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Economy News

AfDB starts fund to wean continent off Russian wheat

By: Bloomberg     Updated 5 hours ago Africa’s biggest multilateral lender announced a $1.5-billion fund to boost grain production to help avert potential food shortages stemming from Russia’s war with Ukraine. The African Development Bank will use the facility to supply about 20-million farmers with climate-smart certified seeds and... 

Forum set up to improve cooperation between Eskom, Transnet and domestic industrialists 

By: Terence Creamer     20th May 2022 A new forum comprising Eskom, Transnet and domestic industrialists is to be established to improve collaboration between the two large infrastructure-focused State-owned companies and domestic manufacturers and suppliers. The initiative was unveiled by Ministers Pravin Gordhan and Ebrahim Patel... 

Trade, Industry and Competition Minister Ebrahim Patel
Photo by Creamer Media Chief Photographer Donna Slater
Trade, Industry and Competition Minister Ebrahim Patel

Tau outlines GDED budget progress

By: Natasha Odendaal     20th May 2022 As Gauteng Economic Development; Environment, Agriculture and Rural Development MEC Parks Tau delivered the 2022/23 departmental budgets, he outlined the progress that Gauteng has made across the Gauteng City Region. The Gauteng Department of Economic Development’s (GDED’s) pre-designation work... 

Medupi units 1 to 3 at full load, Eskom to bring damaged unit 4 online in August 2024

By: Schalk Burger     20th May 2022 State-owned power utility Eskom this week revealed that it had implemented repairs and fixes to generation Units 1 to 3 at the Medupi power station, and that the units are operating at full load, producing 720 MW of electricity each. Unit 4, which was damaged in a generator explosion, after... 

The Medupi power station
Photo by Creamer Media's Schalk Burger
The Medupi power station

Mantashe says fuel levy cut won't be extended beyond May  

By: News24Wire      20th May 2022 Petrol prices may surge by more than R3.50 a litre in the first week of June, with Gwede Mantashe, Minister of Mineral Resources and Energy, saying that the general fuel levy cut will fall away at the end of May. The levy was cut by R1.50 a litre for April and May as government sought to relieve... 

Minister of Mineral Resources and Energy Gwede Mantashe
Minister of Mineral Resources and Energy Gwede Mantashe

Gordhan reports yet another sabotage incident at Hendrina power station 

By: Terence Creamer     20th May 2022 A day after Eskom confirmed incidents of sabotage at its Tutuka power station, Public Enterprises Minister Pravin Gordhan alleged that another incident of sabotage had taken place at the Hendrina power station. The Hendrina incident raises to six the number of incidents of suspected sabotage that... 

Public Enterprises Minister Pravin Gordhan
Photo by Creamer Media Chief Photographer Donna Slater
Public Enterprises Minister Pravin Gordhan

Wits launches Entrepreneurship Clinic to develop aspiring entrepreneurs

By: Thabi Madiba     20th May 2022 University of the Witwatersrand School of Business Sciences senior lecturer and project leader Dr Robert Venter on Friday described the new Wits Entrepreneurship Clinic as a force for change and redress as it tackled the core challenges facing South African society. Wits launched the WEC, which... 

Image of Wits senior lecturer Dr Robert Venter
Wits senior lecturer Dr Robert Venter

Gauteng Provincial Treasury budget focuses on economy, own revenue improvement

By: Creamer Media Reporter      20th May 2022 Gauteng Finance and e-Government MEC Nomantu Nkomo-Ralehoko is focusing on jobs and the economy in the last two-and-a-half years of this political term of government amid significant challenges faced over the past few years. Presenting the Gauteng Provincial Treasury’s Budget Vote in “complex and... 

Stage 2 load-shedding in the evenings all weekend – Eskom

By: News24Wire      20th May 2022 Eskom says a shortage of generation capacity has persisted, and Stage 2 load shedding will be implemented from 17:00 to 22:00 on Friday, Saturday and Sunday. "As previously communicated, due to the continued shortage of generation capacity Stage 2 load shedding will be implemented from 17:00... 

Eskom power lines

Is the steel master plan delivering?  

By: Creamer Media Reporter      20th May 2022 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about whether the steel master plan is delivering; the lack of demand that is negatively impacting on the industry and how localisation could help to boost demand; and the electricity supply and rail and port... 

Photo of Terence Creamer
Is the steel master plan delivering?

Megger solidifies commitment to Africa with new Durban-based office

By: Simone Liedtke     20th May 2022 With South Africa being one of four regional economic “hotspots” in Africa, testing and measurement equipment manufacturer Megger has chosen the country to be the host of its first African office, which it believes signals “a strong commitment to the African continent”. This, says Megger Africa... 

Megger solidifies commitment to Africa with new Durban-based office

Rich nations offer debt guarantees on South African climate deal

By: Bloomberg     20th May 2022 A group of the world’s richest nations offered South Africa debt guarantees as part of a proposed $8.5-billion deal designed to cut the nation’s reliance on coal for power generation, people familiar with the talks said, potentially resolving one sticking point in the negotiations. The guarantees... 

Mantashe open to meeting with opposition to seek short-term solutions to power crisis 

By: Terence Creamer     19th May 2022 Mineral Resources and Energy Minister Gwede Mantashe has described as “constructive” a proposal by the opposition Democratic Alliance for a meeting to discuss short-term solutions to the country’s ongoing load-shedding crisis. In his Budget Vote address, Mantashe outlined the initiatives his... 

Minerals Resources and Energy Minister Gwede Mantashe
Photo by Creamer Media's Donna Slater
Minerals Resources and Energy Minister Gwede Mantashe

Eskom confirms sabotage incidents at Tutuka

By: Creamer Media Reporter      19th May 2022 Power utility Eskom on May 19 confirmed an incident in which a cable was severed at the Tutuka power station this week while the power station was finalising preparations to return Unit 5 to service. "The damage to the cable had the effect of delaying the unit’s return to service by three days,... 

Steel Master Plan presents immediate opportunities for industry, govt

By: Tasneem Bulbulia     19th May 2022 There are a number of opportunities for both government and industry to capitalise on immediately while pursuing the implementation of the Steel Master Plan, speakers agreed during a panel discussion at the Mainstreaming the Steel Master Plan Conference on May 19. Manufacturing Circle executive... 

Fanaroff dismisses infrastructure versus localisation dichotomy as ‘factually wrong’ 

By: Terence Creamer     19th May 2022 The “either-or” narrative pitting accelerated infrastructure delivery against localisation has been challenged by Dr Bernie Fanaroff, who played a central role in the development of the Steel Master Plan, which identifies localisation as one of several instruments to be used to revive the... 

Dr Bernie Fanaroff
Photo by Creamer Media's Donna Slater
Dr Bernie Fanaroff

Alexforbes launches new transformation policy

By: Darren Parker     19th May 2022 Financial services company Alexforbes Investments launched its new transformation policy on May 19. The policy launch took place in conjunction with the publication of the company’s new Transformation Survey, which helped inform the policy. 

Alexforbes Investments CEO Ann Leepile
Alexforbes Investments CEO Ann Leepile

Interest rates increased by biggest margin since 2016

By: News24Wire      19th May 2022 The Reserve Bank's monetary policy committee has increased the repo rate by 50 basis points to 4.75%. This is the largest hike since January 2016. Four members of the committee voted for the increase, while one voted for a 25 basis point hike.   

Reserve Bank governor Lesetja Kganyago
Photo by Bloomberg
Reserve Bank governor Lesetja Kganyago

Inclusivity, resiliency focus of South Africa’s tourism sector recovery

By: Natasha Odendaal     19th May 2022 As South Africa rebuilds its Covid-19-devastated tourism sector, focus must be given to the development of an inclusive, resilient and transformed tourism industry and economy. Speaking to media prior to her Budget Vote on Thursday, Tourism Minister Lindiwe Sisulu said that as the Department of... 

Cape Town cruise tourism showing green shoots after two-year lull

By: Marleny Arnoldi     19th May 2022 Tourism promotion agency Wesgro’s Cruise Cape Town project is optimistic about the 2022/23 cruise ship season, which kicks off in October. Wesgro confirms that 104 ship visits have already been booked to dock at the Port of Cape Town, made up of 26 cruise ships, carrying more than 195 000... 

Cruise ship

Minerals Council backs decision to place Ubank under curatorship

By: Tasneem Bulbulia     19th May 2022 Industry organisation the Minerals Council South Africa says it supports the action taken by the South African Reserve Bank‘s (SARB’s) Prudential Authority to place Ubank under curatorship, positing that it would clear the way to stabilise Ubank, protect depositors and enable the attraction of a... 

E-toll decision is imminent, says Mbalula  

By: News24Wire      19th May 2022 Minister of Transport Fikile Mbalula said the final pronouncement on the funding model of e-tolls is imminent. Mbalula tabled his budget vote for the Department of Transport in Parliament on Wednesday afternoon. This comes amid uncertainty around South African National Roads Agency Limited... 

Transport Minister Fikile Mbalula
Transport Minister Fikile Mbalula

Pivot to citizen-owned renewables could save City Power, energy specialist says ahead of indaba 

By: Terence Creamer     19th May 2022 Johannesburg could turn around the lossmaking performance of City Power, end load-shedding and improve the green credentials of its manufacturing industry by purchasing 80% of its wholesale electricity from large-scale, citizen-owned solar and wind plants at a cost below that purchased from Eskom... 

Image of Johannesburg

Drilling of Northam’s Zondereinde No 3 shaft completed 

18th May 2022 Platinum group metals miner Northam last month completed the drilling and reaming of the first shaft of its Number 3 Shaft expansion project. The new shaft, at 1 380 metres deep and 4.8 metres wide, is designed to handle personnel and materials, while two additional shafts will handle... 

Real Economy Report Image
Drilling of Northam’s Zondereinde No 3 shaft completed

Sanral cancels R17.5bn in tenders, citing ‘material irregularities’ 

By: Irma Venter     18th May 2022 The board of the South African National Roads Agency Limited (Sanral) has cancelled tenders to the value of R17.47-billion, citing “material irregularities”. The tenders which the Sanral board did not approve are the Mtentu Bridge Wild Coast project, on the N2, valued at R3.4-billion; the... 

Image of the proposed Mtentu bridge on the N2 Wild Coast project
Image of the proposed Mtentu bridge on the N2 Wild Coast project

Inflation hits 5.9% for third time in five months, with big hikes in fuel and food

By: News24Wire      18th May 2022 Annual consumer price inflation remained unchanged at 5.9% in April 2022, Statistics SA reported on Wednesday. This is the third time in five months that the rate hit 5.9% - which is close to the Reserve Bank’s upper target rate for inflation of 6%. Consumer inflation last breached 6% in 2017.... 

Grocery shopping

Land Bank's 2-year lending drought to farmers to end by September, Parliament hears

By: News24Wire      18th May 2022 The Land Bank on Tuesday told Parliament that it would resolve the default on its debt by the end of September, ending a period of two years in which it has not been able to lend to farmers. The "liability solution" – which is the offer it will make to institutions that still hold its listed... 

South African farmland

Ramaphosa tables fourth part of Zondo report, Parliament to start working on published parts  

By: News24Wire      18th May 2022 President Cyril Ramaphosa tabled the fourth part of the State Capture Inquiry's report with Parliament on Tuesday - and, in a turnaround from the African National Congress's previous stance, affected committees will deal with the published parts of the report. "Parliament confirms receipt of Part... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Eskom compiling ‘consolidated proposal’ for ending load-shedding crisis 

By: Terence Creamer     17th May 2022 Eskom CEO André de Ruyter has revealed that the utility is compiling a “consolidated proposal” on how to end the ongoing electricity crisis, including how to introduce much-needed new generation capacity in the shortest possible time. The State-owned utility estimates the current shortfall to be... 

Eskom CEO André de Ruyter
Photo by Creamer Media Chief Photographer Donna Slater
Eskom CEO André de Ruyter

Small-scale farming collaborative gains momentum

By: Donna Slater     17th May 2022 The rethinking of food systems for South Africa needs to start with individual food producers on the ground and expand from there – as laid out in a project called “Towards recalibrating food systems during and beyond the Covid-19 pandemic”, which started in October 2020. Funded by the World... 

NUM shocked at decision to place Ubank under curatorship

By: Tasneem Bulbulia     17th May 2022 Trade union the National Union of Mineworkers (NUM) says it is “shocked and surprised” by Reserve Bank governor Lesetja Kganyago’s decision to place Ubank under curatorship. The union says this happened despite the Ubank’s board having committed on the night of May 16 that it would raise the... 

My Smart City adds leisure, services and insights functions

By: Schalk Burger     17th May 2022 Citizen public service platform My Smart City has launched the In the City feature, which provides local leisure offerings, performance insights and value-added services for city residents to connect to a city and to boost citizen activity, positively affecting the economy, says software... 

Forum established to support informal economy

By: Schalk Burger     17th May 2022 The Informal Economy Development Forum (IEDF) is a new body that has been set up to drive growth within the sector, support informal economy workers and function as the conduit between government, corporate South Africa and the informal economy. The IEDF’s key objectives are to improve the... 

Stage 3 load-shedding planned for Tuesday night, for now

By: News24Wire      17th May 2022 South Africa is still currently on track for Stage 3 load-shedding between 17:00 and 22:00 on Tuesday as a lack of capacity has left the country with evening power cuts for the rest of the week. Eskom had initially said there would Stage 3 load-shedding on Monday night as well, but had to... 

Electricity pylons

IPP Office head says stakeholder alignment key to regular, investment-promoting procurement rhythm 

By: Terence Creamer     17th May 2022 The head of South Africa’s Independent Power Producer (IPP) Office believes that improved stakeholder management and alignment are key to overcoming delays to the introduction of urgently required new electricity capacity and to creating the predictable “procurement rhythm” required to attract... 

IPP Office head Bernard Magoro
IPP Office head Bernard Magoro

UK announces new international aid strategy

By: Rebecca Campbell     16th May 2022 The UK unveiled its new International Development Strategy on Monday. The country has revamped this strategy because of the significant changes in global politics, with the re-emergence of Great Power confrontation (as against mere competition) and the concomitant increase in the risk of major... 

Input into draft National Labour Migration Policy, Employment Services Bill requested

By: Donna Slater     16th May 2022 The Mpumalanga Department of Employment and Labour is inviting stakeholders to make inputs at a May 19 workshop on the draft National Labour Migration Policy (NLMP) and the Employment Services (ES) Bill, following their February 28 release. The workshop – to be held at 10.00 at the MacBest... 

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