MNI China Daily Summary: Thursday, December 12

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ANC Executives Discuss Energy Situation, Managing Coalition Governments

SOUTH AFRICA
  • Eskom announced that due to a slight improvement in the available generation capacity it will now alternate between Stage 3 and 4 load-shedding until further notice. This comes amid a meeting of the ruling ANCs National Executive Committee, during which Electricity Minister Kgosientsho Ramokgopa for the first time presented his 18-month plan to end the ongoing energy crisis, albeit questions remain about its implementation. Ramokgopa's powers are yet to be clearly defined, with Energy Minister Gwede Mantashe and Public Enterprises Minister Pravin Gordhan reportedly refusing to give up their prerogatives, such as procuring new energy (Mantashe) or financing and budgeting (Gordhan). The Sunday Times reported that Ramokgopa, Mantashe and Gordhan are planning to meet this week to iron our differences and break the deadlock.
  • The ANC's NEC also discussed political strategy for the 2024 election, as well as proposals to stabilise coalition governments across the country. The ANC said that it was open to working with all parties which align with its core principles, while slamming the opposition Democratic Alliance's "moonshot pact" designed to unseat the ruling party in next year's election. Meanwhile, the proposals for coalition law reform included limiting the number of no-confidence motions that can be tabled within a specific period or making the party with the highest number of votes lead the executive.
  • Barclays said they expect a 25bp rate hike from the SARB at the May 25 monetary policy meeting after an above-forecast CPI reading, which showed that inflation remains sticky. SARB Governor Lesetja Kganyago said that it is too early to tell "whether the slight uptick [in CPI inflation] we saw in February and in March suggests that it is a turn."
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