Drought to cut South Africa’s agric output by 20%
Businessam Staff
March 13, 2018
A severe drought afflicting South Africa’s Western Cape province is expected to cut agricultural output by 20 percent in 2018, according to the national government, which says it would decimate wheat crop and reduce apple, grape and pear exports to Europe. The Cape Town is reported to be bracing for “Day Zero” in late August […]
South Africa government reconfirms commitment to renewables, signs new deals
Businessam StaffMarch 9, 2018
Jeff Radebe, South Africa’s energy minister said Tuesday that the country will sign long-delayed agreements with 27 independent power producers next week. The signing, scheduled for March 13, according to Bloomberg’s report, will breathe life into a national renewable-energy program that was once the world’s fastest-growing but has since stagnated. The deals to be concluded next […]
China calls for fair, objective view of China-Africa cooperation
Businessam StaffMarch 7, 2018
China has called on other countries to do more good for Africa’s development and treat China-Africa cooperation in a fair and objective manner, Geng Shuang, a Chinese Foreign Ministry spokesperson said on Tuesday. Geng was responding to U.S. accusation that low-interest loans from China and other countries have driven some sub-Saharan African countries deeper into […]
South Africa’s economy rides on farming, trade, expands 3.1% in q4 2017
Businessam StaffMarch 6, 2018
Statistics South Africa said Tuesday that the country’s economy expanded more than expected in the final quarter of 2017 largely driven by a recovery in agriculture and trade. The statistics agency said the economy of Africa’s most industrialised country grew by 3.1 percent in the fourth quarter of last year, after expanding by a revised […]
Reasons South Africa’s govt plans to strip land from white famers
Businessam StaffMarch 6, 2018
Cyril Ramaphosa, South Africa’s new President has pledged to redistribute land by taking it from white farmers and giving it to black people. But why is the millionaire pursuing such a drastic course of action and how will it work? How did white farmers get the land in the first place? Dutch Calvinist settlers first […]
South Africa to raise GDP growth forecasts in October- finance minister
Businessam StaffMarch 5, 2018
South Africa’s National Treasury will probably raise projections for economic growth this year in its October mid-term budget as the country overcomes governance and financial problems that have lowered confidence,Nhlanhla Nene, Finance Minister said, according to report from Bloomberg. Newly appointed president Cyril Ramaphosa reappointed Nene to the role last month. When former leader Jacob […]
South Africa cabinet reshuffle boosts economic confidence
Businessam StaffMarch 1, 2018
Confidence in South Africa’s economy will get a boost after Monday’s cabinet reshuffle by President Cyril Ramaphosa returned trusted hands to crucial budget-related ministries, a Reuters poll showed on Thursday. Seventeen of the 20 economists surveyed in the past three days said Monday’s reshuffle would have a significant positive impact on South Africa’s economic confidence […]
Sudan inflation hits all-time high 52.4% in January
Businessam StaffFebruary 17, 2018
Inflation has hit troubled Sudan, getting to all-time high of 52.4 percent in January, the Central Bureau of Statistics (CBS) disclosed. Karam Allah Abdul Rahan, CBS chairman said in Khartoum that the figure was the highest in more than a decade. Raham said further that the January inflation was double the 25.2 registered in December […]
Zuma left R50.8 billion revenue shortfall as Ramaphosa takes over
Businessam StaffFebruary 15, 2018
By Ademola Badmus with agency report… Jacob Zuma, who took over the office of president in 2009 with the South African Revenue Services (SARS) having collected R60 billion fewer taxes, left office with the revenue service starring at R50.8bn revenue shortfall. The projected revenue was the highest since the 2009 recession, meaning that the Zuma […]
Benchmark South African stocks in gains as Ramaphosa named new president
Businessam StaffFebruary 15, 2018
South African stocks scored their biggest gains since June 2016 after news that Cyril Ramaphosa, a pro-business reformist, would be taking the helm. The FTSE/JSE Africa All Share Index rose as much as 2.7 percent, while the rand reached its strongest level since February 2015, gaining 0.5 percent at 11.6570 to the dollar in early […]