5 important things happening in South Africa today

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

  • No more masks: Health minister Joe Phaahla has dropped the requirement for wearing masks in South Africa alongside other Covid restrictions. The change was made in a government gazette published on Wednesday evening. Phaahla and other ministers are set to address the nation on the changes later today. [BusinessTech]

  • Zondo report: South Africa’s final Zondo report shows former president Jacob Zuma was guilty of acts of corruption and state capture during his tenure, which the ruling ANC largely permitted. Current president Cyril Ramaphosa was also implicated in the report for his failure to address issues of corruption with urgency. [News24]

  • Big election change: The latest Zondo report has also recommended amending South Africa’s Consitution to allow for the direct election of a president over the current party system. Zondo found the current electoral system to be flawed, noting that in previous elections, many respondents wished to vote for the ruling ANC but did not want Jacob Zuma as president. [EWN]

  • Capitec fined: The Supreme Court of Appeal (SCA) has ordered Capitec to pay a R71.5 million tax fine over a disputed VAT claim. The claim relates to loan insurance payments the bank received to protect it against default by dead or retrenched clients and how those payments influenced its VAT returns. [BusinessDay]

  • Markets: Local stocks fell on Wednesday after a bigger-than-expected inflation spike in May raised concerns the South African Reserve Bank could continue with rate hikes. May’s reading breached the South African Reserve Bank’s (SARB) target range of between 3 and 6% for the first time in over five years, with analysts forecasting a hike of between 50bps – 75bps. The rand is currently trading at R15.97/$, R16.85/€ awnd R19.57/£. [Nasdaq]

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5 important things happening in South Africa today