No Result
View All Result
Friday, July 1, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport
    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport
    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

South Africa:Tshwane violence worrying – economist

bycitibusinessnews
June 22, 2016
in Africa, Southern Africa
Share on FacebookShare on TwitterShare on Whatsapp

Although intra-African National Congress (ANC), election-related, factional violence is being currently ignored by markets trading on external factors, it remains worrying, said emerging markets economist Peter Attard Montalto of Nomura.

He said at the moment, nothing is relevant to the market except the imminent Brexit referendum, and a shift to a yet more dovish view by the market on the Federal Reserve’s monetary committee is not helping the focus on domestic idiosyncratics.

“Nevertheless, we are increasingly concerned about the politically-motivated violent unrest occurring in the Metro of Tshwane (Pretoria),” he said.

ADVERTISEMENT

According to Montalto, investors have never really focused on intra-ANC violence in the recent past “because it has generally happened far away and has been under-reported in the financial press and on wires”.

“Tshwane is different,” he said, “both for its drivers and for the signals it sends us about how the ANC will slowly lose power over time. It is also relevant that Pretoria is somewhere any investor who has visited South Africa will have been.”

Montalto said flash points for the market will be if the army is sent in and if there are more fatalities (either as a result of the army being sent in, from police, or between factions).

On Wednesday, police officers and lawmen from across Gauteng were bracing for another day of civil unrest in Tshwane after reports of widespread violence overnight.

This follows days of protests in Atteridgeville, Soshanguve, Mamelodi, Hammanskraal and Mabopane after the announcement of Thoko Didiza as the ANC’s mayoral candidate for the sprawling metro.

On Tuesday buses were torched and police were stretched thin to quell mass looting of malls and shops owned by foreign nationals in the townships, reports News24.

“The market may well wake up post a vote to (a) Bremain wash-out if this is continuing,” said Montalto.

Adam Phillips of Umkhulu Consluting said in his morning report the problems in the Pretoria metropole have hardly been looked at from an international perspective.

The focus is clearly on the Brexit vote, with traders who still needed to balance their positions before the vote on Thursday going long USD versus the ZAR, he said.

“We saw a low of 14.62 yesterday before the EUR and GBP started moving weaker. Several banks warned yesterday that orders might not be able to be executed on their electronic platforms and (ECB president Mario) Draghi spoke that the ECB was there to act should currencies become volatile.”

He said a few more polls came out on Tuesday showing the vote was too close to call and this, coupled with Draghi’s speech, saw both GBP and EUR come off along with commodity prices.

“The ranges are still wild, however, both currencies are still trading near their lows of yesterday and that should be a pointer as to where all currencies may move for the rest of the day.

“For the rand, the move back up from below 14.65 to nearer 14.80 was swift and although a trifle overdone points to the ZAR staying within 14.70 to 14.80 for the rest of the day with some moves outside on both sides possible.”

At 07:21 on Wednesday the rand was trading at R14.75/$, R21.65/£ and R16.61/€.

Making sense of what’s going on

Montalto said this type of violence is hard to characterise. “It is not fully organised or orchestrated but, equally, is not fully mindless or random. It is crucially intra-ANC, however.

“It is based not on ideology but power struggles and, ultimately, the access to power that comes with being mayor of a major metro. Ultimately, it is about access to rent extraction and patronage networks.

“In this sense, we would say (tentatively, given the complexity of politics at this level) that this is a battle occurring within the ‘tenderpreneur sphere, not between the tenderpreneur camp’ and the rest of the ANC.

“Saying this is pro-Zuma vs anti-Zuma, however, is not clear and is probably the wrong way of looking at this – especially considering that the provincially Gauteng ANC is in the anti-Zuma camp.”

He said the link between the tenderpreneur camp and Zuma is of course relevant, and it is believed that both Mayor Kgosientso “Sputla” Ramokgopa and Deputy Mayor Mapiti Matsena have been more in the Zuma camp than the rest of the provincial leadership of the ANC.

“Put simply, this type of local politics is complicated. What this does highlight, however, are some of the risks of the transition of power from the ANC to more contested politics with other parties and the contestation for power within the ANC in such an environment.

“It shows the importance that ‘cadre deployment’ – choosing who will be in charge, have access to patronage networks and tender decisions – (has) within the ANC and how conflict can develop over this, spilling over into violence. This is what ultimately concerns us.”

–

Source: Fin24

Related Posts

Africa

Africa’s internet economy to cross $180 billion by 2025: Report

byBenjamin Aklama

Africa’s Internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly...

Read more

Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

Ticket prices to rise following B.A schedule change on Accra-London-Accra route

Bawumia calls for more AfDB support as African economies battle global challenges

Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

Take control of financing on the continent – Ofori-Atta to AfDB

Next Post

Nigeria: N50 Billion Debt - Amcon Takes Over Jimoh Ibrahim's Firms, Freezes Accounts

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.