Here’s what is happening in and affecting South Africa today:
- Reaction to Moody’s decision to postpone South Africa’s rating review has been mixed. While opposition parties like the DA say the decision will breed more uncertainty, groups like Business Unity South Africa say it will give the country more time to focus on politics and reforms. [EWN]
- In what many wish was an April Fools joke, South African petrol prices will jump by a massive 9% this week. The price of petrol will rise by 131 cents to R16.13 rand per litre, while diesel will also go up by 81 cents to R14.87 per litre. [Reuters]
- The discovery of gas and oil off South Africa’s coast could provide a much-needed economic boost, analysts say, but it needs to be tackled with a single focus from government – something which may be a tough ask from a country with strict labour laws and a problem with corruption. [Moneyweb]
- The ANC has rushed to the defence of secretary general Ace Magashule, who has been accused of being closely involved with state capture and the Gupta family. The ANC has characterised the media as creating a false narrative around ‘certain leaders’, calling it fake news. [ENCA]
- South Africa’s rand edged firmer early on Friday, but remained poised for a drop on expectations that Moody’s would cut the country’s ratings outlook to negative. It remained unchanged after no Moody’s announcement came. On Monday the rand was at R14.38 to the dollar, R18.74 to the pound and R16.15 to the euro.