5 important things happening in South Africa today

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

• Ramaphosa consulting: Ramaphosa was allegedly going to announce that he was stepping down via a televised address following the release of the damning section 89 panel report. However, his allies convinced him not to make a hasty decision. Presidency spokesperson Vincent Magwenya said that the president was consulting widely with various stakeholders on the matter and that all options were on the table. [Mail and Guardian]

•  Stability concerns:  With South Africa on a knife edge as the ANC leadership deliberates on President Cyril Ramaphosa’s future, organised business is concerned that the crisis may lead to instability in the governing party, as well as the broader implications for confidence in the economy and country. Business Unity South Africa (BUSA) has called for Parliament to act decisively to process the report and reassure the public, businesses, and investors that South Africa is dealing with the issue with the economy in mind. [News24]

• Durban beaches open: The city of eThekwini says its beaches are open, despite several conflicting E-coli readings in the past few weeks. The beaches opened on 1 December. To prove the safety of the waters for holidaymakers, deputy city manager Dr Musa Gumede took a dip at Durban’s North Beach. Gumede said that the beaches are safe, the water is fine, and there will be no problems arising. [TimesLive]

• SABC rewards programme: The SABC recently closed bids for potential service providers to build and manage a TV Licence rewards programme. The public broadcaster’s website explained that the programme would encourage client loyalty and compliance with TV License legislation and increase collected licence fees to ensure the financial sustainability of the public broadcaster. [MyBroadband]

• Markets: The South African rand weakened in Thursday afternoon trade as market analysts digested the news that President Cyril Ramaphosa may be impeached following a panel of experts’ findings against him. The rand fell 3.16%, its worst day since early May 2022. The uncertainty around Ramaphosa’s presidency has caused a selloff of the local currency as investors now wait for clarity on the ramifications of the report, said Bianca Botes, director at Citadel Global. On Friday (2 December), the rand was trading at R17.56/$, R18.48/€ and R21.49/£. Brent crude is trading at $87 a barrel. [Nasdaq]