economy

Half of SA Over-Indebted: SAHRC

The South African Human Rights Commission (SAHRC) says that over half of South Africa's credit-active consumers are over-indebted.

SAHRC Western Cape provincial manager, Karam Singh, points out that, “Of 19 million credit-active consumers in South Africa, 50 percent had impaired credit records, three months plus in arrears.”

Singh says that the macro-economic system that South Africa has continues to favour historical wealth creation and that the country’s economic system perpetuates inequality and is characterised by weak regulatory oversight.

Zulu Urges Foreigners to Share ‘Trade Secrets’

Small Business Minister, Lindiwe Zulu, says foreign shop owners must share their trade secrets with people in townships where they operate to curb violence and looting.

Zulu points out that, “Black people were never part of the economy of South Africa in terms of owning anything, therefore when they see other people coming from outside being successful they feel like the space is being closed by foreigners.”

She says that it is important for the foreigners to share with the South Africans about what it is that makes it possible for them to be successful.

Africa Urged to Invest in Youth

The United Nations Population Fund (UNPFA) says the returns on smart investments in young people could be as much as US$500 billion a year to sub Saharan economies over the next 30 years.

In its report titled ‘The Power of 1.8 Billion: Adolescents, Youth and the Transformation of the Future’, the UNPFA highlights that developing countries with large youth populations could see their economics soar if the right investments are made in education, health planning and protection of rights.

Malawi the 8th Poorest Country in Africa

New data by the Richest Lifestyle magazine, which captures the outlook of the gross domestic product (GDP) in each country as of 2014, reveals that Malawi is ranked the eighth poorest country in Africa.
 
The ranking takes into account the total market value of goods and services produced by the national economy during the last year in regards to each person in the country.

E-toll Opponents Slam Retrenchments

According to Justice Project South Africa chairperson, Howard Dembovsky, the company responsible for running the controversial e-tolling system in Gauteng ‘could not care less’ about employees affected by its decision to retrench.

The Opposition to Urban Tolling Alliance (OUTA) believes this sends a clear indications that the system is going bust.

Dembovsky is of the view that, “People are disposable liabilities and are considered to be ‘collateral damage’ by executives and corporations.” 

‘Structural Problems Create Poverty’

Senior researcher within the Humanity Faculty at the Mapungubwe Institute for Strategic Reflection (MISTRA), Leslie Dikeni, believes it is structural problems within societies that create poverty, ‘people are not born poor’.

Speaking on SAfm’s Forum@8, Dikeni argues that although government has clear policies that seek to eradicate poverty, the debate of whether those policies are effective or not still needs to continue.

OUTA: E-tolls Have Failed

The Oppostion to Urban Tolling Alliance (OUTA) believes the questionable execution of e-tolling in Gauteng had paved its road to failure.

Speaking at an advisory panel on e-tolls which looks at the systems socioeconomic impact, OUTA chairperson Wayne Duvenage was demonstrating reasons for the failure of the system.

Duvenage, states that, “We are wasting everyday peoples’ money… we need to switch the system off.”

Africa Set for Oil and Gas Boom

According to a study by PriceWaterhouseCoopers, six of the top 10 global discoveries in 2013 were made in Africa, with more than 500 companies now exploring across to the continent.

The report’s advisory leader, Chris Bredenhann, states that large gas finds in Mozambique and Tanzania would make the world ‘take note of east Africa as an emerging player in the global industry.’

The boom has brought investment opportunities to Africa, despite the lingering challenges of corruption, lack of infrastructure and regulation.

NGO Warns of a Looming Coup in Zimbabwe

A rights organisation warns that a coup remains imminent in Zimbabwe if the current ‘serious economic situation’ in the southern African country persists.

Crisis in Zimbabwe Coalition chairperson, Dewa Mavinga, warns that there could be a military upset in the country if the cash-strapped government failed to pay the army.

Mavinga compared the situation in Zimbabwe with that in Lesotho where an attempted coup forced Prime Minister, Tom Thabane, to flee to South Africa, cautioning that the Southern African Development Community should prepare for a potential catastrophe.

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