South Africa today:

Qualifications revoked: The SIU has uncovered questionable practices in awarding honours degrees in public administration at the University of Fort Hare. Several Eastern Cape officials and politicians were admitted without the required qualifications. The university plans to revoke 36 degrees from the program, allegedly without due process. [News24]

Nuclear power: The South African Nuclear Energy Corporation (Necsa) is developing criteria for a partner to help pilot the development of small modular nuclear reactors (SMRs) in South Africa. These reactors could potentially be deployed at Eskom’s old coal-fired power stations as they are decommissioned. [Business Day]

No to tax hikes: Members of the Government of National Unity (GNU) and opposition parties have pressured Finance Minister Enoch Godongwana not to raise taxes in his upcoming budget, warning that they will not support the proposals if he does. [Mail & Guardian]

Communication goes silent: South Africa’s foreign minister, Ronald Lamola, told Reuters on Monday that the United States had not responded to attempts to discuss President Donald Trump’s executive order and how it would impact the country. [CNBC Africa]

Old Mutual CEO stepping down: Old Mutual has announced that its chief executive officer, Iain Williamson, will step down from the group at the end of August 2025, taking early retirement. [BusinessTech]