5 important things happening in South Africa today

 ·26 Apr 2024

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

  • Renewables boom reviving investor interest: In 2023, South Africa’s renewable energy sector saw significant growth, with a surge in both household and business solar panel installations and the registration of large-scale generation projects. This increase, fueled by the energy crisis and government efforts to open up South Africa’s electricity market, has positively impacted private investor confidence sectors. [Business Day]

  • Climate change bill takes next big step: The National Council of Provinces (NCOP) unanimously adopted the Climate Change Bill on 25 April 2024. The bill, which looks to ensure that the country’s response to the climate crisis is guided by law, now moves to President Cyril Ramaphosa’s desk for ascent. [News24]

  • R33 million vandalism bill: MTN South Africa spent R33 million towards fixing its infrastructure that suffered vandalism or theft in 2023, according to recent feedback provided to MyBroadband. Over the past few years, South Africa’s mobile networks have suffered significant financial and reputational damage due to criminals stealing and damaging their network equipment and backup batteries, primarily at cellular towers that can suffer downtime due to these actions. [MyBraodband]

  • Mantashe not a fan of Anglo takeover: Minister of Mineral Resources and Energy Gwede Mantashe has expressed his hostility to BHP’s proposed $42.6 billion takeover of Anglo American based on his past personal experiences with BHP Billiton. Mantashe said that South Africa’s experience with BHP was “not positive,” although he added that he is not expressing an official government position on the matter but rather his own. [BusinessTech]

  • Markets:  The rand rose on Thursday after monthly domestic producer inflation came in as expected. On Friday (26 April), the rand was trading at R19.04 to the dollar, R23.81 to the pound, and R20.44 to the euro. Oil is trading at $89.34 a barrel. [Reuters]

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