Business

5 important things happening in South Africa today

Staff Writer

 ·30 Jan 2023

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

• South Africa lacks resources: President Cyril Ramaphosa is concerned about the lack of government resources to fix the country’s various socio-economic issues. Ramaphosa said that the ANC remains committed to fixing the nation’s problems but admitted that it would take time and require the government to focus on specific issues with greater urgency. The President also said that ending load shedding remains a top priority for the ANC while continuing to stress the government’s commitment to coal. [EWN]

• Makro has stock: Makro has denied a weekend report claiming that certain stores are running low on essential items due to an issue surrounding Massmart transferring “merchandiser accounts” to Walmart.  Massmart said that there would be no logistical reason to transfer accounts to Walmart as 97% of the SA food supply is locally supplied. Despite the report alleging that staff and customers were frustrated by a lack of stock, a spokesperson said that stock levels were at 92%. [MyBroadband, City Press]

• Water crisis in Joburg: Johannesburg water urges residents to use water sparingly despite high temperatures. The water utility said that increased consumption due to a heatwave and increased load shedding have severely strained the city’s infrastructure and reserves. Power cuts result in reservoirs not filling up sufficiently, which influences the pressure in the water pipe network – higher-lying areas can experience no water at all due to low pressure. [Daily Maverick]

• National shutdown: The EFF says it will hold a “national shutdown” on 20 March to demand an end to the energy crisis and for Cyril Ramaphosa to resign as President. Julius Malema said that the rising cost of living, increasing levels of poverty and unemployment, growing crime levels, poor service delivery, and collapsing infrastructure were also reasons for the national shutdown. Malema said that the strike would affect schools, businesses and factories. [TimesLive]

• Markets: The South African rand stabilised on Friday after losses a day earlier when the central bank raised interest rates less than expected. Thursday’s decision suggests South Africa has reached the interest rate peak or that, at most, there might be another 25-bp increase left in a hiking cycle that started in November 2021, ETM Analytics said. On Monday (30 January), the rand was trading at R17.28/$, R18.69/€, and R21.31/£. Brent crude is trading at $86.37 a barrel. [Reuters]