5 important things happening in South Africa today
·1 Oct 2018
Here’s what is happening in and affecting South Africa today:
- Finance minister Nhlanhla Nene is expected to reveal all the facts around the time he was infamously fired by former president Jacob Zuma in December 2015, which sent the South African markets crashing, and effectively put Zuma and state capture in the spotlight. Nene will testify at the Zondo commission. [TimesLive]
- Suspended SARS head Tom Moyane is taking president Cyril Ramaphosa, public enterprises minister Pravin Gordhan, and head of the commission investigating him, Judge Nugent, to the Constitutional Court. This is the next attempt by Moyane to halt disciplinary proceedings against him, after other attempts have failed. [Mail & Guardian]
- Eleven government departments, including SAA and Denel, have failed to submit their financial reports for the year in time, as is required by the Public Finance Management Act (PFMA). Failure to submit in time is often an indicator of trouble. [Daily Maverick]
- South Africa is at risk of being led astray by populist rhetoric, according to former deputy finance minister Mcebisi Jonas, who said that it has led to unrealistic expectations of a ‘quick fix’ for all the country’s social ills. He said the lack of new ideas from the ANC has led to short-term ‘wins’ through populist policies. [Bloomberg]
- South Africa’s rand was slightly stronger early on Friday, in line with other emerging-market currencies, which have slowly restored gains after recent sharp losses. On Monday the rand was at R14.16 to the dollar, R18.45 to the pound and R16.42 to the euro.
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