Business

5 important things happening in South Africa today

Staff Writer

 ·9 Mar 2017

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

• South African banks are trying to play into the government’s ideals with a more black-owned economy, and have suggested setting up a Black Business Fund worth R100 billion, which they hope will help fund black investors in the country. The fund, which will be backed by South Africa’s biggest banks and financial services institutions, including Standard Bank and Absa, has also been given the thumbs up by the ANC.

• President Jacob Zuma has again dodged questions about an expected cabinet reshuffle, saying only that “certain conditions need to be in place” for him to initiate the widely anticipated move. Zuma told journalists that a reshuffle wasn’t like ‘building a road’ where he could simply lay out the plans. Aside from the expected placement of Nkosazana Dlamini-Zuma, analysts are also hoping Zuma will remove disgraced ministers such as social development minister Bathabile Dlamini.

• Transport minister Dipuo Peters’ decision to fire the entire Prasa board was a big mistake, according to its now former chairman, Popo Molefe. Peters said he decision was based on the problems between directors and former acting CEO Collins Letsoalo – however, Molefe said it was a reckless and irrational move that will put various ongoing investigations into corruption at risk.

• ANC Youth League president Collen Maine is in hot water for calling finance minister Pravin Gordhan an ‘impimpi’ – a spy/traitor – and saying “something must be done” to him. Two civil rights organisations have lodged a complaint with the SA Human Rights Commission (SAHRC), saying that the claim was life-threatening, as Maine made reference to how traitors were treated in the past – they were necklaced in the streets.

• South Africa’s rand weakened on Wednesday as the dollar was boosted by bumper U.S. private-sector jobs numbers that raised already high expectations of a U.S. interest rate hike next week. On Thursday, the rand was trading at R13.16 to the dollar, R15.99 to the pound and R13.85 to the euro.