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ANC Policy Conference Should See Lively Debate, But Few Decisions

SOUTH AFRICA
  • Further submissions for discussion at this weekend’s ANC policy conference are making for a clear list of priorities for the party and for President Ramaphosa headed into the leadership election later in the year. A basic income grant, more measures against institutional corruption, further land reform proposals and swinging changes to immigration policy should occupy much of the various committee’s time, but few clear decisions are expected to be made.
  • Despite the heavy policy discussions due this weekend, the Daily Maverick expects little progress given the ongoing proxy war between the leadership and the pro-Zuma elements of the party that were bolstered by the KZN conference last weekend. This could culminate around negotiations concerning the ‘step-aside’ policy, which is currently prevented many pro-Zuma lawmakers from standing for leadership.
  • Ahead of his appearance at the policy conference (which begins today), Ramaphosa is said to have sought changes to his social compact proposals which include lower starting wages for workers as well as commitments to boost investment from businesses. The proposed changes have faced criticism from business groups and unions, who wish for the government to prioritise state anti-corruption measures and work on the national power grid. Discussions remain underway.
  • In an interview with ENCA, Eskom chair Makgoba has claimed that the utility can be turned around within 18 to 24 months, but the company requires a full intervention package from government to do so – which could total as much as R1.2 trillion. Any new funding would come ahead of the proposed re-structuring of Eskom’s debt by October this year – a pledge laid out in Ramaphosa’s energy plans released earlier this week.
  • ABSA’s latest economic forecasts see a downgrade for growth estimates (to 1.3% in 2023 from 1.7%) and they see inflation topping out at 7.9% in October.
  • PPI data due later today is expected to show PPI rose 1.5% on the month, and 15.6% on a year-on-year basis.
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