Business

5 things you need to know in South Africa today

Staff Writer

 ·20 Oct 2016

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

• Finance minister Pravin Gordhan says that South Africa has tough choices to make, as low growth, high unemployment and pessimism from investors persists. Speaking ahead of his “mini budget” – to be tabled next week – Gordhan said that there is no easy way out of the situation, and that every labourer and employer needs to show investors that things can turn around.

• New Public Protector Busisiwe Mkhwebane has delivered her first address in Parliament, promising that the office of the PP will be run differently under her. Specifically, Mkhwebane says that she will engage will all sectors through negotiation, and that she will make the office of the PP more accessible to ‘grass-roots’ citizens. She said that high profile cases will still get attention.

• The department of education has decided to abandon the latest examination standard – the Annual National Assessment (ANAs) – which has been in place since 2011. This comes after pressure from teachers unions, saying the tests were not beneficial to students. The ANAs are standardised maths and reading tests given to pupils up to grade 6.

• In a repeat of 2015, the Fees Must Fall movement will today march on the Union Buildings in Pretoria. 3,000 students are expected to be at the protest, which will affect traffic and businesses around the CBD. In 2015, students demanded to see the president over the fees issue, before the SAPS got involved and dispersed the crowds. The 2016 protests have been notably more aggressive on both sides.

• South Africa’s rand held on to gains against the dollar on Wednesday as data showed headline consumer inflation rose while retail sales growth slumped, bolstering expectations that an interest rate cut was unlikely this year. Stocks ended higher. On Thusday the rand was trading at R13.90 to the dollar, R17.06 to the pound and R15.24 to the euro.

In other news: Despite claiming they were “delighted” with Gordhan’s court application giving them the opportunity to clear their name, the Gupta family reportedly asked the finance minister to drop the case and pay costs. Gordhan rejected the offer, however. The Guptas called the court bid “uncalled for, malicious and nothing but vexatious”.