Africa

 

S&P Downgrades South Africa To Full Junk Status As Rand Slides

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S&P Global Ratings on Friday evening lowered its long-term foreign currency sovereign credit rating on the Republic of South Africa to ‘BB’ from ‘BB+’ and affirmed the ‘B’ short-term foreign currency sovereign credit rating. The outlook is stable. At the same time, the long-term local currency sovereign credit rating was lowered to ‘BB+’ from ‘BBB-‘..
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Gigaba: SA To Raise Revenue By R15bn In 2018’s Budget To Curb Debt

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South Africa will implement spending cuts of R25 billion rand and raise revenue by R15 billion in next year’s budget to contain growing debt, Finance Minister Malusi Gigaba told Parliament on Wednesday. Gigaba said the extra R40 billion, or 0.8% of GDP, would be used to tackle rising public debt which otherwise could balloon beyond..
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ANC regime is the reason why South African citizens live in poverty

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Two equal evils, poverty and inequality lie at the root of South Africa’s economic problems. Both should be treated equally. If the focus is only on inequality, it will create an economy where everyone is equally poor, except the elite which holds power, said adv. Anton Alberts, chairman of the FF Plus. Adv. Alberts said..
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Officer investigated for fraud was nominated for trip to France

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Instead of suspending a high-ranking police officer who is under investigation for fraud, the police wanted to send her on a trip to France. The Portfolio Committee on Police on Wednesday took a dim view when acting head of crime intelligence Major General King Bhoyi Ngcobo – who has been described in the press as..
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No Tax  Revolt Coming To South Africa – Gigaba – What About Zuma?????????

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‘We will revolt against those who revolt against paying taxes,’ says Gigaba. South African Finance Minister Malusi Gigaba presented the 2017 Medium-Term Budget Policy Statement (MTBPS) in Parliament on Wednesday. Finance Minister Malusi Gigaba says that he does not foresee a “tax revolt” among South African citizens who are fed up with corruption and government’s..
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South Africa Is On The Path To Zimbabwe If We Don’t Act Now

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 Despite being called ‘hysterical‘ for warning people to get the money out of South Africa, economist Dawie Roodt insists that he is being completely responsible in warning citizens about the dark path the country is on. In a column published on Tuesday, Roodt said that South Africa is on the same route that many countries have..
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Just in SA – Power tariffs increase, municipalities do not pay

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Eskom has tried to explain their request for a tariff increase of almost 20 percent to Nersa, but it seems that several municipalities simply do not pay for Eskom services. Direct consumers of Eskom Power, such as farmers and industries, will be severely affected by the requested tariff increase. Now it appears that Eskom does..
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Zackie Achmat: SA is on the verge of ‘chaos’ – Yes we know that already!

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We must accept we are in an extremely dangerous situation where, unless we do something, we will create the moment of chaos.” This is the warning to South Africa from 55-year-old anti-apartheid activist and acclaimed Treatment Action Campaign (TAC) co-founder Zackie Achmat. “Everyone I know, all of us just hope Cyril [Ramaphosa] will win [the..
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Treasury senior official calls it quits as Zuma takeover looms

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Michael Sachs, the head of the budgeting office at the national treasury, has reportedly resigned because of interference in its budgeting process by the presidency. The Business Day newspaper reported on Monday morning that “a joint team from the treasury and the Office of the president” are searching for R40-billion in expenditure cuts from the..
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How you will pay for Zuma’s free education plan

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The government is considering drastic budget cuts to fund free higher education, including cutting social grants, freezing the roll-out of RDP houses and increasing taxes. With the country facing an unpre-cedented R50.8‑billion revenue hole, a treasury document has been put before President Jacob Zuma by the presidential fiscal committee, outlining possible areas where budgets could..
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