Cyril Ramaphosa of South Africa leads the way on attracting investors for the growth of South Africa.
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South Africa is experiencing wheat shortages prompting grain importation. The increased tariff has been approved but Treasury requested the Trade and Industry sector to review it as it will affect the prices of staple food.
South Africa's energy crisis will now be answered by the launching of the largest solar farm built in Northen Cape. It could generate power that could supply electricity from renewable energy to 75,000 households yearly.
South Africa's output in the manufacturing and mining sector might not be a good sign to start the year right. More mining sites stopped their operations creating illegal mining. The president should do something as investors are skeptical on how he handles the country's economic situation.
South Africa's gold industry is degenerating along with its economy. With the shut down of many gold mines, many workers are laid off leaving them no jobs and no food. This forces them to mine illegally and make their lives in jeopardy.
South Africa’s currency has dropped to its four-year low after the news of the country’s finance minister threats of resignation was reported. Finance minister Pravin Gordhan threatens to resign over a spat with Tom Moyane, as the minister demanded the tax commissioner to be dismissed, or he himself would leave.
Property investors would face tough economic condition in South Africa due to the economic resession the country is facing. Finance Minister Pravin Gordhan is attempting to overcome this by increasing tax, that could slow down property sales in the country.
White people were once ruling and oppressive class in South Africa, As government wipe out the apartheid, unskilled white people are ousted and have to live in slums. There are more than 400,000 white people live in poverty.
Next week, Eskom will be paid the remaining balance from the bailout. Eskom CE Brian Molefe expressed frustration to learn that Finance Minister Pravin Gordhan announced that the funds will be withheld. Treasury informed that the fund will be transferred and is already being processed.
South Africa's unemployment rate drops to 24.5% in the fourth quarter due to increased employment in the finance industry which offsets job losses in agriculture and construction sector. But with the major sectors laying off jobs, and the cost cutting of the government will sure make the unemployment rate will rise again.
South Africa Aims to Boost Tourism as The Growing Sector Contributes Significantly to the African Economy
South Africa Tourism Minister Derek Hanekom said in the Meeting Africa 2016 forum that the boost in tourism could benefit the local economy. Tourism has been increasing phenomenally in recent years as the government aims to invest more in the sector.
A gamut of factors are affecting the South African economy as dwindling inflows of money, weaker currency, rising unemployment rate and severe drought conditions are at their worst in 25 years. South Africa's GDP growth rate is projected to slowdown further in 2016.
Amplats revealed a shocking 86% loss in its 2015 earnings report. The world's largest metal producer is facing a grim situation of reduced capital expenditure, mine closure, employment cutbacks, and shelving of projects.
Vodacom Group Ltd has recorded 8.7 percent growth in third quarter revenues. The South Africa-based mobile phone company is focusing on subscribers and high-speed network expansion. Vodafone is expanding internet services and strengthening its network amid rising domestic competition.
South African retail bank said the country's house price will decline in this year. Fitch Ratings also remarked South African residential property and mortgage markets outlook to weaken further facing microeconomic challenge.