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Kganyago says model shows room for rate cuts 

By: Bloomberg     14th June 2019 The South African Reserve Bank’s forecasting model suggests there might be room for interest-rate cuts in the next year or two, given how weak the economy is, Governor Lesetja Kganyago said. While the central bank can play a role to help economic growth, decisions should be supported by other... 

Manufacturing sector remains resilient, output up 4.6% y/y in April 

By: Marleny Arnoldi     11th June 2019 Despite the encouraging improvement in manufacturing output in April, Steel and Engineering Industries Federation of Southern Africa economist Marique Kruger says there are still concerns about constraints, including exchange rate volatility and rising costs, facing the sector. Statistics South... 

BLSA appalled by threats to SARB independence 

By: Thabi Madiba     10th June 2019 Business Leadership South Africa on Monday said it condemned what it called “deliberate attempts” to undermine the South African Reserve Bank’s legitimacy and called out the African National Congress for threatening to collapse the country’s economy. BLSA said in a statement that the ANC seemed... 

Ethos Al Fund invests R200-million into TymeBank

By: Tasneem Bulbulia     10th June 2019 Empowerment investment holding company African Rainbow Capital (ARC) and alternative asset manager Ethos Private Equity have jointly announced an investment of R200-million by the Ethos Artificial Intelligence (AI) Fund and co-investors – jointly referred to as the Ethos Al Fund – in recently... 

Congo State miner says it paid $263m in tax advances

By: Bloomberg     10th June 2019 The Democratic Republic of Congo’s state-owned mining company rejected allegations that there are discrepancies in its financial statements, saying it paid $263-million in tax advances over a five-year period. Congo is the world’s biggest miner of cobalt, used in rechargeable batteries for... 

Rand continues to tumble on central bank worries

By: Reuters     7th June 2019 South Africa's rand fell again early on Friday, reaching a new 2019 low as assurances by the ruling African National Congress about the independence of the central bank did little to ease nerves about economic policy. At 0640 GMT, the rand was 0.63% weaker at 15.0900 per dollar, bring losses... 

Ramaphosa weighs in on debate over independence, mandate of SARB

By: African News Agency      7th June 2019 President Cyril Ramaphosa has moved in to quell the public spats by government and the ruling party's officials over the mandate and ownership of the South African Reserve Bank (SARB), saying that government's policy on the independence and role of the central bank has not changed. This comes as... 

Kefi’s project partners pave the way for Tulu Kapi’s development

By: Marleny Arnoldi     6th June 2019 Aim-listed Kefi Minerals has received the last remaining federal government consent for the financing and development of its Tulu Kapi gold project, in Ethiopia. The company explained that the National Bank of Ethiopia finally provided its formal approval of the terms of the proposed full... 

South African current account deficit widens in Q1 

By: Reuters     6th June 2019 South Africa's current account deficit widened to 2.9% of gross domestic product (GDP) in the first quarter of 2019, from a 2.2% shortfall in the fourth quarter of the previous year, central bank data showed on Thursday. The quarterly deficit came in slightly below the 3.05% of GDP forecast by... 

Kganyago ropes in Constitution to defend Sarb mandate from detractors  

By: News24Wire      5th June 2019 South African Reserve Bank Governor Lesetja Kganyago on Wednesday defended the central bank from those who are calling for its mandate to be expanded by throwing the Constitution into the fold. Ace Magashule, secretary general of the African National Congress, said on Tuesday that the ruling... 

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