Business

5 important things happening in South Africa today

Staff Writer

 ·9 Dec 2022

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

• Stage 9 load shedding?: With South Africa on the cusp of entering the highest-ever stages of load shedding this week, questions are being asked about what happens when outages go beyond the highest level, stage 8. After stage 8, Eskom has said that it is then up to the system operator to determine how much energy to pull from the grid – but now calls are being made to come up with a more predictable plan to bring more certainty if the power crisis deepens. [Moneyweb]

• Power problems spread: Not only is South Africa at large being hammered by load shedding but future energy bids are now being hampered by a lack of capacity on the grid. Private energy projects have snapped up available grid capacity in highly competitive areas, and Eskom is now under further pressure to expand its grid to make room for much-needed developments. [News24]

• Measles festive outbreak: Health Minister Joe Phaahla is worried that the measles outbreak may get worse during the festive period. The virus was mainly contained in Limpopo but has spread to Gauteng and the North West. 139 cases of the virus have been confirmed across the nation. The minister stated that the department needed to ensure it could up vaccination by providing more stock and personnel. [EWN]

• Zuma’s bid rejected by Concourt: The Constitutional Court unanimously dismissed Jacob Zuma’s attempt to remove his prosecutor Billy Downer. The former President asserted that this would entitle him to an acquittal. This means that his long-awaited Arms Deal case could go to court unless Zuma presents another legal challenge. [News24]

• Markets: Although experts warned that stage 7 could be implemented soon, the rand remained little changed. The rand made some gains against the US dollar but slightly dropped against the Euro and Pound. The rand is still suffering due to the political uncertainty surrounding President Cyril Rampshosa as he faces a possible impeachment due to the Phala Phala scandal. On Friday (8 December), the rand was trading at R17.12/$, R18.11/€, and R21.01/£. Brent crude is trading at $77 a barrel.