New plan for South Africa, and more help for Eskom

South Africa’s rand appreciated against a weaker dollar on Thursday (20 February) as investors processed recent U.S. economic data and President Donald Trump’s tariff proposals.

The rand was trading at 18.40 to the dollar, approximately 0.7% stronger than its previous close.

The dollar index decreased by about 0.4% against a basket of currencies after reports indicated a slight rise in U.S. weekly jobless claims.

On Friday (21 February), the rand strengthened slightly, trading at R18.34 to the dollar, R23.23 to the pound and R19.26 to the euro. Oil is trading lower at $76.46 a barrel.

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

Work Bank’s new plan: The “Driving Inclusive Growth in SA” report from the Work Bank notes that South Africa needs to prioritise short-term, easily implementable measures to revitalise SA’s economy. [Business Day]

Plan for private help for Eskom: Eskom must expand its transmission lines by 14,000 km by 2033. Progress has been slow, and involving private companies could accelerate the expansion. A recent Budget Review document revealed the government’s plans to enable private firms to assist with this effort. [MyBroadband]

South Africans overtaxed: In response to the potential 2% increase in VAT planned in the now postponed Budget, an analyst from SECTION27 said South Africans are overtaxed at the moment. “We cannot afford VAT increases in that way.” SARS Commissioner Edward Kieswetter reportedly also opposed the decision and asked for support to tackle revenue collection instead. [Primedia Plus]

RAamaphosa calls for calm: President Cyril Ramaphosa has said that South Africa will work to “iron out wrinkles” in its relationship with the US, and the absence of Washington’s top diplomat from Group of 20 meetings in Johannesburg isn’t “a boycott. [BusinessTech]

Push for new law on detention of immigrants: In 2017, the Constitutional Court ordered Parliament to amend the Immigration Act within 24 months after determining that certain sections related to the detention of undocumented immigrants were unconstitutional. After eight years since the order, the amendment to the Act is being finalised. [Moneyweb]