Here’s what is happening in and affecting South Africa today:
- President Cyril Ramaphosa is in a fresh push to get $100 billion in foreign investment, following a bleak budget update, as he tries to pull the South African economy out of recession. Ramaphosa will launch an investment summit today, presenting investment opportunities in sectors including agriculture, manufacturing and energy. [Reuters]
- The ANC in Gauteng has ruled out an additional fuel levy as a way to pay for e-tolls, though it maintains that the system must be scrapped. The party said that it is working on other creative proposals on how to pay for Gauteng’s roads, but in no way supports e-tolling. [EWN]
- More family members of EFF leadership are reportedly being linked the the billions stolen from VBS Mutual Bank, with the Mail & Guardian reporting that EFF leader Julius Malema’s cousin received ‘suspicious payments’ amounting to R5 million from deputy Floyd Shivambu’s brother Brian. [Mail & Guardian]
- Gauteng premier David Makhura says the DA needs to focus on the City of Tshwane, which is the worst-run metro in the province, instead of “wasting time” with motions of no confidence in Ekurhuleni. The DA failed to pass a motion of no confidence in mayor Mzwandile Masina. [eNCA]
- The South African rand weakened further on Thursday, as investors were rattled by bleak medium-term budget forecasts a day earlier and a stronger dollar, which dampened appetite for emerging markets globally. On Friday the rand was at R14.65 to the dollar, R18.79 to the pound and R16.66 to the euro.
Article sourced from BusinessTech
