Ramaphosa responds to calls to cut cabinet members, and tariff relief for South Africa

The rand reached an all-time low during turbulent trading on Wednesday (9 April), driven by concerns over U.S. President Donald Trump’s trade war and the risk of a potential split in South Africa’s market-friendly coalition government, which unsettled investors.

The rand fell to a low of 19.93 to the dollar, surpassing the previous record low of 19.91 set in June 2023, according to data from the London Stock Exchange Group.

“The past few trading sessions have been extremely volatile, and there are currently no signs that this volatility will come to an end,” said Danny Greeff, co-head of Africa at ETM Analytics.

On Thursday (10 April), the rand was trading at R19.32 to the dollar, R24.82 to the pound and R21.21 to the euro. Oil is trading lower at $64.52 a barrel.

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

Response to downsizing Cabinet: President Cyril Ramaphosa said that his 43 deputy ministers, who collectively cost the government over R94 million annually in salaries, will remain in their positions. Despite calls to reduce what has been described as a “bloated cabinet,” which many believe contributes to the country’s financial burdens, the president maintains that his deputy ministers serve a valuable purpose. [Times Live]

Tariff relief: US President Donald Trump has announced that all tariffs on Washington’s “worst offenders” list will be walked back to the standard 10% rate applied globally for 90 days—except for China. This come as relief to South Africa, which faced a 30% tariff on key exports to the United States. [BusinessTech]

Rule changes for property builders: Human Settlements Minister Thembi Simelane announced that registration requirements for builders and developers will become stricter. This comes after President Cyril Ramaphosa signed the Housing Consumer Protection Act, which imposes tougher registration, grading, and training standards for homebuilders. [EWN]

Good news for local car makers: South Africa is considering expanding its main vehicle production incentive program to protect its R500 billion manufacturing sector from U.S. tariffs. Trade, Industry, and Competition Minister Parks Tau stated, “We are looking at ways to mitigate the impact on the industry while remaining mindful of our finances.” [Business Day]

Botswana lifts produce ban on South Africa: Botswana has lifted its ban on fresh vegetable imports from South Africa due to challenges in meeting local demand through domestic production. Dipepeneneng Serage, deputy director-general in South Africa’s Department of Agriculture, confirmed that trade is now open. [Mail & Guardian]