Ramaphosa sends a warning to one group of people, and another R870 million down the drain
Markets were muted on Wednesday, with the rand losing ground against the dollar amid a rebound for the greenback.
The local unit also came under pressure due to a contraction in December’s local Purchasing Managers’ Index, the sharpest drop in business activity since January 2025.
The rand started the day trading around R16.38 against the dollar, but ended above the R16.40 level—about 0.2% weaker.
The S&P PMI declined to 47.7 from 49.0 in November, as demand waned and firms reduced their purchases and inventories.
ETM Analytics stated in a research note that, despite the downturn, business confidence remained resilient, with optimism for 2026 fueled by expectations of new projects, stronger sales, and an improving economy.
“For now, the USD-ZAR is consolidating its recent retreat. Sentiment towards SA continues to run high, with the JSE rising to fresh record levels, and bond yields remaining subdued,” ETM Analytics said.
“The current market dynamics are supportive of the ZAR, which should ensure that the ZAR remains strong for some time to come,” it added.
The rand ended 2025 nearly 13% stronger against the US dollar, its biggest annual gain in 16 years as the greenback weakened broadly.
On Thursday, the rand was at R16.46 against the dollar, R22.14 against the pound and R19.22 against the Euro.
Gold was trading at $4,427.15 an ounce, with oil also trading slightly higher, back above $60 a barrel at $60.31.
5 important things happening in South Africa today
Ramaphosa renews his warning: President Cyril Ramaphosa has renewed a warning to lobby groups in South Africa that he said could be seen as taking a potentially treasonous stance against the country. Speaking on the sidelines of the ANC’s birthday celebrations, the president said government action against these groups cannot be ruled out. However, he said that action would not be “premature” and that the government would follow due process and “examine all matters very carefully and with due diligence”. [EWN]
R870 million down the drain: The City of Johannesburg council has voted to write off R868 million in irregular, wasteful and fruitless spending, on the basis that the amount is unrecoverable. Council members applauded as they shirked accountability for the ‘lost’ funds. Over R350 million in irregular spending was written off from public safety and group risk and assurance services. A further R514 million in unauthorised spending was written off in public safety due to overspending. Wasteful spending was written off in development planning and, again, in public safety. Joburg is led by a coalition of the ANC, EFF, PA and smaller parties. [News24]
Explosive allegations about Uber: A South African Uber driver alleges that certain staff at vehicle testing centres are soliciting bribes to falsify car inspection reports supplied to the e-hailing platform, including the model years of vehicles. The driver, who has been operating on Uber’s ride-hailing service for nearly two years, said Uber puts heavy pressure on operators to buy better vehicles, but income keeps declining, forcing them to find ways to save money—like neglecting maintenance. The driver alleged that some vehicle inspectors are accepting bribes of R2,000 to produce false reports that cover up technical issues. [MyBroadband]
Publishing matric results: The Department of Basic Education has decided to publish the 2025 matric results despite the Information Regulator of South Africa launching an appeal against a court ruling that gave the department the all-clear. The regulator issued an enforcement notice to the department in 2024 regarding the publication of results using exam numbers, which it stated was in violation of the country’s privacy laws. The DBE successfully had the notice overturned in court, with the ruling allowing the results to be published. The regulator has appealed the ruling, which it said stays the outcome. However, the DBE will proceed. [TimesLive]
Driving licence tender: The appointment of French-owned IDEMIA as the preferred bidder for South Africa’s driving licence card machines tender has been declared irregular, invalid, unlawful, and unenforceable. The North Gauteng High Court has set aside IDEMIA’s appointment as the preferred bidder, effective 6 January. The Department of Transport (DoT) welcomed the ruling. The DoT will now have to re-advertise the tender within 30 days of the court order. While the tender process begins again, the DoT, in the interim, announced the approval of the prototype driving licence card designed by the Department of Home Affairs’ Government Printing Works. [Newsday]
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