5 important things happening in South Africa today

·23 Sep 2022

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

Diesel issues: As Eskom grows more dependent on diesel to keep the lights on, it now faces delivery and supply challenges as PetroSA struggles to meet demand. While the group has assured South Africans that there is no diesel shortage in the country, it says it is becoming increasingly more difficult to procure the supply needed for Eskom’s generators. Eskom, meanwhile, could not confirm when diesel stocks would be replenished as severe load shedding persists. [News24]

No worries: SARS commissioner Edward Kieswetter says that fears that the personal income tax base in South Africa is dwindling because of unemployment and emigration are exaggerated. He said that South Africa’s tax base is growing and that financial emigration is inconsequential in tax collections, adding that personal income tax has been resilient and outpaced South Africa’s GDP growth in recent years. 1.1 million South Africans who earn R500,000 or more per year are responsible for 73% of all taxes in the country. [Daily Investor]

Hospital blackouts: Hospitals are pleading with the government and Eskom to exclude them from load shedding as stage 5 and 6 blackouts have forced them to operate on backup generators, putting patients at risk. Many hospitals are already under strain due to ageing infrastructure and equipment. In some places, corruption and maladministration within management and state networks have pushed systems to breaking point. With load shedding, doctors say they are “going through hell” to save lives. [Daily Maverick]

New curriculum: The department of basic education plans to offer grade 10, 11 and 12 learners a three-stream curriculum – offering academic, vocational and occupational subjects. The department said the plan aims to encourage pupils to move away from pursuing purely academics and to consider vocational or occupational training because not all matrics will go on to study at higher education institutions. [TimesLive]

Markets: The South African rand strengthened on Thursday after the central bank hiked its main lending rate by 75 basis points to 6.25%, in line with the forecast of the majority of economists polled by Reuters, to bring inflation back to target. The South African Reserve Bank (SARB) has hiked rates by a cumulative 275 bps since November last year to bring inflation back within its 3% to 6% target range. On Friday, the rand was at R17.62/$, R17.32/€ and R19.81/£. Brent crude is trading at $90 a barrel. [Reuters]

Must Read