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African Leaders Prepare For Peace Mission, Eskom Suspends Daytime Load-Shedding

SOUTH AFRICA
  • President Cyril Ramaphosa will join five other African leaders on a trip to Russia and Ukraine, which is expected to take place this week. The matter was discussed in a recent phone call between Ramaphosa and his Chinese counterpart Xi, with the two leaders also touching upon the upcoming BRICS summit. Neither side hinted at the potential of moving the event to China, even as speculation was rife in the press that Pretoria was exploring this option to avoid the legal difficulties posed by an ICC arrest warrant issued against Russian President Vladimir Putin.
  • The OECD called on the South African Reserve Bank to continue fighting inflation as it remains above the +3%-6% Y/Y target range. The organisation said that it expects South African inflation to remain above the mid-point of that band this year, but the delayed impact of monetary tightening should bring price growth back to the target range in 2024.
  • Eskom suspended load-shedding again, according to a new schedule published on Sunday. The utility will only implement Stage 3 load-shedding between 16:00 and midnight daily until further notice. The suspensions of daytime power outages come on the back of continued improvement in available generation capacity, with three more units returned to service.
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