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Ramaphosa to Make Emergency Powers Known in Due Course

SOUTH AFRICA
  • Markets still await the announcement of emergency powers from the government, with finance minister Godongwana stating that the plans include fast-tracked procurement of new power capacity as well as ramping up maintenance of current power plants. Ramaphosa is due to announce the measures “in due course”.
  • On economic growth, Godongwana stated that the Treasury’s projections on GDP this year are not at risk “at this stage” and fiscal prudence in recent years has allowed South Africa to not have to challenging a backdrop for national debt. The comments follow his comments to press yesterday, in which he said the South African economy is under-performing by 40% due to the powercut fallout from Eskom.
  • Central Energy Fund data estimates that South African underlying petrol prices could fall for the first time in months, however the continued withdrawal of fuel levy subsidies will counteract the underlying price drop at the pump. Estimates show petrol could drop by as much as R1.08 per litre next month.
  • Late yesterday, the Standard Bank CEO warned that South Africa’s potential greylisting by the FATF would end up being worse for South Africa than a credit rating downgrade. The Standard Bank CEO warned that greylisting will lead to further ZAR weakening, inflation will spike, interest rates will go up alongside the cost of living.
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