Business

5 important things happening in South Africa today

Staff Writer

 ·16 Nov 2022

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

• Generation head quits: The acting group executive for generation at Eskom, Rhulani Mathebula, is leaving the utility with immediate effect. This is the second change to the position in almost six months. Making the announcement on Tuesday (15 November), Eskom chief operating officer Jan Oberholzer said: “When [Mathebula] tabled his resignation, he said the demand of the job was untenable, and it impacted his health and family time.” [News24]

• Privatise Transnet: African Rail Industry Association (Aria) CEO, Mesela Nhlapo, said that Transnet must consider concessioning the core network to the private sector. She added that there would be no private sector investment in either rail or the upstream economy going forward if there is no third-party access to the network, given the state-owned freight rail company’s failures and poor management. Nhlapo added that private sector access would stem Transnet losses and inlock billions of rands in investment into critical maintenance. [Mail and Gaurdian]

• SAA deal: The Standing Committee on Public Accounts (Scopa) wants an update on the SAA deal after Gidon Novick resigned as the CEO and board member of Takatso Consortium, which plans on buying the airline. However, The Public Enterprises Department says it can’t divulge details or an update on its deal with the consortium. It says this is due to the commercially sensitive nature of the deal that is still in progress, but Scopa is not letting that explanation fly as SAA remains a state-owned entity. [eNCA]

• Cannabis confusion: According to the founder of Fields of Green for All, Myrtle Clarke, personal use and cultivation of cannabis within private spaces are permitted. However, the term private space remains vague. Clarke says the law was not properly defined because the use and consumption of cannabis per individual or household varies. She notes that there have been incidents where police come to people’s houses claiming that they have too many cannabis plants, creating legal issues for cannabis enthusiasts that need to be clarified. [702]

• Markets: The South African rand strengthened on Tuesday (15 November) as the dollar deepened losses after a smaller-than-expected rise in US producer prices, which increased by only 8% while economists expected an increase greater than 8.3%. On Wednesday (16 November), the rand was trading at R17.29/$, R17.98/€ and R20.57/£. Brent crude is trading at $93.50 a barrel. [Nasdaq]