Ramaphosa backs new state-owned bank, and likely culprit of 2024 Matric results leak revealed
The South African rand experienced little change on Tuesday, even after the statistics agency reported stronger-than-expected gross domestic product (GDP) figures for the second quarter.
The rand was traded at 17.49 against the dollar, only slightly above Monday’s closing rate.
According to data from Statistics South Africa, the country’s economy grew by 0.8% quarter-on-quarter, exceeding economists’ predictions of a 0.5% expansion and an increase of 0.1% reported in the first quarter.
This economic growth marks the fastest rate in two years for Africa’s most industrialised economy, although it remains insufficient to effectively tackle the high levels of poverty and inequality in the country.
Investec economist Lara Hodes commented in a note that while the outcome is below 1.0%, it reflects a subdued domestic economy that continues to face numerous structural challenges, particularly in logistics, which hinder optimal economic activity and export potential.
On Wednesday, 10 September, the rand was trading at R17.51 to the dollar, R23.71 to the pound and R20.51 to the euro. Oil was trading slightly lower at $66.98 a barrel.
Here are five other important things happening in and affecting South Africa today:
Ramaphosa backs new state bank: President Cyril Ramaphosa has expressed support for the incoming state-owned Postbank, assuring it won’t become like VBS, which collapsed due to mismanagement as it wasn’t a registered bank. He emphasised efforts to prevent such incidents and noted that Postbank still requires funding and approval from the South African Reserve Bank’s Prudential Authority to operate commercially. [EWN]
2024 Matric results leak: Basic Education Minister Siviwe Gwarube stated that the leak of the 2024 matric results was not due to cybercrime but likely from a higher education institution that received the information early. Gwarube’s spokesperson confirmed that the department’s data system had no leaks. [MyBroadband]
SABC blackout risk: Khusela Diko, chairperson of Parliament’s Portfolio Committee on Communications and Digital Technologies, has warned that the South African Broadcasting Corporation’s (SABC) broadcasting signal could be switched off before the end of the year. [BusinessTech]
Economists not happy: South Africa’s persistently low growth rate is increasingly being treated as the new normal, while the country struggles with a vacuum in political leadership and weak investor confidence. This concern was raised by economists and speakers at the Money Summit 2025, held in Sandton, Johannesburg on Tuesday. [Moneyweb]
Iconic Free State Mall in decay: Once a symbol of modernity and a thriving community hub, Amogela Mall, previously known as Liberty Centre, now stands as a deteriorating representation of urban decay in the centre of Welkom, Free State. [Newsday]
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