Finance

5 important things happening in South Africa today

Staff Writer

 ·7 Apr 2017

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

• Anti-Zuma marches will be taking place across South Africa today, and are expected to draw tens of thousands of people into the streets in protests of president Jacob Zuma and his recent decision to reshuffle his cabinet. Some analysts believe that, unless 500,000 to a million people take part, the marches will ultimately have little impact. The ANC and its various leagues and factions have rejected all calls for Zuma to quit.

• South Africa is highly unlikely to go the way of Zimbabwe, several analysts have said, this following a week of uncertainty as president Zuma holds onto power and talks up the ANC’s new policy of radical transformation and land redistribution. But South Africa’s independent judiciary allows the country to keep the president in check, and the country is not solely dependent on farming in the economy, so a Zim outcome wont happen analysts say.

• UDM leader Bantu Holomisa says he’s written to National Assembly Speaker Baleka Mbete reiterating the call for a secret ballot during the vote of no confidence in President Zuma. He said the Speaker has until 10am today to respond before he pursues a legal route. Opposition parties often hope for a secret ballot as it increases the chances of ANC MPs voting in their favour without facing consequences in within their party.

• ANC secretary general Gwede Mantashe has criticised the recent line of MPs who have resigned from parliament, saying that they’re just cashing in on their pensions. Mantashe said that those who resigned – recently axed ministers Peters, Joemat-Pettersson and Jonas – should have stayed on. However, the SACP said that Mantashe, Ramaphosa and Mkhize were themselves only just convinced not to resign in the wake of recent events.

• South Africa’s banking index hit its biggest daily loss since December 2015 on Thursday, dragging the bourse down after S&P cut the credit ratings of major lenders following a sovereign downgrade. On Friday, the rand was trading at R13.78 to the dollar, R17.18 to the pound and R14.67 to the euro.