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Much Heat, Little Light at ANC Policy Conference

SOUTH AFRICA
  • This weekend’s ANC policy conference resulted in a numerous and wide-ranging policy discussions, but the key takeaways were the rejection of calls to drop the party’s step-aside rules, effectively narrowing the competition for Ramaphosa at December’s re-nomination race. Although the rules make a Ramaphosa re-appointment more likely, it will entrench opposition against the leader from the pro-Zuma factions of the party.
  • Another proposal included a targeted wealth tax – an idea that had been raised as many as 5 years ago – to fund a basic income grant amounting to R350, extending the policy initially installed during the COVID-19 crisis. The wealth tax would target the top 5% of earners as well as estates with ‘significant’ assets.
  • Economists from the Bureau of Economic Research responded to the calls for a wealth tax by claiming it would lead to the reduction of the tax base over time, and could prompt a number of wealthy individuals to emigrate from South Africa entirely.
  • The policy conference also ended with a re-commitment to nationalising the SARB, however Ramaphosa remains opposed to any change for the bank’s policy mandate at this stage.
  • As expected, fuel and petrol prices across South Africa will drop in August, reflecting the drop in oil prices over the past month or so. Regulated 95-octane will drop by R1.32 per litre, a drop of around 5%.
  • Business Live reports that the finance minister is to take a central role in the public sector wage talks that have resulted in discontent among workers. The finance minister’s involvement marks the first time that the finance minister rather than the public administration minister has taken charge of the wage talks, underpinning the Treasury’s concern over the central wage bill.
  • ABSA Manufacturing PMI takes focus going forward, with the July release seen dropping to 50.3 from 52.2.
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