5 important things happening in South Africa today

·24 Feb 2023

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

Eskom shock: African Transformation Movement (ATM) wants lawmakers to urgently summon Andre de Ruyter to Parliament to speak further on the alleged looting of billions from Eskom by top ANC officials. The ATM said that it wants Dr Ruyter to unpack the roughly R1 billion stolen from Eskom each month, the cartels trying to sabotage Eskom, the complicity of politicians in misappropriating the $8.5 billion fund received from COP26, and the changing of design specifics at Kusile to favour Hitachi Power [City Press]

Discover a solution: Discovery CEO Adrian Gore says load shedding being endured by South Africans is unacceptable but believes the government and private sector can still find solutions. Gore said that the private sector is playing its part by investing in renewable energy and that the government must roll out the energy crisis plan that President Cyril Ramaphosa unveiled last year. Gore added that red tape needs to be cut to allow for renewable energy developments to be done quickly. [News24]

Measles outbreak: The City of Cape Town has declared a measles outbreak. Outbreaks are declared after three or more people are tested positive for a disease in an specified area. Five other provinces have declared measles outbreaks, with the NICD reporting that 586 cases have been reported in outbreak-affected provinces. MMC for health Patricia van der Ross said that parents should ensure that their children are vaccinated [EWN, NICD]

Gauteng coalition chaos: The DA’s Raymond Dhlamini is no longer the Ekurhuleni council speaker after a vote of no confidence – losing the vote 139 to 70. The EFF’s Nthabiseng Tshivenga is the acting speaker until a permanent speaker is elected next Tuesday. Gauteng has recently seen increased political instability due to motions of no confidence. Former Johannesburg Mayor Mpho Phalatse was voted out in a motion on no-confidence last month, and former Tshwane Mayor Randall Willaism resigned ahead of a no-confidence vote. [702]

Markets: Investors welcomed plans by South Africa’s government to take on some 60% of Eskom’s debt over the next three years, saying it could pave the way to a sustainable future for the troubled state utility. The government, which has struggled for years to overhaul the power firm, plans to take on R254 billion of Eskom’s R423 billion debt, which the National Treasury said was at risk of default. On Friday (24 February), the rand was trading at R18.22/$, R19.31/€, and R21.90/£. Brent crude is trading at $82.89 a barrel. [Nasdaq]

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