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Ramaphosa Plays Down Greylisting Concerns, Eskom Reduces Load-Shedding

SOUTH AFRICA
  • President Cyril Ramaphosa played down concerns about South Africa being placed on the FATF's list of jurisdictions under increased monitoring, noting that the situation is "less dire than some people suggest," while the government "know what we need to do to get off the grey list." The global money-laundering and terror financing watchdog last week confirmed greylisting South Africa, giving the country three years to address strategic shortcomings in preventing illicit money flows. The move exposes the country to reputational damage, raising the risk of capital outflows, with the government working with the FATF to fix the alleged deficiencies.
  • The ruling ANC party threatened to take legal action against the recently ousted Eskom CEO Andre de Ruyter after he gave a tell-all interview in which he accused high-level party figures of corruption. Party executives called on de Ruyter to substantiate his claims and file a formal report to law enforcement agencies within seven days or face charges.
  • Over the weekend, Eskom reduced load-shedding after running Stage 6 outages last week and briefly reaching a record-breaking Stage 7 during peak demand periods last Tuesday and Wednesday. Electricity rationing has now been eased to Stage 4.
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