5 important things happening in South Africa today

 ·24 Jun 2024

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

  • Cabinet consultations continue: President Cyril Ramaphosa is in still in consultations for selecting his seventh administration’s cabinet. Due to no party winning a majority in the general elections, various parties that supported Ramaphosa’s presidency expected cabinet positions in return. However, Ramaphosa aims to balance the interests of the ANC, its allies, and opposition parties, which is delaying the announcement. [Bloomberg]

  • SARS eyeing crypto: The South African Revenue Service (SARS) is now focusing on crypto asset exchanges as part of its global information exchange effort. Jashwin Baijoo from Tax Consulting SA highlights that this move could expose undeclared profits or gains from crypto transactions. It emphasizes the importance of transparency for those active in crypto trading or the metaverse. [Daily Investor]

  • Patel throws rails and ports a lifeline: Ebrahim Patel, the former minister of trade, industry, and competition, proposed regulatory exemptions to aid South Africa’s troubled port and rail network. Published on June 18, right before his term ended, these proposals would allow industry agreements that normally breach competition laws, aiming to reduce operational costs and foster collaboration among firms. [BusinessDay]

  • Controversial auditing firm appointed by Gauteng Department: The Gauteng Department of Social Development admitted to the irregular appointment of Open Water Advanced Risk Solutions, a controversial auditing firm hired in March for R8.5 million to probe its school uniform project, bypassing usual supply chain protocols. The decision, made by then-Head Matilda Gasela on March 12, shortly before the 2023/24 fiscal year-end, was one of her final significant financial decisions. Department spokesperson Themba Gadebe confirmed the irregularity to GroundUp, adding that MEC Mbali Hlophe has directed a reevaluation of the appointment process. [GroundUp]

  • Markets: The rand changed little on Friday as investor focus remained on President Cyril Ramaphosa’s imminent cabinet appointments under a new unity government. On Monday (24 June), the rand was trading at R18.05 to the dollar, R22.83 to the pound, and R19.27 to the euro. Oil is trading at $85.17 a barrel. [Reuters]

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