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SOUTH AFRICA: Simelane Faces Calls To Quit, Tshwane Coalition Hangs In Balance

SOUTH AFRICA
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  • Justice Minister Thembi Simelane is facing growing calls to quit amid an ongoing police investigation into a couple of investments made during her tenure as Mayor of Polokwane. The African National Congress (ANC) said that it was leaving the decision on Simelane's future to President Cyril Ramaphosa. According to ANC Secretary General Fikile Mbalula, the Justice Minister will appear before the party's integrity commission, which will issue recommendations to the National Executive Committee (NEC).
  • National Treasury's Ismail Momoniat said that South Africa has reported its progress on tackling money-laundering issues to the Financial Action Task Force (FATF) but is yet to hear back. The official said that if Pretoria manages to deal with eight to ten issues (out of the total of 22) in the current reporting cycle, "then there will be a site visit around May next year, and we would exist the grey list at the earliest in June next year." Failing that, "hopefully, we would only need one extension for another four months," until October 2025.
  • ActionSA said it will make a decision on whether to leave the governing coalition led by the Democratic Alliance (DA) in Tshwane by the end of this week. Separately, the ANC's national executives will give feedback to regional branch leaders on their efforts to topple the municipal coalition and take the helm.
  • South Africa will report manufacturing production for the month of July at 12:00BST/13:00SAST. Consensus looks for a 0.9% expansion on a Y/Y basis.
  • Reminder that the National Treasury holds a regular fixed-rate bond auction today.
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  • Justice Minister Thembi Simelane is facing growing calls to quit amid an ongoing police investigation into a couple of investments made during her tenure as Mayor of Polokwane. The African National Congress (ANC) said that it was leaving the decision on Simelane's future to President Cyril Ramaphosa. According to ANC Secretary General Fikile Mbalula, the Justice Minister will appear before the party's integrity commission, which will issue recommendations to the National Executive Committee (NEC).
  • National Treasury's Ismail Momoniat said that South Africa has reported its progress on tackling money-laundering issues to the Financial Action Task Force (FATF) but is yet to hear back. The official said that if Pretoria manages to deal with eight to ten issues (out of the total of 22) in the current reporting cycle, "then there will be a site visit around May next year, and we would exist the grey list at the earliest in June next year." Failing that, "hopefully, we would only need one extension for another four months," until October 2025.
  • ActionSA said it will make a decision on whether to leave the governing coalition led by the Democratic Alliance (DA) in Tshwane by the end of this week. Separately, the ANC's national executives will give feedback to regional branch leaders on their efforts to topple the municipal coalition and take the helm.
  • South Africa will report manufacturing production for the month of July at 12:00BST/13:00SAST. Consensus looks for a 0.9% expansion on a Y/Y basis.
  • Reminder that the National Treasury holds a regular fixed-rate bond auction today.