Business

5 things you need to know in South Africa today

Staff Writer

 ·14 Dec 2016

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

• Over R46 billlion has been lost to irregular and fruitless expenditure in the last year alone, reveals the Standing Committee on Public Accounts. The committee said it plans to work with various security agencies to stop this waste in 2017. They include the Hawks, SARS, Treasury and the Commercial Crimes Unit, who will all “aim to protect the public purse at all costs.”

• Eskom will remain the main procurement agency for the country’s nuclear program going forward. This follows a failed application in the Western Cape High Court Environmental groups Southern African Faith Communities’ Environment Institute (SAFCEI) and Earthlife Africa legally challenging the power utility’s nuclear plans. SAFCEI’s Kumi Naidoo says there are “elements” pushing for this nuclear deal to go ahead. “This delay we’ve seen in court is a pattern of evasion not willing to account for the nonsensical nature of this decision to proceed with this nuclear procurement.”

• Global and domestic factors, including perceptions of weakening governance and rising uncertainty regarding policy direction are likely to weigh on South Africa’s economic growth next year, the International Monetary Fund said on Tuesday. However, in a statement after a visit from members of its staff, the IMF said that improved electricity supply would help the economy and noted that wage agreements had been reached with limited strike action.

• Corruption Watch has officially laid criminal charges against the South African Revenue Services (SARS) commissioner, Tom Moyane. “Arguably the impunity enjoyed by politically well-connected people is the most serious impediment to effectively tackling corruption,” said David Lewis, executive director of Corruption Watch. “We are determined that these charges, on the face of it clear violations of our anti-corruption statutes, be investigated and prosecuted. If the Hawks and the National Prosecuting Authority fail in the performance of their duties, we will do in all our power to prosecute these ourselves.”

• South Africa’s rand was mostly flat on Tuesday as cautious investors awaited the outcome of this week’s U.S. Federal Reserve’s policy meeting. On Wednesday, the rand was trading at R13.60  to the dollar, R17.21  to the pound and R14.46 to the euro.