5 important things happening in South Africa today
·10 Oct 2018
Here’s what is happening in and affecting South Africa today:
- Markets have given South Africa’s new finance minister Tito Mboweni a warm welcome, but the finmin still has many challenges lying ahead of him, and very little room to manoeuvre. Analysts have said he will have little choice but to follow the plan already set out by his predecessors, meaning there likely won’t be any major policy changes. [Bloomberg]
- Home affairs minister Malusi Gigaba remains defensive in the Gupta naturalisation investigation, saying that he in no way helped the family with their naturalisation. He noted that all the members of the family currently under scrutiny were naturalised before his tenure. [TimesLive]
- The EFF has scored a victory over the ANC with the stepping down of Nhlanhla Nene, analysts say, with it looking like the ruling party acceded to the red berets’ calls to have him removed. The party now has other ministers set in its sights, including Bathabile Dlamini, Malusi Gigaba. [Mail & Guardian, 702]
- MTN has reportedly met with Nigerian authorities and the central bank to address the $8.1 billion the country says MTN owes it. While MTN has declined to comment at this stage, analysts say that it’s indicative of pressure from investors both inside Nigeria and internationally. [IOL]
- South Africa’s rand climbed to a session best on Tuesday after President Cyril Ramaphosa appointed former central bank governor Tito Mboweni as finance minister, a move that soothed markets after days of uncertainty. On Wednesday the rand was trading at R14.53 to the dollar, R19.14 to the pound and R16.73 to the euro.
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