News in South Africa 26th February: 1. South Africans are poorer: An analysis of household finances shows that real salaries have deteriorated in 2023, with South Africans going into more financial distress in the final quarter of last year. This is according to Investec chief economist Annabel Bishop, who pointed to data from BankservAfrica that […]
News in South Africa 20th February: 1. Rand weakens: The rand has weakened with the market worried about South Africa’s marked fiscal slippage. In the 2023 Medium-Term Budget Policy Statement (MBTPS), gross debt was projected to peak at 77.7% of GDP in 2025/26, far higher than February 2023’s Budget estimate of 73.6%. Investec Chief Economist […]
News in South Africa 16th February: 1. Bad news for taxpayers: The Finance Minister will likely announce an increase in tax rates in the Budget Speech later this month as the government’s revenue collections continue to disappoint, leaving a gap of R15 billion to be filled. This is feedback from financial services firm PwC, which […]
News in South Africa 13th February: 1. SA’s biggest risks: The biggest risks to South Africa’s 2024 economic outlook may come from insufficient power supply, strains on debt sustainability and the erosion of state legitimacy ahead of elections, according to Allianz. The global financial services giant estimates that South Africa’s economy will expand by 1.4% […]
News in South Africa 12th February: 1. Budget Speech incoming: Budget Speech season is here and based on Finance Minister Enoch Godongwana’s mid-term presentation, we can expect many complex challenges to be unpacked. Godongwana has projected that the government will miss its revenue targets by nearly R57 billion for the 2023/24 tax year, and then […]
News in South Africa 6th February: 1. Consumer relief on the horizon: Battered by low wage growth, high interest rates, and increasing debt levels, many South African consumers are in the worst financial shape they’ve been in for years, maybe even decades. The result is a persistently weak economy. This faltering economy, driven mostly by […]
News in South Africa 24th January: 1. SARB decision tomorrow: The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) is set to meet again this Thursday, 25 January, and most experts believe this meeting will be uneventful as the committee will keep the repo rate unchanged. Since the current interest rate hiking cycle started […]
News in South Africa 17th January: 1. Social unrest warning: South Africa is becoming increasingly fragile as it loses key social cohesion functions, risking increased violence, dissatisfaction and social unrest. This is the view of Wits governance expert Professor Alex van den Heever, who told SABC News that South Africa is showing an increase in fragility. His […]
News in South Africa 12th January: 1. SA to pay back R28 billion: Nations in Sub-Saharan Africa have been locked out of international debt markets for 22 months now, and investors are increasingly betting the drought will soon end as countries seek funding for a slew of principal payments coming due this year and next. […]
News in South Africa 20th December: 1. 20 Durban beaches open: As thousands of holidaymakers are expected to descend on Durban shores for the festive season, eThekwini Municipality Mayor Mxolisi Kaunda has assured visitors and residents that the city’s beaches are safe for swimming. Kaunda gave his assurance as he officially reopened the iconic uMhlanga […]
