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Electricity Min Ramokgopa Gains More Powers, Retail Sales Data On Tap

SOUTH AFRICA
  • The Presidency confirmed that Electricity Minister Kgosientsho Ramokgopa has been acting as Finance Minister since last week, when Enoch Godongwana was hospitalised with a serious illness. The National Treasury told the Mail & Guardian that Ramokgopa will continue to serve as Finance Minister until November 22, with Godongwana intending to attend the G20 Africa Compact next week. Separately, the newspaper reported that President Cyril Ramaphosa informed the ruling ANC party's National Working Committee (NWC) about his plan to facilitate the handover of Eskom powers to Ramokgopa.
  • Ukrainian President Volodymyr Zelensky said that his South African counterpart Cyril Ramaphosa changed his mind about the Russian invasion after visiting Ukraine in June. The Ukrainian leader was meeting with a group of African journalists to provide an update on the ongoing war. He told the reporters that Ramaphosa and his fellow African leaders "left [Ukraine] with a better understanding of what Ukraine was fighting for".
  • Eskom ramped up loadshedding, noting that "whilst some generating units have returned to service since Sunday, some are experiencing delays". As a result, the utility is implementing Stage 2 loadshedding until 16:00 and will switch to Stage 3 thereafter. This pattern of implementing Stage 2 and Stage 3 loadshedding will be repeated until further notice.
  • South Africa's September retail sales will be released at 11:00GMT/13:00SAST. Consensus looks for a 0.4% Y/Y contraction in real retail sales.
Political Risk BulletEM BulletHomepageBulletPolitical RiskEmerging Market News
Political Risk BulletEM BulletHomepageBulletPolitical RiskEmerging Market News

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