5 important things happening in South Africa today
·23 Aug 2018
Here’s what is happening in and affecting South Africa today:
- President Cyril Ramaphosa says he is looking for a win-win outcome to land reform in South Africa, stating that his bid to give land to the poor will strengthen property rights. He said that the plan is to first release publicly-owned (state) land – rejecting the suggestion that all land will be nationalised. [Bloomberg]
- US President Donald Trump says he has asked his secretary of state, Mike Pompeo, to study the seizure and expropriation of land in South Africa, along with the killing of farmers. The announcement follows a warning being issued by a US think tank on the possible consequences of SA’s land reform moves. [BusinessTech]
- Reviewing the fuel levy downwards to help alleviate the burden on South African motorists and households has not been ruled out, Parliament has heard. With fuel prices hitting over R16 a litre in the past month, consumers have come under strain – with the department of energy at a loss for what to do about it. [Business Day]
- Mineral resources minister Gwede Mantashe has declared that the government will withdraw the controversial Mineral and Petroleum Resources Development Act, bringing some relief to one of South Africa’s biggest industries. Mining groups have been hard hit by policy uncertainty, with production dropping to new lows. [IOL]
- South Africa’s rand firmed on Wednesday driven higher by a weakening dollar, while stocks firmed across the board tracking the stronger currency and other emerging markets. On Thursday, the rand was trading at R14.34 to the dollar, R18.46 to the pound and R16.57 to the euro.
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