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Macro and Micro News

More hawkish central bank no quick fix for South Africa’s Rand

By: Bloomberg     22nd July 2022 South Africa’s Reserve Bank has tightened policy five times in a row, with a magnitude of rate hikes not seen in two decades. That hasn’t done much to help the rand. While Thursday’s consensus-busting 75 basis-point hike to 5.5% saw the currency post a modest gain on a risk-off day in markets,... 

Mantashe says De Ruyter is not the right CEO to fix Eskom – report   

By: News24Wire      22nd July 2022 Mineral Resources and Energy Minister Gwede Mantashe has questioned the skills of Eskom CEO André de Ruyter, saying he isn't the type of leader Eskom needs at the moment.  In an interview with the Mail & Guardian, the minister, who is also the national chairperson of the African National... 

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

With half of SA’s exports at carbon-tariff risk, new report calls for 190 GW renewables push  

By: Terence Creamer     21st July 2022 With almost half of South Africa’s exports at risk as the country’s key trade partners prioritise imports from low-carbon economies, a new report urges South Africa to roll-out at least 190 GW of renewables by 2050 to sustain its economic competitiveness and lay the basis for employment creation.... 

A solar farm

Fossil fuel projects will not secure any part of $8.5bn just transition funding 

By: Terence Creamer     21st July 2022 Climate envoys from those developed countries that have entered into a Just Energy Transition Partnership (JETP) with South Africa have confirmed that their governments will not fund fossil-fuel projects, even if such projects form part of the broader investment plan currently being compiled by... 

Presidential Climate Finance Task Team head Daniel Mminele
Presidential Climate Finance Task Team head Daniel Mminele

Interest rates increased by 75bps - biggest hike since 2002  

By: News24Wire      21st July 2022 The repo rate has been hiked by another 75 basis points on Thursday. This brings the repo to 5.5% and the prime rate to 9%. Three members of the monetary policy committee supported the hike, while one wanted 100 basis points and another preferred a 50 basis point hike. This is the biggest hike... 

SARB Governor Lesetja Kganyago
Photo by Bloomberg
SARB Governor Lesetja Kganyago

Eskom confirms load-shedding stages for the weekend

By: News24Wire      21st July 2022 Load-shedding will continue until Saturday, Eskom confirmed on Thursday, adding that the outlook for the weekend would be communicated over the weekend.  It will be downgraded to Stage 1 on Saturday.  

Powerlines

South Africa wants to start accessing climate funds next year

By: Bloomberg     21st July 2022 South Africa’s government wants to start accessing some of the $8.5-billion in climate financing pledged by some of the world’s richest nations by early 2023, the head of its negotiating team said. “That’s what we are aiming for and working toward,” Daniel Mminele, a former central banker... 

Former Central Bank Governor Daniel Mminele
Former Central Bank Governor Daniel Mminele

Equites concludes R190m transaction with empowered investor consortium

By: Schalk Burger     21st July 2022 JSE-listed logistics property fund Equites has concluded a R190-million transaction to sell six logistics warehouses, in Cape Town, to broad-based black economic empowerment (BBBEE) investor consortium Mabel Black Knight Investments. As part of the transaction, Equites and Mabel will collaborate... 

Finance gaps for local green entrepreneurs need to be addressed

By: Darren Parker     20th July 2022 Local green entrepreneurs (LGEs) are faced with a finance gap in South Africa, with many small-, medium-sized and microenterprises (SMMEs) operating in the space seeking funding and support and struggling to find it, economic research firm Trade and Industrial Policy Strategies (Tips) sustainable... 

Ramaphosa reflects on how far transformation has come  

By: Marleny Arnoldi     20th July 2022 Since the launch of government’s Black Industrialists Programme in 2015, coupled with efforts from the Industrial Development Corporation, the National Empowerment Fund and other agencies, more than 900 black industrialists have been supported, to the value of R55-billion. In turn, this has... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Eskom faces growing financial strain, S&P Global says

By: Reuters     20th July 2022 South African power utility Eskom faces increased financial pressure from lower than anticipated tariffs, rising diesel costs and the impact of labour disruptions, all which could lead to the need to raise more capital, rating agency S&P Global said. Intermittent power cuts have been blamed for... 

Photo of an Eskom logo

Scatec confident R16.4bn solar-battery project will lay renewables ‘intermittency’ debate to rest 

By: Terence Creamer     20th July 2022 Renewable-energy solutions provider Scatec is optimistic that its R16.4-billion solar-battery project in the Northern Cape will finally address long-standing questions about the so-called “intermittency” of renewables. The project, which achieved financial close this week, will couple 540 MW of... 

Preparatory work under way for Kenhardt projects, in the Northern Cape
Preparatory work under way for Kenhardt projects, in the Northern Cape

Inflation surges to 7.4% - highest in 13 years

By: News24Wire      20th July 2022 Annual consumer inflation spiked to 7.4% in June, from 6.5% in May, Stats SA reported on Wednesday. The June rate is the highest inflation recorded since May 2009 (8.0%), following the global financial crisis. Consumer prices increased by 1.1% from May to June, reflecting much pricier fuel. Fuel... 

Consumers

Eskom denies discouraging the switch to solar with possible R900 per month tariff

By: News24Wire      20th July 2022 Solar PV users could pay over R900 per month for Eskom's grid-tied electricity per month, based on the 2020/21 proposal from the power utility. But Eskom says it is not trying to disincentivise people from opting for solar PV. Eskom intends to submit a new tariff proposal to the National Energy... 

Solar panels

Itac should conduct verification of designated products, services, consultancy advises 

By: Schalk Burger     19th July 2022 Trade compliance body the International Trade Administration Commission of South Africa (Itac) should be empowered to conduct verification of products and services that have been designated under localisation regulations to ensure that South Africa gains the expected benefits of localisation,... 

Suspended Numsa officials head to court to lift sanctions or halt crucial conference

By: News24Wire      19th July 2022 Thirty National Union of Metalworkers of South Africa officials who claim they were suspended so that they could be sidelined ahead of a crucial conference, are headed to the Labour Court on Friday to attempt to have their sanctions lifted. If this is unsuccessful, they will ask to have the... 

Numsa secretary-general Irvin Jim
Numsa secretary-general Irvin Jim

Roaring inflation, weak currencies to spur rate hikes in Africa

By: Bloomberg     19th July 2022 African central banks are escalating their fight against blistering inflation and currency weakness, with four out of six monetary policy committees likely to raise interest rates in the next two weeks. The banks’ deliberations will probably continue to center around surging food, fertilizer and... 

A photo of a customer in a supermarket

Eskom confirms load-shedding stages for this week

By: News24Wire      18th July 2022 Eskom confirmed that load-shedding will be kept at Stage 2 between 16:00 and midnight from Monday to Thursday. At the moment, Stage 1 is planned from Friday to Monday, also between 16:00 and midnight. "The stage of load-shedding for the rest of the period is dependent on returning generating... 

Electricity powerlines

Creecy criticises lack of climate finance progress since COP26  

By: Terence Creamer     18th July 2022 South Africa’s environment Minister Barbara Creecy has criticised the lack of progress, since COP26, in the area of climate finance support for developing countries, arguing that there has been a failure to promote “adequate ambition”. Speaking at the Petersberg Climate Dialogue in Berlin,... 

South Africa’s environment Minister Barbara Creecy
Photo by Creamer Media Chief Photographer Donna Slater
South Africa’s environment Minister Barbara Creecy

AfDB fund approves $11m grant for AfCFTA secretariat

By: Schalk Burger     18th July 2022 Development finance institution the African Development Bank's (AfDB's) African Development Fund approved an $11.02-million support package to the Permanent Secretariat of the African Continental Free Trade Area (AfCFTA) to help it enhance effective implementation. This second phase of support... 

BLSA's Mavuso flags small business sector risks, impacts

By: Schalk Burger     18th July 2022 Rising interest rates, fuel hikes and load-shedding are considerable challenges facing the South African small business sector and more support is needed for these businesses to take their rightful place as engines of growth and job creators for the economy, says Business Leadership South Africa... 

Indonesia as G20 host pushes for African Union representation

By: Bloomberg     18th July 2022 Indonesia will push the Group of 20 as this year’s host to include the African Union (AU) to ensure the plight and concerns of the continent would be represented in key meetings. President Joko Widodo will invite the union when leaders of the world’s largest economies convene in November. He made... 

IMF to cut global growth outlook ‘substantially’ at next review

By: Bloomberg     18th July 2022 The International Monetary Fund (IMF) will cut its global economic growth outlook “substantially” in its next update, as finance chiefs grapple with a shrinking list of options to address the worsening risks. Surging food and energy prices, slowing capital flows to emerging markets, the ongoing... 

First batch of border guards deployed in Limpopo to safeguard against illegal entry

By: Marleny Arnoldi     15th July 2022 The first group of Border Management Authority (BMA) border guards have been deployed at the Beitbridge border post, in Limpopo. Home Affairs Minister Dr Aaron Motsoaledi said in a release on July 15 that the guards are the first cohort of young men and women who have undergone a rigorous... 

South Africa to unveil solutions to power crisis within days

By: Reuters     15th July 2022 The South African government will within days announce new ways to address the country's worst power crisis yet, President Cyril Ramaphosa said on Friday. Addressing a South African Communist Party (SACP) conference, Ramaphosa said the government needed to "use every available means and remove... 

Energy crisis may spur South Africa to allow more private power

By: Bloomberg     15th July 2022 South Africa is considering more than doubling the amount private power producers can generate without requiring a license in a bid to reduce blackouts that are hobbling the economy, people with knowledge of the matter said. President Cyril Ramaphosa is racing to make an announcement as soon as... 

Electricity pylons

ANC considers second State-owned power utility to challenge Eskom 'monopoly' – Ramaphosa 

By: News24Wire      15th July 2022 African National Congress President Cyril Ramaphosa on Friday announced that the party is strongly considering the establishment of a second State-owned power utility to reduce the risk posed by Eskom's failings. Ramaphosa, who gave the ANC's message of support on the third day of the South... 

ANC President Cyril Ramaphosa
ANC President Cyril Ramaphosa

Business outlines 10-point plan for unlocking 15 GW of new electricity capacity 

By: Terence Creamer     14th July 2022 Business Unity South Africa (BUSA) has outlined a set of ten interventions that it believes could unlock much-needed investment into new generation and storage capacity over the coming two years and should be included as part of President Cyril Ramaphosa comprehensive plan for tackling... 

Cas Coovadia
Cas Coovadia

IRP 2019 implementation to continue while plan is reviewed, consulted and updated 

By: Terence Creamer     14th July 2022 Department of Mineral Resources and Energy (DMRE) director-general Jacob Mbele has confirmed that the Integrated Resource Plan of 2019 (IRP 2019) will continue to be implemented while it is reviewed, consulted, and updated – a process that is set to continue well into 2023. Speaking during a... 

DMRE director general Jacob Mbele
DMRE director general Jacob Mbele

Structural growth in South Africa to slow for the rest of this year

By: Schalk Burger     14th July 2022 While South Africa's real gross domestic product (GDP) growth expanded above consensus forecasts in the first quarter of this year, fading base effects, persistent structural constraints and the impact of Russia's invasion of Ukraine will result in growth slowing across the rest of the year,... 

Financial services, businesses can improve African export diversification

By: Schalk Burger     14th July 2022 The diversification of African exports and economies is the most viable means by which these countries can prosper in the global economy and survive vulnerabilities and economic uncertainties exacerbated by commodity price volatility, the United Nations Conference on Trade and Development’s... 

Deal with service delivery or face instability and desperate people, Godongwana warns  

By: News24Wire      14th July 2022 Just over a year after a wave of violent unrest swept through KwaZulu-Natal and Gauteng, Finance Minister Enoch Godongwana has warned that the continued decay of service delivery by local government is a fertile breeding ground for economic strife and future instability in SA. The minister on... 

Finance Minister Enoch Godongwana
Finance Minister Enoch Godongwana

South African rooibos tea industry pays out to indigenous people

By: Bloomberg     14th July 2022 South Africa’s rooibos tea industry paid R12.2-million to groups representing indigenous people in the country, part of a benefit-sharing agreement to recognize the original cultivators of the plant. A levy of 1.5% of the farm gate price of the herbal tea will be paid into a trust each year... 

New EO Durban chapter president says KZN entrepreneurs have much to look forward to

By: Schalk Burger     14th July 2022 The Durban chapter of global network Entrepreneurs’ Organisation’s (EO’s) newly appointed president Denzil Steyn says there is much to celebrate as entrepreneurs in the KwaZulu-Natal province, despite Durban’s businesses facing a new set of hurdles in the face of local and global economic... 

AfDB named most transparent development organisation in the world

By: Thabi Madiba     13th July 2022 Global campaign for aid and development transparency, Publish What You Fund has named African Development Bank the most transparent organisation in the world, with a top score of 98.5. 

Image of AfDB President Dr Akinwumi Adesina
Photo by Reuters
AfDB President Dr Akinwumi Adesina

UK Africa Minister has visited South Africa to discuss just energy transition and other issues

By: Rebecca Campbell     13th July 2022 The UK High Commission (embassy) in Pretoria reported on Wednesday that that country’s Minister (equivalent to Deputy Minister in South Africa) for Africa, Latin America and the Caribbean, Vicky Ford, had visited South Africa on Monday and Tuesday. The visit had focused on the Just Energy... 

Sanlam welcomes infrastructure investment Regulation 28, warns uncertainty persists at instrument level

By: Schalk Burger     13th July 2022 The gazetted amendments to Regulation 28 of the Pension Funds Act, which are set to take effect from January 3, 2023, have a broader definition of infrastructure than the first draft of the changes and are welcome, as the changes now include investment in private infrastructure, says Sanlam... 

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