Author: Agency
President Cyril Ramaphosa has announced Dr Kgosientsho Ramokgopa as the new Minister in the Presidency for Electricity. The announcement of the newly established position was made by the President during an address to the nation on Monday evening. President Ramaphosa said in his new role, Ramokgopa’s primary goal will be to drive government’s programme of significantly reducing the “severity and frequency of load shedding as a matter of urgency” and to expedite government’s work to ensure the full implementation of the Energy Action Plan. “To effectively oversee the electricity crisis response, the appointed Minister will have political responsibility, authority and…
Government has introduced a R9 billion tax relief programme to support South Africa’s clean energy transition, increase electricity supply and limit the impact of consistently high fuel prices. The programme was on Wednesday unveiled by Finance Minister Enoch Godongwana while delivering the 2023 Budget Speech at the Cape Town City Hall. In addition, the budget provides inflation-related adjustments to the personal income tax tables, the retirement tax tables, transfer duties and excise duties for alcohol and tobacco. The 2023 Budget Review report indicates that while R4 billion in relief was provided for households that install solar panels, R5 billion was…
Government spending on infrastructure is expected to reach some R903 billion over the next three years with state owned companies contributing the lion’s share to this investment. This was announced by Finance Minister Enoch Godongwana when he delivered the Budget Speech at the Cape Town City Hall on Wednesday. The Minister said at least R448 billion of this will be spent by state owned companies and entities through public partnerships. “Infrastructure investments lay the foundation for inclusive and sustainable growth; they address supply-side constraints; and expand access to basic services. “Overall, the public sector is projected to spend R903 billion…
While South Africa’s economy grew by an estimated 2.5% in 2022, the growth outlook has deteriorated to a predicted 1.4% growth over the next three years. This was compared with the 1.6% prediction in the 2022 Medium Term Budget Policy Statement (MTBPS). The crystal glazing was on Wednesday outlined by Finance Minister Enoch Godongwana while delivering the 2023 Budget Speech, at the Cape Town City Hall. In real terms, the Treasury anticipates that the Gross Domestic Product (GDP) will grow by a fractional 0.9% in 2023. The Minister said: “At R4.6 trillion, the size of the economy in 2022 was bigger…
For the second successive year, government will not increase the general fuel and the Road Accident Fund (RAF) levies, in a bid to reduce pressure on households and businesses. This will see government forego R4 billion in revenue. Finance Minister Enoch Godongwana made this announcement in his 2023 Budget Speech, delivered on Wednesday at the Cape Town City Hall. Last year saw fuel prices soar driven by international crude oil prices, supply-demand balances and the rand-dollar exchange rate. This was as a result of steep increases in world market prices. During this period, inland unleaded petrol mostly remained above R20…
Finance Minister Enoch Godongwana has announced that social grants will increase by at least 5% in the next financial year. “R66 billion is allocated to Social Development over the medium term, with R36 billion to fund the extension of the COVID-19 Social Relief of Distress [SRD] grant until 31 March 2024. R30 billion will be used for inflation-linked increases for other social grants,” Godongwana said. The Minister presented the 2023 National Budget in Cape Town on Wednesday, The increases to social grants are as follows: The old age grant will go up from R1985 to R2085 The old age grants…
Government’s gross debt stock is projected to increase from R4.73 trillion in 2022/23 to R5.84 trillion in 2025/26, says Finance Minister Enoch Godongwana. “And because debt is high, our debt-service costs are also high,” Godongwana said while delivering the 2023 Budget at the Cape Town City Hall on Wednesday. Government, he said, must consider its consolidated position, which includes debt-service costs. South Africa’s consolidated fiscal deficit is projected at 4.2% of GDP for 2022/23, and this will reach 3.2% in 2025/26. The figures include the impact of the partial take-over of Eskom debt, with Godongwana saying that government debt will…
National Treasury has proposed to provide the country’s embattled power utility, Eskom, with R254 billion in debt relief over the next three years. This was on Wednesday confirmed by Finance Minister Enoch Godongwana while delivering the 2023 Budget Speech at the Cape Town City Hall. Of the R254 billion debt relief, R168 billion will be in capital while R86 billion will be in interest, said the the National Treasury in its 2023 Budget Review document. “Because of the structure of the debt relief, Eskom will not need further borrowing during the relief period. Government will finance the arrangement through the…
A National Prosecuting Authority (NPA) assistant director and her son (28), have been convicted by the Pretoria Magistrates’ Court for unlawfully being in possession of top-secret information. Jacobeth Lepinka (52) and her son, Kedifentse (28), were convicted on Friday and will be sentenced on 16 May. National Hawks spokesperson Thandi Mbambo said: “In 2014, NPA discovered that Lepinka took the laptop with classified information to her place of residence without authorisation. “A case of theft was registered and the incident reported to the Hawks’ Head Office based Serious Corruption Investigation team for further handling. The investigation commenced and led the…
Eskom board member, Mteto Nyati, says the power utility and its board is working intently on five key priorities to improve the performance of power stations and ease load shedding as swiftly as possible. He was speaking on Thursday during a media briefing to update South Africans on the challenges facing the power utility. Nyati said there are priorities that require day-to-day focus, whilst others require the power utility to be “slightly more strategic”. The five priorities include the 24-month generation recovery plan, which has two key elements. “The first [element] is to make sure that we have and we…
President Cyril Ramaphosa has called on all South Africans to pay for the electricity they use, as the country works towards overcoming the energy crisis. “As we work together to overcome the energy crisis, I call on all South Africans to pay for the electricity they use. We can only improve and expand the provision of electricity and other basic services if government and municipalities in particular have the means to do so. “Non-payment and illegal connections make electricity provision more expensive and less reliable,” the President said. Addressing the nation through his weekly newsletter, President Ramaphosa said the global…
South Africa’s delegation at the recently concluded Annual World Economic Forum (WEF) meeting in Davos, Switzerland, affirmed that the country is open to investment, and ready to partner with the local and global community to place the country’s economy on a higher, jobs-rich and more sustainable growth path. This is according to a statement by Finance Minister, Enoch Godongwana, who led South Africa’s delegation to the WEF meeting, which was held from 16 – 20 January 2023. “South Africa is on the road to economic recovery. The world recognises that. We have a long way to go, and economic outlook…
The Department of Small Business Development is working on an energy relief package for the Small, Medium and Micro Enterprises (SMMEs) with stakeholders to alleviate the devastating impact of load shedding on small businesses. SMMEs are particularly hit hard by continued power outages as many cannot afford alternative power sources such as generators. They are forced to pause trading during load shedding. As a result, some small businesses resort to selling perishable goods such as meat and vegetables at low prices, to avoid them rotting away, which affects their much-needed income. This has prompted Minister of Small Business Development Stella…
The Department of Public Enterprises (DPE) says it is seeking legal advice and will respond soon to a lawyer’s letter sent to it pertaining to load shedding and the imminent electricity tariff increase. This after a group of lawyers sent a letter to the department demanding, among other things, that the increase granted by the National Energy Regulator of South Africa (NERSA) not be implemented and that load shedding be immediately stopped or an explanation be provided as to why not. “The department received a letter from Mabuza Attorneys demanding that the department and Eskom make certain undertakings regarding load…
President Cyril Ramaphosa has cancelled his travel plans to Davos, Switzerland, in order to deal with the current load shedding crisis in the country. This was announced by the President’s spokesperson, Vincent Magwenya, on Sunday evening. The President was due to lead a South African delegation to Davos on Tuesday and participate in several events linked to the World Economic Forum (WEF) annual meeting, including the Dialogue on Economics of Women’s Health and the Annual Welcome Dinner hosted by Professor Klaus and Hilde Schwab. “Due to the ongoing energy crisis, President Cyril Ramaphosa has cancelled his working visit to the…
Finance Minister Enoch Godongwana says international and local challenges continue to pose as obstacles in the growth of the economy. This as real Gross Domestic Product (GDP) grew by some 1.6% in the third quarter of 2022. Speaking at the Pre-World Economic Forum (WEF) business breakfast held in Johannesburg on Thursday, the Minister said the impact of the COVID-19 pandemic on employment and investment continue to have an impact on growth and warned that the ongoing war between Russia and Ukraine could have a devastating impact. “The theme [for the WEF meeting], Cooperation in a Fragmented World, captures the combination…
The Department of Health (DOH) says it is in consultation with scientists over a highly transmissible variant of the COVID-19 virus. This after media reports over the weekend said the country had found its first case of the variant. “[The department] has been alerted about this highly transmissible XBB.1.5 variant and is currently in discussions with the scientists to gather more information including its transmissibility and severity. Thus, an official communication will be made in due course. “In the meantime [the department] is appealing to everyone to vaccinate, get boosters, wear your masks, keep the distance, avoid overcrowded places and…
The Department of Mineral Resources and Energy (DMRE) has announced that the price of both grades of petrol will decrease by R2.06 per litre, while diesel is to drop by between R2.68 (500ppm) and R2.80 (50ppm). The new prices, effective from Wednesday, mean that a litre of 95 unleaded petrol will now cost R20.75 at the coast and R21.40 inland. 93 unleaded now costs R21.10. The wholesale price of 50ppm diesel is set to drop to R20.79, although retail prices, which vary between outlets, will be higher. The price of Illuminating Paraffin (wholesale) will drop by R1.93, while the Single…
Four men have been denied bail in the Carletonville Magistrates’ Court for their alleged involvement in illegal mining. National Prosecuting Authority (NPA) spokesperson, Lumka Mahanjana, said the four men – Bethuel Ngobeni, Nhlahla Magwaca and the Sechele brothers, Thabo and Moseki – are part of six men are alleged to be kingpins in illegal mining activities in South Africa. At least two others, Dumisani Moyo and Kudzai Mashaya, also remain behind bars on similar charges. “The six are facing seven counts of unlawful dealing in precious metals, three counts of fraud and money laundering. Four of the accused, Ngobeni, Magwaca,…
Eskom has downgraded load shedding to Stage 4 this morning (Wednesday) after Stage 6 load shedding was implemented on Tuesday evening. Stage 4 load shedding is expected to continue until further notice. “[Stage 6 was] necessary to ensure sufficient generation capacity is available tonight to replenish the dam levels at the pumped storage power station so that this capacity will be available during the day [on Wednesday]. “The breakdown of six generating units during the day has necessitated the escalation in the load shedding stage,” Eskom said on Tuesday. Meanwhile, the state owned power utility says electricity supply has been…
The National Treasury has welcomed the recent passing of two bills by the National Assembly and the National Council of Provinces (NCOP). The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill and the Protection of Constitutional Democracy Against Terrorist and Related Activities (POCDATARA) Amendment Bill were passed by the two houses recently. In a statement, the Treasury said the passage of the Bills demonstrates government’s commitment to fight corruption and terror financing, and represents “a giant step” towards South Africa complying with the 40 Financial Action Task Force (TAFT) recommendations. The Minister of Finance, Enoch Godongwana, introduced the…
President Cyril Ramaphosa has encouraged South Africans to remain optimistic, even as “we brace against harsh winds”. “We are a nation that perseveres, and that never gives up. We will overcome our current challenges, as surely as we did the pandemic that threatened to lay waste to our nation. “Misfortune has tested us over the past year, but these hard times have brought to the fore once more the traits for which we are known as South Africans,” the President said in his weekly newsletter on Monday. As 2022 draws to a close, President Ramaphosa urged the nation to reflect…
National Treasury says it continues to engage with the Department of Public Enterprises and Eskom with the aim of identifying solutions to the purchase of diesel. On Thursday, the Treasury said it had noted the recent public interest and media queries requesting clarity about discussions to assist Eskom with the purchase of diesel. In a statement on Thursday, it said: “The staggered nature of the budget process, which allows for the necessary legislative and executive oversight as well as for well-informed planning about how to allocate the country’s scarce financial resources, makes it difficult to consider and accommodate any ad…
Eskom has delayed the start of the Koeberg Nuclear Power Station’s maintenance outage to next week Saturday to allow the strained national power grid to stabilise and recover some generation capacity. This after the power utility implemented Stage 6 power cuts until Friday morning – leaving some neighbourhoods without any power for up to four hours per rotation. Eskom Acting Chief Nuclear Officer, Sadika Touffie, said the decision to delay the refuelling and maintenance outage is necessary. “While Eskom is ready to commence with the outage, with the contractors and all the requisite resources on standby, grid stability is an…