Economy | Macro and Micro

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Macro and Micro News

Uneca discusses reforms to address SOE debt challenges to Africa's growth

By: Schalk Burger 27th August 2024 The United Nations Economic Commission for Africa (Uneca) hosted high-level discussions about tackling the growing challenges of State-owned enterprise (SOE) debt in Africa, highlighting the vital role played by SOEs in many African countries' socioeconomic performance. Critical public services... →

South African food inflation continued to decelerate last month

By: Rebecca Campbell 27th August 2024 South African food and non-alcoholic beverage (NAB) inflation (hereafter to be referred to just as food inflation, for short) decelerated again in July, in year-on-year (y-o-y) terms, to 4.5%, the Bureau for Food and Agricultural Policy (BFAP) has reported, in its latest Food Inflation Brief.... →

Free State Agriculture highlights crime along Lesotho border to Free State MECs

By: Schalk Burger 27th August 2024 Agriculture organisation Free State Agriculture (FSA) met with members of the executive council (MECs) in the province to highlight increasing crime affecting communities and farmers on the border between South Africa and Lesotho. The challenges include illegal crossing routes into Lesotho which... →

Solidarity launches skills bank to boost growth, job creation

By: Thabi Shomolekae 27th August 2024 Trade Union Solidarity on Tuesday pointed out that a precondition for growth and job creation in South Africa is excellent infrastructure and appointing the people with appropriate skills, publicly launching its skills bank with which it aims to tackle the lack of skills in the public sector.... →

Nersa promises ‘utmost transparency’ after confirming receipt of Eskom's MYPD6 submission

By: Terence Creamer 27th August 2024 The National Energy Regulator of South Africa (Nersa) has confirmed that it received, on August 16, Eskom’s sixth multiyear price determination (MYPD6) revenue application for the 2025/26, 2026/27 and 2027/28 financial years. In a statement the regulator said that the application would be... →

Nersa has committed to ensuring that all regulatory processes, including public hearings, are followed for the MYPD6 application

Photo by Creamer Media
Nersa has committed to ensuring that all regulatory processes, including public hearings, are followed for the MYPD6 application

Clause posing threat to municipal electricity revenues may be excluded when ERA enters into force

By: Terence Creamer 26th August 2024 President Cyril Ramaphosa has left the door open to excluding a section in the Electricity Regulation Amendment (ERA) Act that could negatively affect the revenues municipalities raise from electricity sales when the legislation is officially implemented. Ramaphosa signed the ERA on August 20,... →

President Cyril Ramaphosa

IFC confirms eagerness to fund private grid projects in South Africa

By: Terence Creamer 26th August 2024 The International Finance Corporation (IFC) has confirmed that its stands ready to support South Africa’s efforts to facilitate private sector participation in the expansion of the country’s electricity grid. IFC Africa VP Sérgio Pimenta told Engineering News during his recent visit to South... →

IFC Africa VP Sérgio Pimenta

Fostering global success through diversity

23rd August 2024 In the effort to encourage women’s participation in male-dominated sectors of the economy, global engineering consultancy SRK Consulting asserts that it is vital to start with company values that prioritise personal and professional growth, while embracing the power of diversity. Although SRK... →

NATASHA MOODLEY SRK has provided its staff - especially women - incredible opportunities for growth and development that were previously limited

Timeline for inaugural IEP announced as govt sets year-end target for updated IRP

By: Terence Creamer 23rd August 2024 The South African government aims to Gazette an update to the Integrated Resource Plan (IRP) for electricity before the end of the 2024 calendar year and finalise South Africa’s inaugural Integrated Energy Plan (IEP) by the second quarter of the 2025/26 fiscal year. The timelines were provided... →

Embracing diversity an ironclad requirement

By: Lumkile Nkomfe 23rd August 2024 To overcome gender-biased stereotypes and preconceptions in the workplace, concerted efforts to embrace diversity and inclusion should be a non-negotiable hallmark of corporate strategy, highlights international banking group Standard Chartered Africa and Middle East financing and securities... →

MARIA JENNER The financial services industry has a responsibility to serve a highly diverse society, which can only be done through it having a diverse workforce

Transformation integral to development

By: Lumkile Nkomfe 23rd August 2024 Amid the operational challenges of the country’s transport sector, freight forwarding solutions company Tswalanang Logistics highlights the necessity of creating educational opportunities and upskilling women to realise positive long-term economic and social outcomes. While there are sizable... →

ORATILE SEKELE Women should be more receptive to collaborative opportunities and engagements with other women, and should nurture their ability to build and harness relationships, as this is key to the overall longevity of logistics businesses

Resilience key to career growth in logistics

By: Lumkile Nkomfe 23rd August 2024 Amid the gender challenges in the freight and logistics sector, Southern African Association of Freight Forwarders (SAAFF) CEO Dr Juanita Maree stresses the importance of women developing a persistent, determined and undeterred mindset, citing this as an essential ingredient for sustained... →

JUANITA MAREEToday, the rhetoric must move as women progress beyond barriers on the strength of their skill sets

Women’s participation key to economic growth – investment firm

By: Lumkile Nkomfe 23rd August 2024 Efforts to facilitate the greater participation of women in key sectors of the economy, such as the transport sector, are viewed with the utmost importance by women-led investment firm Identity Partners. The impetus for developing this business, established in 2008, was the desire to increase... →

SONJA DE BRUYN Infrastructure projects and partnerships can be integral to enhancing equality, in addition to safe and effective transport infrastructure's facilitating the movement of women, and therefore, assisting in their participation in economic activity

Identity Partners co-founder and principal partner Sonja De Bruyn discussing the significant roles that women play in industry

Cabinet committee probing ways to moderate fuel prices set to turn attention to electricity hikes next

By: Terence Creamer 22nd August 2024 Minister in the Presidency Khumbudzo Ntshavheni reports that the Cabinet committee set up to consider interventions to moderate fuel price increases is likely to turn its attention to electricity tariffs amid growing fears of another steep hike in 2025. Responding to questions posed during a... →

Minister in the Presidency Khumbudzo Ntshavheni

Trade and investment to be key themes of Ramaphosa’s upcoming State visit to China

By: Terence Creamer 22nd August 2024 Trade and investment relations will be key themes during President Cyril Ramaphosa State visit to the People’s Republic of China from September 2 to 5, Minister in The Presidency Khumbudzo Ntshavheni has confirmed. The visit follows President Xi Jinping’s fourth State Visit to South Africa in 2023. →

President Xi Jinping and President Cyril Ramaphosa during the Chinese leader's State visit to South Africa last year

National Minimum Wage Commission invites inputs for 2025 determination

By: Schalk Burger 21st August 2024 The National Minimum Wage (NMW) Commission is inviting stakeholders with an interest in the NMW to make a representation of possible adjustments in the policy instrument. The commission is conducting an investigation into possible adjustments to the NMW and will submit its recommendations to... →

South Africa inflation drops sharply, cementing rate cut expectations

By: Reuters 21st August 2024 South Africa's inflation dropped more than expected in July, falling to within touching distance of the central bank's target and cementing analysts' expectations that the bank will cut interest rates next month. Headline consumer inflation fell to a more than three year low of 4.6% year on year... →

S Africa moving to finalise framework for private sector participation in rail and ports

By: Bloomberg 20th August 2024 South Africa plans to complete a framework for private companies to use State-owned port and rail infrastructure within six months, Transport Minister Barbara Creecy said, a move that could help the government solve severe logistics constraints that have hit economic growth. The framework will... →

Transport Minister Barbara Creecy

Sasol extends gas supply plateau to June 2027 but only as ‘bridge’ to LNG imports

By: Terence Creamer 20th August 2024 Energy and chemicals group Sasol has confirmed a yearlong extension, to June 2027, in its gas supply from southern Mozambique to South African industrial customers, which have been warning of a potential gas supply cliff as from next year. However, the JSE-listed group has again reiterated its... →

Sasol CEO Simon Baloyi

Risk from Mpox to travellers in SADC remains low – tourism organisation

By: Schalk Burger 20th August 2024 The risk of Mpox transmission in Southern African Development Community (SADC) countries remains lower than in many traveller source markets, and typical tourist activities do not put travellers at a high risk for contracting Mpox, says tourism development organisation the SADC Business Council... →

Interest from IPPs aiming to connect renewables to grid surges to 133 GW

By: Terence Creamer 19th August 2024 The latest edition of the South African Renewable Energy Grid Survey points to there being massive and growing interest from developers of solar PV, wind, battery and hybrid plants to connect to the South African grid. Published jointly by Eskom Holdings’ National Transmission Company South... →

Photo by South African Renewable Energy Grid Survey 2024
There is growing interest from renewables developers to connect projects to the grid

Wind bids fall well short of BW7 allocation, while PV bids far exceed provision

By: Terence Creamer 19th August 2024 The Independent Power Producer Office (IPPO) has confirmed that 48 onshore wind and solar PV bids with a combined capacity of 10 218 MW have been submitted under Bid Window Seven (BW7) of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The bids were submitted on... →

Solar PV with powerlines in the background

After third round of municipal wage negotiations, parties to consider 6% wage increase

By: Schalk Burger 19th August 2024 The South African Local Government Association (Salga) and organised labour have concluded a third round of salary and wage negotiations, with the facilitators’ proposal of a 6% wage increase now on the table. The parties will now consider the proposed 6% increase, along with the facilitators'... →

Ramokgopa withdraws 2.5 GW nuclear-procurement determination citing lack of public consultation

By: Terence Creamer 16th August 2024 Electricity and Energy Minister Dr Kgosientsho Ramokgopa has withdrawn a Ministerial determination for the procurement of 2 500 MW of new nuclear capacity, which was being contested legally, having concluded that there was insufficient public consultation prior to the regulator providing its... →

Electricity and Energy Minister Dr Kgosientsho Ramokgopa

Necom's focus, Transnet's recovery and the future of Operation Vulindlela make headlines

By: Creamer Media Reporter 16th August 2024 Engineering News editor Terence Creamer discusses some of the key outcomes of the first meeting between Cabinet member and business leaders since the formation of the Government of National Unity. →

Necom's focus, Transnet's recovery and the future of Operation Vulindlela make headlines

Second Presidential Health Compact postponed as Busa lodges objection with President

By: Thabi Shomolekae 14th August 2024 The Presidency announced the postponement of the signing of the Second Presidential Health Compact to August 22, with Business Unity South Africa (Busa) stating its objection to the Compact. The event was initially scheduled for Thursday. →

Busa CEO Cas Coovadia

S Africa urged to lift growth as business confidence rises

By: Bloomberg 14th August 2024 South Africa’s new multi-party government has an opportunity to boost economic growth and investment, the country’s Chamber of Commerce said, as it announced a slight recovery in business confidence over the last two months. A measure of sentiment compiled by the South African Chamber of Commerce... →

‘Necom 2.0’ to focus on system-wide constraints to electricity security and affordability

By: Terence Creamer 14th August 2024 Amid waning loadshedding, government and business have agreed to begin “repurposing” the National Energy Crisis Committee (Necom) to shift focus from interventions aimed at arresting the operational crisis at Eskom’s coal stations to addressing system-wide pressures, including growing concern... →

Energy Council of South Africa CEO James Mackay

Rising prices are deepening the electricity divide in South Africa

By: Bloomberg 14th August 2024 Late last year, residents of Yeoville and Bellevue — crumbling inner city areas of Johannesburg — went without power for four weeks after a 63-year-old cable broke. For several months after, power to the electricity supply was rotated between the two areas in four-hour blocks. Then the cuts were... →

Over-subsidisation compensating for industrial policy failures, economist says

By: Darren Parker 13th August 2024 Trade and Industrial Policy Strategies (TIPS) senior economist Nokwanda Maseko has complained that the State is overcompensating and providing too many subsidies to make up for industrial policy's failures in offering opportunities to women in key industries. “There’s an overcompensation and... →

DBSA urged to play leading role in fixing municipalities during next phase of Operation Vulindlela

By: Terence Creamer 13th August 2024 Deputy Finance Minister David Masondo has called on the Development Bank of Southern Africa (DBSA), which is a major lender to local government, to play a leading role in supporting the Government of National Unity’s plan to fix municipalities as part of the second phase of Operation Vulindlela.... →

Unemployment rate worsens to 33.5% in the second quarter

By: Creamer Media Reporter 13th August 2024 South Africa's unemployment rate worsened by 0.6 of a percentage point to 33.5% in the second quarter, from 32.9% in the first quarter. The expanded unemployment rate, which includes discouraged work seekers, also worsened by 0.7 of a percentage point to 42.6%, Statistics South Africa (Stats SA)... →

Home Affairs aiming to clear visa backlog by December – Minister

By: Tasneem Bulbulia 12th August 2024 Home Affairs Minister Dr Leon Schreiber is confident that the department will be able to clear the 300 000-plus visa backlog by December, as he looks to tackle key issues facing the entity and position it as an enabler of economic growth. This was highlighted by the new Minister at an engagement... →

Xpatweb MD Marisa Jacobs and Home Affairs Minister Dr Leon Schreiber

Expanded pilot project planned to help munis pay Eskom as arrear debt continues to rise

By: Terence Creamer 12th August 2024 Electricity and Energy Minister Dr Kgosientsho Ramokgopa reports that a new pilot project is being prepared to further “stress test” an initiative aimed at ensuring that municipalities settle their accounts with Eskom in a context where municipal arrear debt has grown to about R78-billion. The... →

Electricity and Energy Minister Dr Kgosientsho Ramokgopa

Private placements, carbon seen by JSE as African growth route

By: Bloomberg 12th August 2024 JSE, which operates Africa’s biggest stock and bond exchanges, is looking to expand its private placement and carbon offset platforms across the continent. The JSE Private Placements platform, which allows companies to raise money from select investors through the sale of equity or issuing of... →

Photo by Bloomberg
JSE CEO Leila Fourie

Afreximbank will double intra-African trade financing to $40bn by 2026

By: Schalk Burger 12th August 2024 Trade finance institution the African Export-Import Bank (Afreximbank) plans to double its financing of intra-African trade from $20-billion in 2021 to $40-billion by 2026, Afreximbank Global Trade Bank EVP Haytham ElMaayergi has said. “Afreximbank had been a champion of facilitating... →

Photo by Afreximbank
Afreximbank Global Trade Bank EVP Haytham ElMaayergi 0824

South Africa must focus on export competitiveness – Mavuso

By: Schalk Burger 12th August 2024 South Africa must develop industrial policies that build the international competitiveness of its export industries, including by enabling small businesses that could be exporting much more, particularly to neighbouring countries and particularly in services exports, says business organisation... →

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