Here’s what is happening in and affecting South Africa today:
- Despite worse than expected GDP growth figures for the first quarter of 2018, economists remain fairly upbeat about South Africa’s economy, saying that it will grow from here. Stats SA reported a decline in GDP of 2.2%, quarter on quarter. Some economists say this figure may be revised in later reports to reflect seasonal adjustments. [EWN]
- South Africans expecting swift justice being served to those implicated in state capture may have to wait years for any real traction to the process – and there are no guarantees that they will be successfully prosecuted, or that about R100 billion in pilfered state funds can be recovered. [Bloomberg]
- The asset forfeiture unit pulled out of a settlement agreement with consultancy McKinsey where the latter would pay back R1 billion it got through dodgy contracts with Eskom and Transnet. The AFU pulled out due to a clause in the agreement that could have absolved the Gupta-linked Trillian of paying its dues in the mess. [Scorpio]
- There are a growing number of parliamentarians who are failing to disclose their interests, according to the ethics committee. In 2016, 17 MPs submitted information late, and in 2017 this jumped to 42. The committee said MPs who fail to submit on time will be ‘named and shamed’, but only through the set process, where they first have a chance to explain why they were late. [eNCA]
- South Africa’s rand fell to a two-week low against the dollar on Tuesday and government bonds weakened after data showed the economy suffered its worst quarterly contraction in nine years in the first quarter. On Wednesday the rand was trading at R12.72 to the dollar, R17.07 to the pound and R14.92 to the euro.