5 important things happening in South Africa today

 ·7 Dec 2023

Here’s what is happening in and affecting South Africa today:

  • NHI heads to Ramaphosa: The National Council of Provinces has adopted the National Health Insurance Bill and will send it on to President Cyril Ramaphosa for consideration and to be signed into law. The controversial bill was pushed through by ANC majority-led provinces. [BuinessTech]

  • Government doesn’t pay: National and provincial government departments have failed to pay R11 billion of invoices from service providers due to a lack of capacity, budget constraints, and poor financial controls. According to the Public Service Commission (PSC), the main culprits at the national level are home affairs, correctional services, defence, police, agriculture, transport, water and sanitation, public works and infrastructure, health, and tourism. [Daily Investor]

  • Investment nightmares become a reality: French companies chose to hold off on committing investments in South Africa as international business leaders are eager to see material improvements around energy stability, logistics efficiencies, port competitiveness, anti-corruption measures, and an improved investor visa application process, said Sébastien de Place, president of the French Foreign Trade Advisor in SA and a partner at Mazars. France is SA’s second-largest trading partner within the European Union. [News24]

  • End of the road is near for power ships: Minister of Minerals & Energy Gwede Mantashe has given the remaining five (out of 11) preferred bidders under the risk mitigation independent power producer procurement round (RMIPPPP) – including Karpowership SA’s three floating gas-to-power plants – until end-December 2023 to reach commercial close. Failure to meet this deadline should be the end of the road for them. [Business Day]

  • Markets: The South African rand firmed on Wednesday after subdued U.S. labour data boosted bets that the Federal Reserve was done hiking interest rates and might start easing its monetary policy early next year. On Thursday (7 December), the rand was trading at R18.99 to the dollar, R23.83 to the pound and R20.44 to the euro. Oil is trading at $74.66 a barrel. [Reuters]

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