5 things you need to know in South Africa today
·23 Sep 2016
Here’s what is happening in and affecting South Africa today:
- Minister of Public Service and Administration, Ngoako Ramatlhodi, says government officials need to choose between working for the state or doing business with the state – and have until January 2017 to get their business affairs in order and declare them, or be fired. The new regulations will apply to government departments, and extend to courts and chapter 9 institutions later on.
- Universities are trying to map a way forward for the academic year, as students remain defiant, and plan on protesting until their demands are met. The University of KwaZulu Natal says continued protests are likely to push the current academic year into 2017, which will have massive implications for all students. Wits students have resolved to continue protesting.
- Sources from within the SABC say the board of directors is doing everything in their power to keep defiant “employee” Hlaudi Motsoeneng in power – with the controversial figure’s chief cheerleader being chairman, Obert Maguvhe. The SANC board wants minister Faith Muthambi to re-appoint Motsoeneng as acting-COO. Broadcast union Bemawu said it will resist the proposal.
- Eskom says it will have enough cash to fund South Africa’s nuclear build, saying that improving cash flow trends means it will have about R150 billion on hand in year 10 of the planned construction. This, on top of R327 billion from its borrowing programme, would put it in a good position to fund such projects. The actual costs of the nuclear plans are yet to be revealed, but are estimated to be anywhere between R500 billion and over R1 trillion.
- South Africa’s rand rally fizzled on Thursday after the Reserve Bank kept rates on hold, while stocks rose led by financial and retail shares on prospects of fewer bad debts for lenders and less pressure on consumers. On Friday, the rand stayed firm trading at R13.58 to the dollar, R17.83 to the pound and R15.29 to the euro.
In other news: South Africa is wonderful place to invest in, according to president Jacob Zuma, speaking at the U.S.-Africa Business Forum in New York. According to Zuma, investors know what they can expect in the country: open debate, and an environment where voters tell the president he cannot do as he pleases.
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