Let’s wrap up some of the top stories happening in South Africa this week:
This week, the South African Reserve Bank announced a 25-basis-point cut in the repo rate, lowering it to 7.75%, following a significant drop in annual consumer inflation to 2.8% in October — the lowest since June 2020.
Meanwhile, President Ramaphosa introduced stricter food safety regulations after the tragic deaths of 22 children linked to food-borne illnesses. Spaza shops and food facilities must now register with local municipalities within 21 days, and the use of dangerous pesticides will be prohibited to prevent future tragedies.
Here are the top stories of the week:
BRAZIL HANDS OVER G20 PRESIDENCY TO SOUTH AFRICA
South Africa has become the first African nation to lead the G20, following the ceremonial handover in Rio de Janeiro.
President Cyril Ramaphosa accepted the Presidency from Brazil’s Luiz Inácio Lula da Silva during the summit’s closing ceremony. With 130 meetings planned for 2025, Ramaphosa vowed to build on Brazil’s progress, emphasizing civil society’s role in global discussions. The President praised Brazil’s G20 Social Summit and commitment to development challenges, highlighting the adoption of the Rio Leaders’ Declaration as a step toward a better world. South Africa aims to drive economic growth and sustainable development during its term.
SARB CUTS REPO RATE BY 25 BASIS POINTS TO 7.75%
The South African Reserve Bank (SARB) has reduced the repo rate by 25 basis points, bringing it down to 7.75%. This move, announced by Governor Lesetja Kganyago, also lowers the prime lending rate to 11.25%.
The Monetary Policy Committee (MPC) made the unanimous decision for this fourth-quarter cut, citing October’s inflation decline to 2.8%—the lowest since June 2020 and well below the 3%-6% target range.
This adjustment reflects the SARB’s strategy to align monetary policy with the current economic climate, offering some relief to borrowers while supporting economic recovery efforts.
INFLATION DROPS TO THE LOWEST: 2.8%
South Africa’s annual consumer price inflation dropped to 2.8% in October, marking the fifth consecutive month of decline. This is the lowest inflation rate since June 2020, when it was 2.2%. The October rate reflects a sharp decrease from 3.8% in September, with falling fuel costs as the primary driver.
Petrol and diesel prices fell by 5.3% between September and October, leading to a staggering -19.1% annual fuel inflation. Inland petrol prices for 95-octane dropped to R21.05, the lowest since February 2022. The transport index also declined by 5.3%, cutting overall inflation by 0.8 percentage points.
Food and non-alcoholic beverage inflation eased to 3.6%, the lowest since November 2019. Bread, cereals, and maize meal recorded price drops, while milk, eggs, and cheese inflation dipped significantly. Conversely, sugar and cold beverages saw slight increases.
This ongoing decline in inflation reflects better economic stability, offering relief to South African consumers.
21-DAY DEADLINE FOR SPAZA SHOPS TO REGISTER
President Cyril Ramaphosa outlined strict measures to combat food-borne illnesses following the deaths of 22 children. Actions include banning hazardous pesticides, protecting children from exposure, and shutting down implicated spaza shops. To ensure safety, all spaza shops and food-handling facilities must register with municipalities within 21 days.
The National Joint Operational and Intelligence Structure (NATJOINTS) welcomed the response from stakeholders and urged the public to support the registration process. Ramaphosa emphasized stricter regulations to protect communities and prevent future outbreaks, calling for inclusivity and cooperation in implementing these interventions.
ESKOM URGES PREPAID USERS TO UPDATE METERS BEFORE 24 NOVEMBER
Eskom is calling on prepaid electricity users to update their meters before the 24 November 2024 deadline to avoid losing power. After this date, meters still using Key Revision Number 1 (KRN1) will no longer accept electricity tokens, potentially requiring replacements costing up to R12,000.
Group Executive Monde Bala emphasized the urgency, especially for customers who haven’t purchased electricity in over six months or used unauthorized tokens. Upgrading involves buying electricity from authorized vendors to receive the necessary codes for meter updates. Eskom continues to offer support as part of its awareness campaign launched in August 2023.
RESCUE OPERATION CONTINUES FOR ILLEGAL MINERS IN STILFONTEIN
The operation to retrieve hundreds of illegal miners from an abandoned mine in Stilfontein is ongoing as rescue teams assess the best way forward. Plans are in motion to end the illegal mining activities at the Buffelsfontein gold mine in the North West.
2024 MATRIC RESULTS WON’T BE IN NEWSPAPERS
The Information Regulator has instructed the Department of Basic Education (DBE) to refrain from publishing the 2024 Matric results in newspapers. This follows the issuance of an enforcement notice to the DBE for violating section 11 of the Protection of Personal Information Act (Popia).
The DBE was found to have breached personal information processing laws by not obtaining consent from learners and their parents or guardians prior to releasing the Matric marks in newspapers.
BAYER RECALLS YAZ PLUS CONTRACEPTIVES OVER PACKAGING MIX-UP
Pharmaceutical giant Bayer has issued a recall for a batch of Yaz Plus contraceptive pills due to a packaging error, News24 reports.
According to the report, the company revealed that some packs mistakenly contain 24 hormone-free placebo pills instead of the 24 hormone tablets required for effective contraception.
GOVERNMENT TO INTERVENE IN ESKOM’S PROPOSED TARIFF HIKES
The government is set to intervene in Eskom’s proposed electricity tariff hikes, which include a steep 36.15% increase for 2025/26. Minister of Electricity, Dr. Kgosientsho Ramokgopa, assured the public that efforts are underway to provide relief before Nersa finalizes its decision.
Ramokgopa expressed confidence that the final increase would be significantly lower, balancing Eskom’s operational needs with affordability concerns. Acknowledging the burden on low-income households, the Minister emphasized the administration’s commitment to fighting poverty and reducing living costs. Public hearings on the proposal are ongoing as the government prepares its submissions.
R63 BILLION IN CONSTRUCTION PROJECTS HALTED BY CRIMINAL SYNDICATES
Since 2019, criminal syndicates have disrupted over 180 construction projects worth R63 billion, using extortion, intimidation, and sabotage. Deputy Finance Minister Ashor Sarupen highlighted these challenges at the National Construction Summit, stating that syndicates demand up to 30% of contract values, undermining procurement integrity and delaying crucial infrastructure.
As a key driver of the economy, the construction sector contributes 3% to GDP and employs over 1.3 million people. To combat these disruptions, the government plans to invest R900 billion in infrastructure and implement procurement reforms over the next three years.
7.3 MILLION WOMEN IN SA EXPERIENCE PHYSICAL VIOLENCE, STUDY FINDS
A groundbreaking study on gender-based violence (GBV) by the Human Sciences Research Council (HSRC) reveals that 7.3 million South African women aged 18 and older have experienced physical violence in their lifetime.
The study is the first to assess GBV prevalence across all nine provinces, exploring various forms of violence, including physical, sexual, emotional, and economic abuse. It highlights that Black African women (35.5%) are disproportionately affected.
Cohabiting women reported the highest rates of violence (43.4%) compared to married or single women. Additionally, 2.1 million women have experienced sexual violence, with 35.5% of women enduring either physical or sexual violence in their lifetime.
The study also revealed alarming perpetration rates, with 2.5 million men admitting to physically abusing partners during their lifetime.
TAP-AND-GO PAYMENTS ROLLED OUT ON N3 AND N4 TOLLGATES
From 01 December 2024, motorists will be able to use contactless payment options at select toll plazas across South Africa.
FNB, Visa and N3 Toll Concession (N3TC), introduced a pilot tap payment system in late 2023. This initiative covers over 88 lanes along the N3 toll route between Gauteng and KwaZulu-Natal, including De Hoek, Wilge, Tugela, and Mooi River plazas.
This rollout also extends to TRAC N4 and Chapman’s Peak tollways, enhancing convenience for drivers nationwide.
UBER TO LAUNCH 200 ELECTRIC CARS IN JOBURG IN 2025
Uber is gearing up to introduce 200 BYD electric vehicles (EVs) in South Africa, with a pilot programme set to roll out in Johannesburg in 2025, as per Travel News report.
This move is part of Uber’s global initiative to deploy 100,000 BYD EVs across key markets, announced earlier this year in July.
BYD, a Chinese EV giant with a growing presence in South Africa, competes with industry heavyweights like Tesla.
TYLA TO MAKE COACHELLA DEBUT IN 2025
Coachella has unveiled its highly anticipated 2025 line-up featuring African stars.
For Tyla, this marks an exciting comeback after canceling her Coachella debut earlier this year due to health concerns.
Representing the continent are South Africa’s afro-electronic jock Desiree, Naija superstar Rema, Afrobeat star Seun Kuti, Grammy-winning Tyla, and Ghanaian artist Amaarae.
She expressed on X: Had many opportunities to go but swore to myself that the first time I go to Coachella, imma be performing… and look now!💋
The festival will take place at the Empire Polo Club in Indio, California, over two weekends: 11-13 April and 18-20 April 2025.
BAFANA BAFANA QUALIFY FOR AFCON 2025
Bafana Bafana secured their spot in the 2025 Africa Cup of Nations (AFCON) after a dominant 3-0 victory over South Sudan in their final qualifier. With 14 points from six matches, the team finished atop Group K with a perfect record, scoring 16 goals and conceding just five.
Their impressive performance guarantees them a place in the continental tournament, set to take place in Morocco in December 2025.
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