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Kganyago Reaffirms Inflation Forecasts Despite CPI Beat, Cabinet Debates Coal Plants Plan

SOUTH AFRICA
  • In an interview with the Business Day, SARB Governor Lesetja Kganyago reaffirmed the central bank's 2023 inflation forecasts, noting that CPI should return to the +3.0%-6.0% Y/Y target by the end of this year. Still, he expressed concern over rising food prices, which he said might be a result of a weaker Rand and factors like load-shedding. Kganyago's comments came after data showed that headline inflation unexpectedly accelerated in March to +7.1% Y/Y.
  • President Cyril Ramaphosa said that he has not received a briefing from his National Security Advisor or Public Enterprises Minister on former Eskom CEO de Ruyter's allegations that Cabinet members were involved in corruption at the electricity utility. The leader noted that proving the allegations is the responsibility of the accuser.
  • Ramaphosa reaffirmed South Africa's net zero carbon emission target, even as Cabinet discussed Electricity Minister Kgosientsho Ramokgopa's plan to slow down the decommissioning of old coal-fired power stations. Separately, the executive director of the Presidential Climate Change Commission floated the idea of mothballing rather than decommissioning some power stations.
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