The implications of South African Reserve Bank (SARB) decisions on workers and black South Africans are significant, considering the history of financial exclusion and discrimination that has affected the majority black population in South Africa. The lingering effects of apartheid-era policies continue to impede the economic advancement of black individuals and businesses. Of particular concern is the indifference of the central bank towards the plight of marginalised communities.  On May 25th, the SARB’s monetary policy committee (MPC) raised the repo rate for the tenth…

A MULTIMILLION dollar investment by some World Bank members is a major step in reforming the telecommunications sector, accelerating digital transformation and inclusion in Ethiopia. Safaricom has welcomed the investment by the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) following the equity investment and guarantee into the mobile network operator. Peter Ndegwa, Safaricom PLC Chief Executive Officer, said together with the rest of the Global Partnership for Ethiopia members – British International Investment, Sumitomo Corporation, Vodacom and…

The Common Market for Eastern and Southern Africa (COMESA), the largest regional economic organization in Africa, on Friday urged its member states to remove all barriers that are hindering its integration. While acknowledging efforts made toward achieving integration, a communique released after the 22nd COMESA Summit of Heads of State and Government said that more needed to be done if the program is to succeed. According to the communique, member countries should remove all restrictions on the movement of people, labour,…

THE resumption of service by ProFlight Zambia between Durban and Lusaka is poised to provide a much-needed boost trade and tourism between South Africa and Zambia. KwaZulu-Natal (KZN), the South African province, has welcomed the service by the airline that serves the business community and tourism industry. “This new air service will undoubtedly play a role in strengthening the business links between the two destinations,” said Siboniso Duma, KZN Member of the Executive Committee for Economic Development, Tourism and Environmental…

THE Zimbabwe Power Company (ZPC) requires about US$5 million (R95 million) to revamp its thermal station in the capital city and eventually increase electricity output. The revamp of the Harare Thermal Power Station is anticipated to increase output from the current 5MW to around 30 MW. “The US$5 million will only be able to get us to get the other turbine that is meant for rehabilitation to be brought back to life,” said Nobert Matarutse, ZPC Acting Managing Director. He…

President Cyril Ramaphosa’s drive to create temporary job opportunities for young people and help them gain work experience is showing signs of success, according to the Industrial Development Corporation (IDC). In a statement, the IDC said that the Social Employment Fund (SEF) is part and parcel of the Presidential Employment Stimulus (PES), which is meant to create employment within communities through partnerships with various organisations that are committed to social development. The SEF was established by the Department of Trade,…

SOUTH Africa’s agricultural sector ought to be celebrating its golden age but it cannot. Rampant corruption, incessant load shedding, rising crime and poor infrastructure are taking the glitter off bumper harvests. Rural towns are the hardest hit by these manmade disasters. Had it not been for these crises, South Africa’s agriculture would have had greater consecutive seasons since 2019/20 as the sector’s grossvalue added grew by 14,9 percent in 2020, then 8,8 percent in 2021 and modestly by 0,3 percent…

LOAD shedding might as well be denounced as the second pandemic as it forces companies to close or work below capacity. As was the case during the outbreak of COVID-19, hotels and restaurants are the hardest hit by the latest crisis. Recently, the Market Cafe in Morningside, Durban sent an emotional notice announcing its closure, which took effect on May 21. “It is undoubtedly, with a saddened heart, that we inform you of our closure,” the establishment stated. “We would…

THE resumption of flights by Eswatini Air to South Africa is anticipated to boost trade between the two countries. The direct flight to Durban was opened early in May, with a maximum capacity of 50 passengers operated by an Embraer ERJ 145 aircraft. It operates flights on Mondays, Thursdays, and Saturdays. There are plans to increase frequencies to seven times a week from this month, based on demand. The route is expected to facilitate trade between KwaZulu-Natal (KZN)province and Eswatini,…

GAUTENG, South Africa’s economic hub, has welcomed the commencement of flights into the country by Zambia Airways. The first flight touched down at the O.R Tambo International in Johannesburg on Thursday amid fanfare, as the aircraft was welcomed with the traditional water cannon salute. It will service the Lusaka-Johannesburg route with flights running twicedaily. Gauteng Air Access, in collaboration with the Gauteng Tourism Authority(GTA), has been working closely with Zambia Airways to make this route areality. “Now, we’re ready to…