Business

5 important things happening in South Africa today

Staff Writer

 ·3 Jan 2023

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

• E-toll delay: The removal of E-tolls has been pushed into 2023 – they were supposed to shut down on 31 December 2022. The Gauteng premier’s office announced that important details still had to be finalised between the National and Provincial governments. The switch-off will supposedly occur within 14 days after the department of transport issues a gazetted notice. [BusinessTech]

• Diesel options for Eskom: The Department of Mineral Resources and Energy (DMRE) has said that Eskom has options to deal with its diesel crisis, as it rejected the power utility’s application for a diesel wholesaler licence. The DMRE did not award Eskom a wholesale diesel licence as it lacked specific requirements – including import infrastructure and sufficient storage facilities. However, the department said Eskom could contact the relevant authorities to be exempt from fuel taxes, such as the Fuel Levy and Road Accident Fund Levy. [BusinessTech]

• OR Tambo refuel relief: Airports Company South Africa (ACSA) has introduced new measures to prevent refuelling issues from occurring at OR Tambo International Airport. This comes after 41 flights were affected by a technical issue with refuelling on 28 December 2022. Transport Minister Fikile Mbalula said that the ‘crisis mode’ has been passed as travellers return from their holidays. [News24]

• City Power to wean off Eskom: City Power has said it would look at alternatives to Eskom in the new year, as it lost R3.6 million daily due to load shedding. The power utility said regular power cuts impaired its infrastructure, worsened by severe flooding in December. Isaac Mangenba, a City Power Spokesperson, said that the power utility will not entirely move away from Eskom but will explore other options for electricity supply in the coming years – such as gas and solar. [EWN]

• Markets: The rand saw a minor improvement against the dollar – again dropping below 17.00/$. Although this is good news, South Africans should prepare for a challenging year ahead. International Monetary Fund (IMF) Managing Director Kristalina Georgieva has warned that they predict one-third of the global economy to be in recession, as the economies in the US, China, and EU are slowing down simultaneously. On Tuesday (3 January), the rand was trading at R16.96/$, R18.08/€, and R20.47/£. Brent crude is trading at $85.45 a barrel. [Bloomberg]