Business

5 important things happening in South Africa today

Staff Writer

 ·1 Mar 2023

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

• Cabinet reshuffle coming: Finance Minister Enoch Godongwana is now a member of parliament after being sworn in yesterday. This is the clearest sign that President Cyril Ramaphosa will reshuffle his cabinet in the coming days. The cabinet reshuffle has been delayed as Ramaphosa needed to make space to appoint a minister who is not part of the National Assembly to become the new minister of electricity. [News24]

• Karpowership frustrated: Karpowership says it will demand a retraction from Former Eskom CEO Andre De Ruyter, as he implied that the firm is corrupt. In 2021, the company won roughly 60% of an emergency tender seeking to secure 2,000 megawatts to help ease load shedding; however, court challenges from rival bidders and environmentalists have stalled the deal. De Ruyter said that a quick online search into Karpowership would reveal a history of alleged corruption, breaches of contract and abuse. [Bloomberg]

• Teacher shortage: Despite teacher shortages at schools nationwide, almost 1,400 new government-funded teaching graduates have not been placed across the nation’s schools.  KwaZulu Natal was the worst offender and only managed to place 277 out of just under 700 recipients of the Funza Lushaka bursary. The Eastern Cape only found employment for 393 of the roughly 700 teacher graduates, while Mpumalanga found schools for 228 out of the 417 teacher graduates. [TimesLive]

• New Tshwane mayor: Cope’s Murunwa Makwarela is the new executive mayor of the City of Tshwane. Makwarela, who serves as council Speaker, beat the DA’s Cilliers Brink in a secret ballot vote yesterday. Cope is still viewed as a member of a DA coalition, but Makwarela’s name was nominated by the African Transformation Movement, which had caucused with the EFF and the ANC. Makwarela replaces the DA’s Randall Williams, who resigned earlier this month. [News24]

• Markets:  The South African rand strengthened on Tuesday after data showed that the country’s unemployment rate declined for the fourth consecutive quarter in October-to-December last year. Other data showed that South Africa recorded a trade deficit of R23.05 billion in January, down from a revised surplus of R4.99 billion in December. On Wednesday (1 March), the rand was trading at R18.28/$, R19.37/€, and R22.02/£. Brent crude is trading at $83.89 a barrel. [Nasdaq]