5 important things happening in South Africa today

 ·28 Feb 2024

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

  • Ramokgopa eyes Free State for renewables: Electricity minister Kgosientsho Ramokgopa has said that the Free State’s geographic location is ideal for renewable energy projects in South Africa. The minister said that the province has the advantage of optimal radiation levels, vast land and grid capacity. [SABC]

  • Doubts about Treasury’s ‘optimistic’ projections: Fitch Ratings has said that the revised revenue projections and the deficit that have been presented for the 2024/25 fiscal year are “optimistic”. It says the National Treasury is likely to have to allocate more resources for state-owned companies (SOEs). [BusinessDay]

  • NPA asks SCA for retrial in corruption case: The NPA has petitioned the Supreme Court of Appeals about a 2021 corruption trial involving an ANC MP who allegedly bribed an evidence leader during the State Capture enquiry. Judge John Hlophe dismissed the case without the MP having to defend themselves, citing insufficient evidence – however, Hlophe’s recent impeachment prompted the NPA’s petition. [EWN]

  • Deputy Chief Justice nominated for chief justice: Deputy Chief Justice Mandisa Maya has been nominated by President Cyril Ramaphosa to become the next chief justice of the country. Maya has previously served as both deputy president and president of the Supreme Court of Appeal. [News24]

  • Markets: South Africa’s rand traded stronger on Tuesday but remained above the 19.0 mark after two days of heavy losses last week. On Wednesday (28 February), the rand was trading at R19.10 to the dollar, R24.21 to the pound, and R20.70 to the euro. Oil is trading at $83.28 a barrel. [Reuters]

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