5 important things happening in South Africa today

 ·28 Mar 2022

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


Coronavirus: In South Africa, one new Covid-19 death has been reported, totalling 99,966. The country has 13,723 active cases and a recovery rate of 96.9%.


  • Russia gas deal: State-owned Russian gas supplier, Gazprombank, has confirmed that it is considering a bid for what may be a multibillion-rand contract for South Africa to secure natural gas. If awarded, the contract would raise questions on whether the need for gas is influencing South Africa’s stance on Russia’s war and invasion of Ukraine. The CEF released a tender In February, looking for a gas aggregator for various gas-to-power projects planned for the Coega special economic zone in the Eastern Cape. [Daily Maverick]

  • Cost increase: South Africans are spending more on transport, food and electricity while borrowing more money as food and oil prices increase steadily. According to Transaction Capital, which finances minibus taxi fleets around the country, taxi fares have increased by more than 9% per year since 2013. The South African government is yet to announce measures to help consumers cope with spiralling fuel costs. Other BRIC countries like Brazil and India have announced domestic fuel tax cuts and subsidy increases to maintain reasonable prices. In recent weeks, the wage access platform Level Finance has noted that borrowings have increased for people to cover transport and food costs. [Moneyweb]

  • TV migration: The SABC says that it needs more time to migrate from analogue to digital TV, with a large portion of the population still using the older analogue technology. The long-delayed move to digital is scheduled to be implemented on Thursday, but numerous broadcasters want an extension. Older analogue TVs will require set-top-boxes to view digital free-to-air content. However, only 165,000 of the 2.9 million boxes have been installed so far. [EWN]

  • Ukraine cold-shoulder: President Cyril Ramaphosa is still awaiting an official phone call from Ukrainian president Volodymyr Zelensky, more than ten days after sending a request to the war-torn country to speak about South Africa’s possible mediation efforts. Diplomatic sources have said that Zelensky is unhappy with South Africa’s stance at the UN General Assembly, where the government has twice now refused to support resolutions condemning Russia. [BusinessLive]

  • Markets: South Africa’s rand held a five-month high against the dollar on Friday after the U.S. central bank raised the repo rate, citing inflation risks linked to the Ukraine crisis. An increase in restrictions in China, the world’s biggest oil importer, saw Brent crude price slide to $116,97, while U.S. crude fell to $110,60. The rand is currently trading at R14.58/$, R15.97/€ and R19.17£. [Nasdaq]
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