5 important things happening in South Africa today
·26 Oct 2017
Here’s what is happening in and affecting South Africa today:
- Finance minister Malusi Gigaba’s maiden budget speecch has been poorly received, with analysts calling it a showreel of stagnation – and warning that ratings downgrades for South Africa are on the horizon. Gigaba outlined a country that is swiftly running out of money, with SOEs that are poorly governed, and no real plan to get things back on track.
- President Jacob Zuma’s bid to have the public protector’s report into state capture sent back to the PP’s office took a strange turn after his legal team did a U-turn on its desire to do so, leaving opposing legal teams stunned. Zuma wanted the new PP to investigate state capture further, but his legal team on Wednesday withdrew that order, leaving the case in limbo.
- The ANC has used its majority on Parliament’s Portfolio Committee on Justice to shoot down a probe into Public Protector Busisiwe Mkhwebane, following her blunder in trying to force a change in South Africa’s constitution through one of her reports. The committee voted 6-4 to dismiss the probe, with the ANC saying it was a witch hunt.
- With less than a week to go before exams kick off at South African universities, fresh #FeesMustFall protests among students are starting up and disrupting campus activities – however they have remained open and continued, business as usual. Students have vowed to keep the pressure up, demanding a fees report that is currently sitting with president Zuma be released.
- South Africa’s rand dropped to a 10-month low on Wednesday after Finance Minister Malusi Gigaba flagged weaker growth expectations and rising government debt in his budget speech. Stocks were firmer. On Thursday, the rand was trading at R14.07 to the dollar, R18.67 to the pound and R16.65 to the euro.
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