Economic justice

Postbank must be run separately from Post Office to protect depositors

21 November 2018

A new bill proposed by Treasury intends to amend five acts, including one which will affect state banks.

Treasury officials on Tuesday briefed the Standing Committee on Finance on the Financial Matters Amendment Bill, which was open for public comment between August 24 and September 14, 2018. The bill has been submitted to Cabinet for approval

There are five acts affected are the Insolvency Act, the Military Pensions Act, the Government Employees Pension law, the Banks Act and the Auditing Profession Act.

SA state departments and SOEs waste R2.5bn

21 November 2018 

R2.5bn down the drain. This is the amount of money the Auditor-General of South Africa (AGSA) found to have been fruitless and wasteful expenditure in South African state departments and state-owned Entities (SOEs).

This figure increased by more than 200% from the previous year, Auditor-General Kimi Makwetu said on Wednesday as he presented the AGSA's general report on national and provincial audit outcomes for 2017-'18.

Petrol pain: Govt needs to recoup about R2bn for fuel subsidy

18 November  2018

The state will likely recoup the R2bn that it subsidised the fuel price in November over two months rather than taking it all back in December.

This is according to Efficient Group chief economist Dawie Roodt, who added that rather than using the standard formula for calculating the fuel price, the government would directly play a role by deciding how much of the so-called Slate levy it wanted to recoup.

Massive fuel price drop on the cards for December - AA

15 November 2018 

The Automobile Association announced on Thursday that, based on current data, SA motorists could expect ‘massive drops’ in the prices of petrol and diesel for December. 

The association is predicting a drop of R1.54 per litre for petrol, with diesel dropping by 92 cents and illuminating paraffin by 85 cents.

The current coastal price for unleaded 95 octane petrol per litre is R16.49. If it were to fall by R1.54 per litre, it would cost R14.95. The cost for the same grade of petrol inland would be R15.54 per litre.
 

Africa must look to Africa for financing

11 November 2018

African states need work with African developmental finance institutions, as well as with those outside the continent, in filling the massive infrastructure gaps that exist.

Speaking to City Press on the sidelines of the three-day Africa Investment Forum – held at the Sandton Convention Centre in Johannesburg this week – CEO of the Africa Finance Corporation (AFC) Samaila Zubairu said that, rather than choose foreign financiers over locals, countries should make use of both on a complementary basis.

Zim needs $40m to compensate white farmers

06 November 18 minutes ago

According to NewsDay, speaking before the land portfolio committee last week, finance ministry director Peter Mudzamiri said they had received only $20m from government despite asking for $40m which would have enabled them to pay at least 50 former white farmers in the 2019 financial year.

"We only got $20 million, but the $40 million that we bid for was just an estimate looking at how many farmers we are going to pay. Our focus here is that we are looking at paying 50 former farmers in 2019," Mudzamiri was quoted as saying.

Africa governance gains hampered by security, job fears — study

29 October 2018

Security fears and a lack of jobs in African nations have hampered gains in governance across the diverse continent over the last decade, a study said Monday, warning that some promising nations had “lost momentum”.

The annual Ibrahim Index of African Governance, which is watched closely by the continent’s governments, also pointed to a deteriorating business climate and poor job creation.

The report ranks countries according to their development in an array of categories between 2008 and 2017.

Petrol price will go . . . down

31 October 2018

The petrol price is expected to drop by about 16 cents a litre in November‚ the Automobile Association predicts.

"Fuel prices have moderated during October‚ with the prospect of some relief for petrol users‚ although users of diesel and illuminating paraffin will have to cough up more‚" the AA said on Wednesday‚ commenting on unaudited fuel price data released by the Central Energy Fund.

Basic service delivery could be compromised by higher public wage - commission

31 October 2018

There are concerns that sub-national government will shift funds away from basic service delivery in an effort to service higher public wages, members of Parliament have heard.

The Financial and Fiscal Commission (FFC) on Tuesday briefed the standing committees on finance and appropriations in a joint sitting on the mini budget.

Dr Hammed Amusa, the commission's programme manager for the macroeconomics and public finance unit, shared various recommendations made by the FFC in light of the mini budget.

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