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Budget News

Godongwana urges Eskom to sell assets as he confirms R88bn in new support

By: Terence Creamer 23rd February 2022 Finance Minister Enoch Godongwana confirmed that Eskom will receive a further R88-billion in government support until 2025/26 and that a comprehensive debt solution was still being explored for the financially unsustainable State-owned electricity producer. The support comes in addition to the... →

Govt signals reduction or elimination of guarantees for REIPPPP projects

By: Terence Creamer 23rd February 2022 A government study is currently under way to explore alternative support for the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), the National Treasury states in its 2022 Budget Review. “This is expected to result in a reduction or elimination of guarantee requirements... →

An image of solar panels, wind turbines and power pylons

Budget 2022 highlights

By: Creamer Media Reporter 23rd February 2022 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the highlights of Finance Minister Enoch Godongwana's maiden Budget speech. →

Budget 2022 highlights

Be mindful not to interpret 2021 economy windfall as long-term prosperity – Roux

By: Donna Slater 22nd February 2022 Ahead of Finance Minister Enoch Godongwana’s budget speech on February 23, University of Stellenbosch Business School economist Andre Roux says it would be “premature and foolhardy” to interpret economic growth in 2021, and moderate fiscal easing, as a preamble to better times. South Africa’s... →

Fedhasa hopeful tourism, hospitality industry will get more than footnote mention in budget speech

By: Donna Slater 21st February 2022 Hospitality industry representative body the Federated Hospitality Association of South Africa (Fedhasa) reports that South Africa’s tourism and hospitality industry hopes to receive greater attention in Finance Minister Enoch Godongwana’s upcoming 2022 budget speech beyond just a “footnote”... →

Federated Hospitality Association of South Africa national chairperson Rosemary Anderson

Govt, Stats SA encourage South Africans to participate in census

By: Donna Slater 17th February 2022 Government and Statistics South Africa (Stats SA) are encouraging anyone within the borders of South Africa to cooperate with census field workers and representatives as Stats SA performs the 2022 census. Stats SA conducts major censuses on the population of South Africa every ten years. →

Sugarcane farmers receive R60m in premium price payments

By: Darren Parker 31st January 2022 Sugarcane farmers received about R60-million worth of premium price payments on January 31 as agreed by the Small-Scale Grower Masterplan Task Team in accordance with the process laid out in the South African Sugarcane Value Chain Master Plan to 2030, which was endorsed by the board of the South... →

A photo of a sugar cane farmer holding a crop of sugar cane

Photo by Reuters
Farmers will benefit from the premium price since it will align their prices with the local market

Godongwana to table 'inaugural' budget on 23 February

By: News24Wire 20th January 2022 Finance Minister Enoch Godongwana will table the national budget on 23 February, 2022. The ministry of finance on Thursday issued an advisory - highlighting that this would be the minister's "inaugural" speech. Godongwana was appointed finance minister in August 2021, relieving his predecessor,... →

Finance Minister Enoch Godongwana

Rand facing Covid-19, political risks in 2022 – DG Capital

By: Donna Slater 11th January 2022 Although the rand ended 2021 “on the back foot” at R15.89/$, the Omicron variant of Covid-19 will remain a significant unknown in the financial market for 2022 as it is proving to be more transmissible but less severe than earlier variants, reports financial services solutions company DG Capital... →

Municipalities spend 21.5% of R521.3bn budget in the first quarter

By: Donna Slater 10th December 2021 The National Treasury reports that, on aggregate, municipalities spent 21.5% (R111.9-billion) of the total adopted expenditure budget of R521.3-billion for the first quarter of the 2021/22 financial year ended September 30. As for revenue, aggregate municipal billing and other revenue amounted... →

Medium-term budget

By: Terence Creamer 11th November 2021 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the key highlights from Finance Minister Enoch Godongwana's maiden mini-Budget, the spending pressures ahead of the February budget and the Minister's approach to State-owned companies. →

Medium-term budget

Minerals Council welcomes focus on structural reforms in MTBPS

By: Creamer Media Reporter 11th November 2021 The country requires a continued focus on stabilising the nation’s public finances and, most importantly, the critical need to implement more aggressive structural and institutional reforms that can drive up investment and inclusive growth in the economy, the Minerals Council South Africa says.... →

Godongwana describes commodity windfall as temporary as he holds consolidation line

By: Terence Creamer 11th November 2021 Finance Minister Enoch Godongwana indicated on Thursday that government regarded the revenue windfall that had arisen as a result of higher commodity prices as temporary and confirmed that fiscal consolidation would, thus, be sustained to reduce the Budget deficit and stabilise the national debt.... →

Photo by Reuters
Finance Minister Enoch Godongwana

Debt servicing costs contribute huge chunk of medium-term expenditure

By: Marleny Arnoldi 11th November 2021 Government’s rising debt service costs, at about R1-trillion over 2022/23 to 2024/25, is crowding out spending on service delivery functions. Debt service costs will, on average, consume 21c of every rand collected in revenue over the medium term. These costs will average R334-billion a year. →

No immediate Eskom debt solution, as Minister outlines ‘tough love’ stance on SOEs

By: Terence Creamer 11th November 2021 Finance Minister Enoch Godongwana offered no new insight in his maiden address to lawmakers into how government intended approaching the issue of Eskom’s R400-billion debt burden, which has been labelled unsustainable by the utility, and also refrained from making any new provisions for... →

Agri SA hopes MTBPS will help address structural, SOE challenges

By: Schalk Burger 10th November 2021 Agricultural industry organisation Agri SA says the Medium Term Budget Policy Statement (MTBPS) to be delivered by Finance Minister Enoch Godongwana on November 11 should address structural challenges, including sentiments around State-owned enterprises (SOEs) and if there are any unbudgeted... →

R1.5bn allocated to assist businesses affected by July civil unrest

By: Donna Slater 20th October 2021 Money pooled by the Department of Trade, Industry and Competition (DTIC), the Industrial Development Corporation (IDC), the National Empowerment Fund and the Solidarity Fund to address disruption and losses to businesses affected by the mid-July civil unrest has amounted to R1.5-billion. Trade,... →

Reservior awaits commissioning

By: Darren Parker 15th October 2021 A 25 Mℓ reservoir on Dann road in Glen Marais, Kempton Park, in Gauteng, has still not been commissioned, despite being completed in November 2018 at a cost of about R48-million. Almost three years after construction was completed, the reservoir remains empty and unused. →

A photo of a concrete reservoir under construction

UNDER CONSTRUCTION The City of Ekurhuleni is busy building several large reservoirs across the city as part of a long-term water security plan

Clear understanding between govt, business needed to boost economic recovery – Mavuso

By: Donna Slater 4th October 2021 Little can be done to drive an economic recovery without a clear understanding between business and government, says Business Leadership South Africa CEO Busi Mavuso, who joined other business representatives in a meeting with President Cyril Ramaphosa and his senior colleagues at the end of... →

Global economy to face several headwinds going into second half – Fitch Solutions

By: Donna Slater 29th September 2021 Despite the global economy having performed strongly in the first half of the year, global economic activity has peaked and is starting to face several headwinds, says financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions)... →

Botswana, Namibia outline efforts towards green bonds, sustainable stock exchanges

By: Donna Slater 28th September 2021 After South Africa, Namibia, through its Namibian Stock Exchange, is the second African country to issue a green bond after signing up to the United Nations’ (UN’s) sustainable stock exchanges initiative, said Namibian Stock Exchange CEO Tiaan Bazuin. Speaking during the Southern Africa Green... →

Green bonds provide balance to traditional investment vehicles

By: Donna Slater 27th September 2021 Compared with traditional impact investment vehicles, which tend to be private equity, green bonds provide a “nice balance” in achieving a desired investment impact, environment, social and governance (ESG) advisory firm EBS Advisory CEO James Brice said during the Southern Africa Green Bonds... →

Municipality in support of niche and light industry

10th September 2021 According to Knysna Planning and Development MMC Mncedisi Skosana, the local leadership has been investigating ways of diversifying the area’s economic drivers and contributors. →

Infrastructure upgrades for eThekwini municipality

10th September 2021 Consulting engineers Bosch Projects and financial institution Bosch Capital – members of the Bosch Holdings group of companies – work closely with municipalities nationally to assist with upgrading infrastructure. →

Failure to heed warnings about a disease like Covid-19 a bigger risk than the disease itself – Whitfield

By: Donna Slater 24th August 2021 The major risk posed by Covid-19 is not the disease itself, but instead humankind’s inaction to heed calls that such an event could lead to the crippling of global economies and other systems, independent broadcaster, journalist and writer Bruce Whitfield said on August 24. He gave the keynote... →

DTIC opens R3.75bn relief package for businesses affected by civil unrest

By: Donna Slater 11th August 2021 Eligible businesses can now apply for loans under the R3.75-billion economic recovery support package, announced by Trade, Industry and Competition Minister Ebrahim Patel a fortnight ago to assist businesses that were impacted by the mid-July civil unrest in KwaZulu-Natal and Gauteng. The DTIC... →

S&P not planning immediate rating actions as a result of civil unrest

By: Donna Slater 27th July 2021 Ratings agency Standard & Poors (S&P) Global Ratings does not expect to take any immediate rating actions in the wake of the mid-July civil unrest that affected KwaZulu-Natal and parts of Gauteng. The unrest, which included widespread looting, violence, vandalism, loss and damage of stock, left... →

Investment event targets S Africa and Germany

By: Halima Frost 23rd July 2021 The annual Africa Financial Services Investment Conference – Investing in Africa event, known as AFSIC, organised by hosting company Africa Events Limited, will be held in London, UK, on October 11 and 12. The event provides a forum for investors, business leaders and dealmakers to build... →

Panel discussion at AFSIC Investing in Africa event

SEATED DEBATE The forums and mini country-summits will focus on highlighting investment and business opportunities in Africa

Company provides energy storage for hospital

By: Anna Moross 25th June 2021 Solar energy company SustainSolar has completed the supply of its battery energy storage system to the Cecilia Makiwane Hospital in East London, in the Eastern Cape. →

BATTERY ENERGY STORAGE The aim of the project – successfully completed at the end of March this year – is to alleviate healthcare pressure at the hospital during the Covid-19 pandemic

Transformational investing a challenge for developing nations – investment panel

By: Donna Slater 14th June 2021 Africa presents a unique case for the type of transformational investing that is required for sustainability, to meet the United Nations’ Sustainable Development Goals (SDGs) and to achieve net-zero carbon emissions by 2050, according to panellists participating in a Sanlam Investments Forum on... →

Collaborative effort needed to reignite sector

By: Halima Frost 11th June 2021 To address the effects of the lack of infrastructure projects in South Africa, cement manufacturer Pretoria Portland Cement (PPC) MD Njombo Lekula has called for industry and government to work together to mitigate the knock-on effects on the cement sector. “We urgently need an agile and... →

PLANT POWER PPC has invested substantially in improving its various plants technologies and infrastructure to maximise efficacy

Pandemic highlights investment opportunities

By: Halima Frost 4th June 2021 Covid-19 has highlighted the importance of strengthening supply chains in Africa to reduce reliance on other continents, where possible, private equity investment firm Agile Capital principal dealmaker Liz Kolobe tells Engineering News. Therefore, the company has announced that it is open to... →

LIZ KOLOBE Agile Capital has announced that it is open to exploring new opportunities and is looking to deploy the capital it has available in its fourth private equity fund

Sakeliga starts court proceedings to realign municipal administration

By: Donna Slater 31st May 2021 Independent business community Sakeliga has instituted court proceedings to reverse municipal decline throughout South Africa, proposing a new form of municipal administration, with independent control over electricity and other service charges. In court papers currently being served on two... →

Looming environmental crises to require $8.1tr by 2050 to mitigate impacts

By: Donna Slater 28th May 2021 A report into the climate, biodiversity and land degradation crises reveals that, to tackle these matters, a total investment in nature of $8.1-trillion is required over the next three decades, amounting to $536-billion a year by 2050. United Nations (UN) Environmental Programme executive... →

Mboweni appoints ombud council leaders

By: Donna Slater 24th May 2021 Finance Minister Tito Mboweni has appointed the first Ombud Council board and council Chief Ombud, independent consultant Eileen Meyer, giving effect to the new financial ombud system in terms of the Financial Sector Regulation Act. Meyer will serve in her position as a transitional measure,... →

Critical structural reforms taking too long – BLSA

By: Donna Slater 24th May 2021 The structural reform required to transform South Africa’s economy has “frustratingly” progressed very little, even with the establishment of Operation Vulindlela, Business Leadership South Africa (BLSA) CEO Busi Mavuso asserts. She says organised business has consistently argued that South... →

Photo by Creamer Media's Donna Slater
BLSA CEO Busi Mavuso

Construction turnaround requires collaboration

By: Darren Parker 21st May 2021 Partnerships between the private and public sectors are paramount to turning the built environment and construction sectors around in South Africa, says engineering firm Aecom Africa programme cost consulting director Dean Narainsamy. “This will encourage collaborative thinking and combine the... →

DEAN NARAINSAMY We are losing key resources and skills sets to emigration

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