Business

5 important things happening in South Africa today

Staff Writer

 ·28 Aug 2019

Here’s what is happening in and affecting South Africa today:

• Finance minister Tito Mboweni dropped a surprise economic plan, filled with proposals to boost economic growth and create 1 million jobs. It includes short-term policies like boosting tourism through revised visa systems and telecoms reforms by releasing spectrum. Medium-term policies include improving public transport and upskilling workers – while long-term policies focus on agriculture and financing farmers. [Daily Maverick]

• More talk of tax revolts in South Africa, this time from road users who are likely to reject any attempts by government to use the new Aarto Act to suspend licences or potentially enforce e-toll payments. Justice Project South Africa argues that motorists will refuse to pay, and the laws themselves will face constitutional hurdles. SARS chief Edward Kieswetter warned this week that further breakdown of trust between government and taxpayers could result in a tax revolt. [ENCA]

• As government tries to convince the nation that its National Health Insurance scheme is the best path forward for healthcare in the country, some analysts are being frank about it – saying that it is in no way feasible, and is 100% guaranteed to fail. In an epic rant about the doom of the NHI, Vestact MD Paul Theron says the scheme is an unworkable mess, that is a blatant attack on personal freedom, with no way for the broke SA government to fund it. [702]

• Peter Moyo has filed court papers in response to Old Mutual’s latest move to again serve him with a termination notice – likely delaying the outcome of the previous round of the court battle that would have determined whether the company would be forced to let the CEO return to work. Moyo is now accusing Old Mutual of being in contempt of court, and wants the court to rule that the company’s board are delinquent directors. [CNBC Africa]

• South Africa’s rand weakened on Tuesday, with traders sceptical about comments by President Donald Trump expressing hope for a possible US-Chinese trade deal just days after the two countries raised tariffs against each other. South African stocks ended slightly higher. On Wednesday the rand was at R15.33 to the dollar, R18.82 to the pound and R16.99 to the euro.