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Southern Africa

South Africa’s Power Utility Is Hoping for a Tariff Hike. It May Not Get It

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South Africa’s National Energy Regulator (NERSA) is soon to decide if the country’s power utility, Eskom, should be granted an exemption from a long list of regulatory reporting requirements when it submits a new tariff application next month. The reporting requirements centre around thousands of detailed cost and sales items making up Eskom’s financial and regulatory accounts – information that’s ...

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Zimbabwe: Minister Orders Harare to Recover Looted $280,000

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Local government minister, Saviour Kasukuwere, has directed the Harare City Council to recover and return to council coffers some $282,000 which was looted by top officials. A recent government audit at Town House revealed that four council officials unlawfully transferred $282 000 from the local authority’s beer levy to their personal accounts in 2014. According to the audit report the ...

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Namibia secures $750 million loan from African Development Bank

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Namibia has secured a 10 billion Namibian dollars ($750 million)loan from the African Development Bank to finance its budget deficit and infrastructure projects, Finance Minister Calle Schlettwein said on Thursday. Namibia’s budget deficit is expected to narrow to 3.6 percent of GDP in the current 2017/18 fiscal year from 6.3 percent in the prior year. Schlettwein said the loan will ...

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Angola:Plane Power: How Software and Jet Engine Tech is Helping Angola Leapfrog into the Digital Age

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Available capital isn’t the only obstacle to economic growth in Sub-Saharan Africa. Another major hurdle is the lack of reliable electricity. In fact, large parts of the region have no power at all. This makes it hard for entrepreneurs to build businesses, create jobs and generate wealth. But things are changing. This week, Angola, Africa’s third-largest economy, signed a deal ...

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South Africa: Sassa Still Has 50 000 Deduction Complaints to Deal With – Dlamini

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Social Development Minister Bathabile Dlamini has told MPs that more than 50 000 grant beneficiary complaints were incomplete as they were still waiting for affidavits from complainants. Dlamini told the National Council of Provinces on Tuesday that the South African Social Security Agency had received 95 429 disputes from grant beneficiaries from April 2016 to February 2017. Illegal deductions “Most ...

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S.A needs to clarify policy to boost confidence: Gigaba

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South Africa needs to provide policy clarity to boost investor confidence, after a cabinet reshuffle and a pledge to introduce “radical economic transformation”, Finance Minister Malusi Gigaba said on Tuesday. Gigaba’s comments echo those of President Jacob Zuma about redistributing wealth, which remains largely in the hands of the white minority more than two decades after apartheid ended, raising uncertainty ...

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S.A close to launch of challenger to “big four” banks

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South Africa is close to spinning a state-owned bank out of its postal service that will lend to the country’s poor and distribute welfare grants, in a bid to loosen the grip of private sector banks. Financial services, the largest sector of the South African economy at 20 percent of nominal GDP, have long been perceived as being dominated by ...

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Zimbabwe: Mangundya Must Resign Over Bond Notes Failure – Pressure Groups

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CIVIL society movements have demanded the immediate resignation of Reserve Bank of Zimbabwe Governor, John Mangudya over the failure of bond notes to ease the country’s cash crisis. Addressing a press conference in Harare Tuesday, spokesperson for the organisations, Pastor Evan Mawarire of This Flag movement, said Mangudya had promised to resign if the bond notes failed. “In essence, the ...

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Zimbabwe: Chinese Firm to Set Up Assembly Plant in Zim

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One of the world’s leading automotive manufacturing companies, FAW Group Corporation is in the initial stages of setting up a vehicle assembly plant in Zimbabwe this year. This planned development is expected to boost Government’s efforts to revive the country’s motor assembly industry.As part of its commitment to investing in the county, FAW Zimbabwe recently opened a showroom and offices ...

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S.A rand expected to trade 5% weaker towards ANC conference in December

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South Africa’s rand will remain resilient in the short term in the absence of policy surprises and further downgrades, but the currency will weaken towards a December conference of the ruling African National Congress, a Reuters poll showed. The poll of up to 40 strategists suggested the rand would trade five percent weaker at 13.99 against the greenback at the ...

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