5 important things happening in South Africa today

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

  • Interest rates: Economists anticipate another 1.5% in interest rate hikes in the near future – but there is light at the end of the tunnel. Old Mutual chief economist Johann Els says that the Reserve Bank’s hiking cycle is likely close to an end, with interest rates returning to pre-pandemic levels. He does not expect the bank to go much higher than that. Economists have predicted another 1% to 2% in rate hikes before the end of the year, with just two more MPC meetings left in September and November. [News24]

  • Unrest fears: Protests in Tembisa this week and growing anger in communities from the events that took place in Krugersdorp last week have spooked analysts as experts raise red flags about the high risk of civil unrest in the country. Economists at Absa, and now experts in the health sector, have identified unrest as the biggest risk to South Africa right now, as the spectre of the 2021 July riots looms over simmering tensions in communities across the country. [Mail & Guardian, TimesLive]

  • Nurse shortage: The South African Nursing Council is reportedly blocking private hospitals from training more nurses – as the country continues to face a skills shortage in that sector. The Hospital Association of South Africa has previously highlighted the urgent need for new nurses as many currently working are reaching retirement aid. It says the private sector has the skills and capacity to train thousands each year but needs the government of official bodies to work with it. [BusinessLive]

  • Under siege: Online retailer Takealot is under siege in South Africa, with increased competition from large bricks-and-mortar retailers, US retail giant Amazon.com knocking on the door with plans to launch local operations, an exodus of many top executives, and the Competition Commission is on its back. An in-depth analysis of the company shows that while its trading losses have narrowed and are near break-even, with the odds stacked against it, its future profitability is in question. [Daily Investor]

  • Markets: A recovery in the South African rand fizzled out on Tuesday as the global market mood deteriorated over US House of Representatives Speaker Nancy Pelosi’s visit to Taiwan. Pelosi arrived on the island late on Tuesday, drawing an immediate backlash from China, which claims self-ruled Taiwan as its own. On Wednesday, the rand was trading at R16.72/$, R17.02/€ and R20.35/£. Brent crude is trading at $100 a barrel. [Reuters]

Must Read

Partner Content

Show comments

Trending Now

Follow Us

5 important things happening in South Africa today