5 things you need to know in South Africa today
·4 Nov 2016
Here’s what is happening in and affecting South Africa today:
- Former Public Protector Thuli Madonsela says that Eskom boss Brian Molefe’s dramatic performance – where he was apparently reduced to tears while being questioned about his Gupta ties – was a “good show”. Madonsela said that Molefe was given ample time to answer her questions related to his visits and calls to the Gupta family, but the CEO chose to rather talk about bars.
- Mineral resources minister Mosebezi Zwane is facing another Gupta-linked scandal, as investigative publication amaBhungane reports that the minister appointed a senior Free State official – who facilitated the payment of tens of millions of rands to a controversial Gupta dairy project – to his department.
- Economists were quizzed on the question all South Africans want answered: How much will the rand improve if president Jacob Zuma gets removed from office – and the general consensus is between 10% and 15%, translating to an approximate R670 billion improvement (as a % of GDP).
- The ANC is heading toward a confrontation with its biggest ally, Cosatu, if it does not change its ways and start working for workers, the union has said. The trade union says that it has become increasingly difficult for it to raise concerns with the party, and many of its members get sidelined. Earlier this week, one of the biggest affiliate unions of Cosatu, Nehawu, called for president Jacob Zuma to step down.
- South Africa’s rand held firm against the dollar on Thursday, buoyed by a court ruling that reaffirmed the judiciary’s independence and eased investors’ worries about political interference in running state institutions. Stocks were slightly lower, led by gold shares. On Friday the rand was trading at R13.47 to the dollar, R16.79 to the pound and R14.94 to the euro.
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