5 important things happening in South Africa today
Here’s what is happening in and affecting South Africa today:
The SARB to face the music: The South African Reserve Bank (SARB) could be in the firing in Parliament over its report on Phala Phala, which has been accused of shielding President Cyril Ramaphosa with what was called a ‘whitewashed report’ on the matter. [IOL]
Units back online next month: Electricity Minister Kgosientsho Ramokgopa is confident that two units at “perennial underperformer” Tutuka power station will come back onstream in September. The plant got a helping hand from the Resource Mobilisation Fund – a vehicle launched by business lobby BUSA to help roll out the president’s Energy Action Plan. [News24]
Minimum wage conundrum: Agri SA said the rapid national minimum wage increase is throttling South Africa’s agricultural sector growth. “Unless the increases of the minimum wage in the agricultural sector are aligned with inflation, there is a real risk of the agricultural sector contracting with devastating effects for employment in the sector,” it said. The sector grew by 17.8% in 2020 but only 7.4% in 2021 and a marginal 0.9% in 2022. [Daily Investor]
Tariff revolt hits Cape Town: In the face of protest action on 26 August, the City of Cape Town fiercely defended its 17.6% increase in electricity tariffs, which exceeded the 15.1% guideline set by energy regulator Nersa for all municipalities. Residents showed up at the Civic Centre to voice that this increase is unjustifiable and unsustainable – especially when considering the city also charges a 37.6c/kWh surcharge levied on each unit sold. [MoneyWeb]
Markets: The South African rand extended losses in early trade on Friday, ahead of a speech by the US Federal Reserve Chair, which could set the tone for future interest rate hikes in the world’s biggest economy. On Monday (28 August), the rand was trading at R18.59/USD, R20.10/EUR and R23.43/GBP. Oil is trading at $84.47 a barrel. (Reuters)
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