5 important things happening in South Africa today

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

  • Unemployment stats: Stats SA says that its official and expanded unemployment rate definitions are in line with international standards, and are not being used to try and understate or cover up the levels of unemployment in South Africa. The credibility of the Quarterly Labour Force Survey has come into question in recent months, with analysts and experts doubting that the stated unemployment rate – 34.5% – is accurate. The survey has been receiving low response rates, especially in South Africa’s economic hubs. [EWN]

  • Slow to move: A new research report says that South Africa has been slow to capitalise on the opportunities the cannabis industry – and the medical cannabis industry in particular – presents. The research found that the European cannabis market is projected to be worth €2.7 billion in 2024. South Africa, however, has not been able to reap the rewards of increasing demand as regulatory and policy uncertainty, slow licensing and a lack of information stall the development of South Africa as a global cannabis player. [Daily Maverick]

  • Public transport criticism: The Gautrain Management Agency says that public transport systems in South Africa must be a viable option for all – not just for those who have no other choice but to use them. It was responding to criticism from the AA, which said that expanding the Gautrain system would only cater to a minority and called for the plans to be scrapped. The GMA said that reliance on private vehicle ownership was not sustainable, and the Gautrain expansion would address concerns over access. [Moneyweb]

  • Reserve Bank sidestep: The Reserve Bank has sidestepped queries about whether President Cyril Ramaphosa may have contravened foreign exchange regulations, amid allegations that he concealed approximately $4 million in furniture at his Limpopo farm. The money was allegedly stolen in a robbery on the farm in 2020. While charges have been laid to this effect, the investigation is ongoing. Ramaphosa has denied any wrongdoing.[BusinessLive]

  • Markets: The dollar and crude oil firmed on Monday as investors positioned themselves for more direction on interest rates and the economy from a string of central bank meetings. The chief markets analyst at CMC Markets said that there is still doubt whether or not inflation has peaked. Oil prices firmed after Saudi Arabia prices sharply for its crude sales in July. The rand is currently trading at R15.42/$, R16.57/€ and R19.37/£. [Nasdaq]

Must Read

Partner Content

Show comments

Trending Now

Follow Us

5 important things happening in South Africa today