5 important things happening in South Africa today

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

  • Eskom vs municipalities: Eskom has approached the Constitutional Court to argue that it should not be compelled to provide two of South Africa’s most indebted municipalities with more electricity than previously agreed upon. The struggling municipalities of Ngwathe in the Free State and Lekwa in Mpumalanga owe Eskom a total of R2.8 billion. [News24]

  • Ending Joburg’s energy: The City of Joburg’s mayor Mpho Phalatse said that the City has to acquire 500MW of additional electricity to save it from load-shedding as it plans to cut loose from its reliance on Eskom. The mayor added at an energy indaba yesterday that it will not happen overnight and it will cost R26 billion to recapitalise City Power. The mayor notes that Eskom is in a ‘death spiral’. [BusinessLive] [Daily Maverick]

  • Ramaphosa and Germany: President Cyril Ramaphosa is expected to host his German counterpart Chancellor Olaf Scholz today. The spokesperson for Ramaphosa said that the president and Scholz would exchange views on several issues of bilateral and international concern. Issues will include Ramaphosa’s ‘non-aligned’ position on Russia’s invasion of Ukraine. Germany is South Africa’s second-largest trading partner and the third-largest source of overseas tourists. [TimesLive]

  • Monkeypox worry: Global health officials and the World Health Organisation (WHO) have raised concerns around the monkeypox virus, with 90 confirmed cases worldwide. However, Professor Shabir Madhi, a professor of vaccinology at the University of the Witswatersrand, says that there is a very low likelihood of someone having a fatal illness. Madhi added that there is no need for South Africans to panic, and it is unlikely to be as virulent as Covid-19. [EWN]

  • Markets: The South African rand was slightly stronger early on Monday, supported by rating agency S&P upgrading the country’s sovereign outlook to “positive”. This follows the country’s central bank increasing its primary lending rate to its highest margin late last week to combat inflation. The rand is currently trading at R15.82/$, R16.88/€ and R19.87/£. [Nasdaq]

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5 important things happening in South Africa today