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Budget News

Godongwana to table 'inaugural' budget on 23 February  

By: News24Wire      20th January 2022 Finance Minister Enoch Godongwana will table the national budget on 23 February, 2022. The ministry of finance on Thursday issued an advisory - highlighting that this would be the minister's "inaugural" speech. Godongwana was appointed finance minister in August 2021, relieving his predecessor,... 

Rand facing Covid-19, political risks in 2022 – DG Capital

By: Donna Slater     11th January 2022 Although the rand ended 2021 “on the back foot” at R15.89/$, the Omicron variant of Covid-19 will remain a significant unknown in the financial market for 2022 as it is proving to be more transmissible but less severe than earlier variants, reports financial services solutions company DG Capital... 

Municipalities spend 21.5% of R521.3bn budget in the first quarter

By: Donna Slater     10th December 2021 The National Treasury reports that, on aggregate, municipalities spent 21.5% (R111.9-billion) of the total adopted expenditure budget of R521.3-billion for the first quarter of the 2021/22 financial year ended September 30. As for revenue, aggregate municipal billing and other revenue amounted... 

Medium-term budget  

By: Terence Creamer     11th November 2021 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the key highlights from Finance Minister Enoch Godongwana's maiden mini-Budget, the spending pressures ahead of the February budget and the Minister's approach to State-owned companies. 

Photo of Terence Creamer
Medium-term budget

Minerals Council welcomes focus on structural reforms in MTBPS

By: Creamer Media Reporter      11th November 2021 The country requires a continued focus on stabilising the nation’s public finances and, most importantly, the critical need to implement more aggressive structural and institutional reforms that can drive up investment and inclusive growth in the economy, the Minerals Council South Africa says.... 

Godongwana describes commodity windfall as temporary as he holds consolidation line 

By: Terence Creamer     11th November 2021 Finance Minister Enoch Godongwana indicated on Thursday that government regarded the revenue windfall that had arisen as a result of higher commodity prices as temporary and confirmed that fiscal consolidation would, thus, be sustained to reduce the Budget deficit and stabilise the national debt.... 

Finance Minister Enoch Godongwana
Photo by Reuters
Finance Minister Enoch Godongwana

Debt servicing costs contribute huge chunk of medium-term expenditure 

By: Marleny Arnoldi     11th November 2021 Government’s rising debt service costs, at about R1-trillion over 2022/23 to 2024/25, is crowding out spending on service delivery functions. Debt service costs will, on average, consume 21c of every rand collected in revenue over the medium term.  These costs will average R334-billion a year. 

No immediate Eskom debt solution, as Minister outlines ‘tough love’ stance on SOEs  

By: Terence Creamer     11th November 2021 Finance Minister Enoch Godongwana offered no new insight in his maiden address to lawmakers into how government intended approaching the issue of Eskom’s R400-billion debt burden, which has been labelled unsustainable by the utility, and also refrained from making any new provisions for... 

Eskom power lines

Agri SA hopes MTBPS will help address structural, SOE challenges

By: Schalk Burger     10th November 2021 Agricultural industry organisation Agri SA says the Medium Term Budget Policy Statement (MTBPS) to be delivered by Finance Minister Enoch Godongwana on November 11 should address structural challenges, including sentiments around State-owned enterprises (SOEs) and if there are any unbudgeted... 

R1.5bn allocated to assist businesses affected by July civil unrest

By: Donna Slater     20th October 2021 Money pooled by the Department of Trade, Industry and Competition (DTIC), the Industrial Development Corporation (IDC), the National Empowerment Fund and the Solidarity Fund to address disruption and losses to businesses affected by the mid-July civil unrest has amounted to R1.5-billion. Trade,... 

Reservior awaits commissioning

By: Darren Parker     15th October 2021 A 25 Mℓ reservoir on Dann road in Glen Marais, Kempton Park, in Gauteng, has still not been commissioned, despite being completed in November 2018 at a cost of about R48-million. Almost three years after construction was completed, the reservoir remains empty and unused. 

A photo of a concrete reservoir under construction
UNDER CONSTRUCTION The City of Ekurhuleni is busy building several large reservoirs across the city as part of a long-term water security plan

Clear understanding between govt, business needed to boost economic recovery – Mavuso

By: Donna Slater     4th October 2021 Little can be done to drive an economic recovery without a clear understanding between business and government, says Business Leadership South Africa CEO Busi Mavuso, who joined other business representatives in a meeting with President Cyril Ramaphosa and his senior colleagues at the end of... 

Global economy to face several headwinds going into second half – Fitch Solutions

By: Donna Slater     29th September 2021 Despite the global economy having performed strongly in the first half of the year, global economic activity has peaked and is starting to face several headwinds, says financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions)... 

Botswana, Namibia outline efforts towards green bonds, sustainable stock exchanges

By: Donna Slater     28th September 2021 After South Africa, Namibia, through its Namibian Stock Exchange, is the second African country to issue a green bond after signing up to the United Nations’ (UN’s) sustainable stock exchanges initiative, said Namibian Stock Exchange CEO Tiaan Bazuin. Speaking during the Southern Africa Green... 

Green bonds provide balance to traditional investment vehicles

By: Donna Slater     27th September 2021 Compared with traditional impact investment vehicles, which tend to be private equity, green bonds provide a “nice balance” in achieving a desired investment impact, environment, social and governance (ESG) advisory firm EBS Advisory CEO James Brice said during the Southern Africa Green Bonds... 

Municipality in support of niche and light industry

10th September 2021 According to Knysna Planning and Development MMC Mncedisi Skosana, the local leadership has been investigating ways of diversifying the area’s economic drivers and contributors. 

Infrastructure upgrades for eThekwini municipality

10th September 2021 Consulting engineers Bosch Projects and financial institution Bosch Capital – members of the Bosch Holdings group of companies – work closely with municipalities nationally to assist with upgrading infrastructure. 

Failure to heed warnings about a disease like Covid-19 a bigger risk than the disease itself – Whitfield

By: Donna Slater     24th August 2021 The major risk posed by Covid-19 is not the disease itself, but instead humankind’s inaction to heed calls that such an event could lead to the crippling of global economies and other systems, independent broadcaster, journalist and writer Bruce Whitfield said on August 24. He gave the keynote... 

DTIC opens R3.75bn relief package for businesses affected by civil unrest

By: Donna Slater     11th August 2021 Eligible businesses can now apply for loans under the R3.75-billion economic recovery support package, announced by Trade, Industry and Competition Minister Ebrahim Patel a fortnight ago to assist businesses that were impacted by the mid-July civil unrest in KwaZulu-Natal and Gauteng. The DTIC... 

S&P not planning immediate rating actions as a result of civil unrest

By: Donna Slater     27th July 2021 Ratings agency Standard & Poors (S&P) Global Ratings does not expect to take any immediate rating actions in the wake of the mid-July civil unrest that affected KwaZulu-Natal and parts of Gauteng. The unrest, which included widespread looting, violence, vandalism, loss and damage of stock, left... 

Investment event targets S Africa and Germany

By: Halima Frost     23rd July 2021 The annual Africa Financial Services Investment Conference – Investing in Africa event, known as AFSIC, organised by hosting company Africa Events Limited, will be held in London, UK, on October 11 and 12. The event provides a forum for investors, business leaders and dealmakers to build... 

Panel discussion at AFSIC Investing in Africa event
SEATED DEBATE The forums and mini country-summits will focus on highlighting investment and business opportunities in Africa

Company provides energy storage for hospital

By: Anna Moross     25th June 2021 Solar energy company SustainSolar has completed the supply of its battery energy storage system to the Cecilia Makiwane Hospital in East London, in the Eastern Cape.  

BATTERY ENERGY STORAGE 
The aim of the project – successfully completed at the end of March this year – is to alleviate healthcare pressure at the hospital during the Covid-19 pandemic
BATTERY ENERGY STORAGE The aim of the project – successfully completed at the end of March this year – is to alleviate healthcare pressure at the hospital during the Covid-19 pandemic

Transformational investing a challenge for developing nations – investment panel

By: Donna Slater     14th June 2021 Africa presents a unique case for the type of transformational investing that is required for sustainability, to meet the United Nations’ Sustainable Development Goals (SDGs) and to achieve net-zero carbon emissions by 2050, according to panellists participating in a Sanlam Investments Forum on... 

Collaborative effort needed to reignite sector

By: Halima Frost     11th June 2021 To address the effects of the lack of infrastructure projects in South Africa, cement manufacturer Pretoria Portland Cement (PPC) MD Njombo Lekula has called for industry and government to work together to mitigate the knock-on effects on the cement sector. “We urgently need an agile and... 

PLANT POWER
PPC has invested substantially in improving its various plants technologies and infrastructure to maximise efficacy
PLANT POWER PPC has invested substantially in improving its various plants technologies and infrastructure to maximise efficacy

Pandemic highlights investment opportunities

By: Halima Frost     4th June 2021 Covid-19 has highlighted the importance of strengthening supply chains in Africa to reduce reliance on other continents, where possible, private equity investment firm Agile Capital principal dealmaker Liz Kolobe tells Engineering News. Therefore, the company has announced that it is open to... 

LIZ KOLOBE 
Agile Capital has announced that it is open to exploring new opportunities and is looking to deploy the capital it has available in its fourth private equity fund
LIZ KOLOBE Agile Capital has announced that it is open to exploring new opportunities and is looking to deploy the capital it has available in its fourth private equity fund

Sakeliga starts court proceedings to realign municipal administration

By: Donna Slater     31st May 2021 Independent business community Sakeliga has instituted court proceedings to reverse municipal decline throughout South Africa, proposing a new form of municipal administration, with independent control over electricity and other service charges. In court papers currently being served on two... 

Looming environmental crises to require $8.1tr by 2050 to mitigate impacts

By: Donna Slater     28th May 2021 A report into the climate, biodiversity and land degradation crises reveals that, to tackle these matters, a total investment in nature of $8.1-trillion is required over the next three decades, amounting to $536-billion a year by 2050. United Nations (UN) Environmental Programme executive... 

Mboweni appoints ombud council leaders

By: Donna Slater     24th May 2021 Finance Minister Tito Mboweni has appointed the first Ombud Council board and council Chief Ombud, independent consultant Eileen Meyer, giving effect to the new financial ombud system in terms of the Financial Sector Regulation Act. Meyer will serve in her position as a transitional measure,... 

Critical structural reforms taking too long – BLSA

By: Donna Slater     24th May 2021 The structural reform required to transform South Africa’s economy has “frustratingly” progressed very little, even with the establishment of Operation Vulindlela, Business Leadership South Africa (BLSA) CEO Busi Mavuso asserts. She says organised business has consistently argued that South... 

BLSA CEO Busi Mavuso
Photo by Creamer Media's Donna Slater
BLSA CEO Busi Mavuso

Construction turnaround requires collaboration

By: Darren Parker     21st May 2021 Partnerships between the private and public sectors are paramount to turning the built environment and construction sectors around in South Africa, says engineering firm Aecom Africa programme cost consulting director Dean Narainsamy. “This will encourage collaborative thinking and combine the... 

DEAN NARAINSAMY We are losing key resources and skills sets to emigration
DEAN NARAINSAMY We are losing key resources and skills sets to emigration

Direct cement sales to industry drop

By: Darren Parker     21st May 2021 About 30% of cement sales in South Africa are going directly to the construction industry for construction projects, which is down from about 50% being sold directly to the construction industry about ten years ago, says cement manufacturer AfriSam sales & marketing executive Richard Tomes. “We... 

CONCRETE ASSURANCE
Quality is not only about the product delivered but also the entire value chain
CONCRETE ASSURANCE Quality is not only about the product delivered but also the entire value chain

District Development Model seen as key to tackling delivery backlogs

By: Donna Slater     14th May 2021 Proponents of government's recently launched District Development Model (DDM) believe the joined-up model provides the framework required for South African municipalities to begin tackling their generally severe service-delivery problems. Conceptualised by the Department of Cooperative Governance... 

District Development Model seen as key to tackling delivery backlogs

Portfolio ensures better efficiency

By: Anna Moross     7th May 2021 Electric variable-speed drives and motors supplier ABB Motion in January released their ACS880LC liquid cooled drives portfolio that can improve overall system efficiency by reducing auxiliary power consumption by up to 10%. 

LIQUID COOLED DRIVES
This portfolio of liquid cooled drives technology includes a reduced footprint of up to 30%
LIQUID COOLED DRIVES This portfolio of liquid cooled drives technology includes a reduced footprint of up to 30%

$100bn bled from emerging markets during onset of Covid-19 in 2020 – Afreximbank

By: Donna Slater     16th April 2021 A survey and subsequent report ‘Survey of Impact of Covid-19 on African Trade Finance’ by the Africa Export-Import bank (Afreximbank), shows that outflows from emerging market economies in the first quarter of 2020 accounted for more than $100-billion. The report was a joint production between... 

Loan Guarantee Scheme to be extended to July 11 

By: Donna Slater     12th April 2021 The Loan Guarantee Scheme (LGS), first announced by President Cyril Ramaphosa on April 21, 2020, and which was scheduled to expire on April 11, will remain in operation for a further three months, enabling those who have qualified for a loan to continue to access their funds and for applications... 

BLSA commends steps taken to advance public administration, says more to be done

By: Donna Slater     12th April 2021 Business Leadership South Africa CEO Busi Mavuso cautions that while business owners, leaders and CEOs may criticise government for maladministration, it ought to be remembered that government is a large and complex organisation with over two-million employees and a budget of R1.8-trillion. “That... 

Business Leadership South Africa CEO Busi Mavuso
Photo by Donna Slater
Business Leadership South Africa CEO Busi Mavuso

Sars revenue boost a result of good luck and not good policy, says BLSA CEO

By: Donna Slater     6th April 2021 The announcement last week by the South African Revenue Service (Sars) that it had managed to exceed revised budgets for tax collections, with the collection of R38-billion more than had been estimated in the February budget for the 2020/21 year, is “very welcome”, says Business Leadership South... 

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