Business

5 important things happening in South Africa today

Staff Writer

 ·13 Oct 2022

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

• SAPS failures: An annual police report presented to parliament on Wednesday (12 October) highlighted several alarming shortfalls of the South African Police Service. Among the shortfalls, the report outlined that irregular expenditure in the SAPS has increased by 352% since 2021, the Detective Service Programme had an achievement rate of only 51.7%, and out of the 253,428 entries of DNA evidence, only 8.7% have been processed over the 2021/2022 financial year ending in March 2022. [Daily Maverick]

• Coal exports missed opportunity: The price of importing coal to Europe’s largest ports has risen the most since May, but the ongoing Transnet strike has meant that coal flows out of South Africa last week were only 600,000 tons – the lowest in more than a year. This represents a massive missed opportunity for South Africa’s economy, as Europe’s demand for coal increased to 4.1 million tons in the first half of 2022 compared to 500,000 tons a year earlier. The Transnet strike is estimated to cost SA’s economy R6 billion daily. [News24]

• The private sector must run key infrastructure: Consumer Goods Council of South Africa (CGCSA) co-chairperson Gareth Ackerman has urged the government to allow the private sector to run critical infrastructure such as roads, rail and ports to secure the country’s supply chains. The proposal included the removal of the Mooi River Toll Plaza because whenever there is any form of civil unrest or protest, the N3 is shut down, and goods cannot pass through. [News24]

• Tourists to get safety video: The tourism department briefed parliament on measures to ensure the safety of holidaymakers on Tuesday (11 October), which included airing a “recorded message on safety for the festive season” at airports across the country, among others. The safety of tourists arriving for the festive season came into sharp focus after a German tourist was killed while travelling to the Kruger National Park last week. [Business Insider]

• Markets: South Africa’s rand strengthened against a weaker dollar on Wednesday (12 October) but remains vulnerable over the near term. The rand is currently trading at R18.33/$, R17.78/€ and R20.32/£. Brent crude is trading at $92.61 a barrel. [Nasdaq]