Economic justice

Zim economic crisis

11 October 2018

A showdown is looming in Zimbabwe on Thursday as labour unions have vowed to go ahead with planned protests against the country’s continued economic crisis. This is despite a police ban on account of fears of a fresh cholera outbreak.

Zimbabwe’s largest trade union, the Zimbabwe Congress Trade Union (ZCTU) called for national protests on Thursday as the country’s economic crisis worsened, AFP reported.

The ZCTU said the strike was triggered by sharp price hikes, a new tax on electronic transactions and daily shortages ranging from fuel to drugs.

Invest in children's health and education to spur economic growth

11 October 2018

Governments should invest in healthcare and education for children in order to boost economic growth, the World Bank urged on Thursday.

More than half of all children born this year will lose half of their potential lifetime earnings due to poverty, poor health and a lack of education, according to the World Bank's Human Capital Index.

The global institution defined human capital as a person's knowledge, wellbeing and skills accumulated over a lifetime.

Sierra Leone scraps airport $400m project

11 October 2018 
 

Sierra Leone on Wednesday scrapped a $400m scheme for a Chinese-built airport, saying the scheme was too costly.
 

In a statement, the ministry of transport and aviation said that "after serious consideration and due diligenc", the government had determined the Mamamah International Airport initiative was "uneconomical".
 

All contracts under the project are being terminated, it said.

Govt considering price ceiling for unleaded petrol

11 October 2018 
 

Government is considering fixing a maximum price for unleaded fuel to cushion the country from escalating prices, Energy Minister Jeff Radebe said on Thursday.
 

"Government is deeply concerned by the rising cost of petrol in South Africa which is largely caused by the rand dollar exchange rate, and the price of crude [oil]," said Radebe at a post-Cabinet briefing.
 

Mining is central to Ramaphosa's stimulus package

07 October 2018

President Cyril Ramaphosa’s undertaking in his stimulus package to restore confidence in the mining sector, after former Mineral Resources Minister Mosebenzi Zwane nearly destroyed it, is a welcome development. South Africa’s economic fortunes have always been linked to mining. Whenever mining boomed, the rest of the economy was in better shape.

Jobs Summit critics must eat their words

05 October 2018 

In his closing address at the Jobs Summit, President Cyril Ramaphosa hit back at critics saying those who said it was just another talk-shop should “eat their words”.

Through the process of engaging and working with different stakeholders they have been able to come up with ideas to tackle unemployment and all that is left implementation, he said.

New Zim tax will 'pick-pocket the poor

2018-10-2

Zimbabwe’s MDC party has slammed a new 2% tax on electronic transactions, which it says is meant to “pick-pocket the poor”.

New Finance Minister Mthuli Ncube said on Monday the new charge was designed to expand the tax collection base.

Many within Zimbabwe’s vast informal sector do not pay income tax, but the MDC said the revenue raised would be used to “fund the lifestyles of the political elite”.

Blow to consumers as fuel price hits historic high

September’s gentle fuel increase is a distant memory as motorists are set to be hit with a more than R1 increase from midnight on Tuesday.

The department of energy has attributed the increase to the weakening rand exchange rate, the increased prices of crude oil and the import prices of petroleum.

Although both crude oil prices and the price of petroleum products increased during the year, the weakened rand contributed to a 50c/l more to the basic fuel price for petrol and 52c/l for diesel and illuminating paraffin. 

SA Reserve Bank and risk of inflation exceeding 6%

Oct 03 2018

The risk that South African inflation will overshoot the 6% upper limit of the Reserve Bank’s target should not be underestimated given the volatile global environment, Deputy Governor Daniel Mminele said.

An extended and sizable deviation in price growth from 4.5% “would raise the risks of medium-term inflation expectations drifting back to, if not above, the top end of the range,” Mminele said in a copy of a speech posted on the central bank’s website.

Blow to the consumers as fuel price hits historic high.

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