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MetPac-SA, a global leader in metal packaging solutions, is thrilled to announce the remarkable success of its fourth Annual General Meeting (AGM), which took place recently. This virtual event was attended by key stakeholders, board members and partners, marking a significant milestone in the association’s journey towards sustainability and excellence. The AGM served as a …
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Starting November 3, 350.org (https://www.350.org) together with grassroots groups and communities across Africa and around the world will participate in over 200 actions in 46 countries that will kick off a global month of action to call for a renewable energy revolution and an equitable shift away from fossil fuels. The actions are part of an initiative by 350.org dubbed “Power Up”, which demands that governments across the globe shift money away from polluting fossil fuels (coal, oil and gas) and channel substantial investments to powering up a safe, just and sustainable future built on people-centered renewable energy.
The actions which will also take place against the background of the announcement of staggering profits by different fossil fuel companies, that blatantly prioritize profit at the expense of people and the planet. As Africa bears the brunt of worsening climate impacts such as flooding, droughts and storms, communities are calling on the governments to hold polluters accountable by making them pay through taxing their earnings and redirecting these finances to fund a renewable energy system rooted in justice.
Glen Tyler-Davies, South Africa team Lead, 350Africa.org said,
"The transition to renewable energy is happening. The biggest risk now is that it is increasingly a disorderly transition - a transition with no clear plan which preserves or worsens inequality in terms of energy access and who holds power over energy generation. This will ruin the chances of creating a more equitable energy system and society. Our leaders need to wake up and understand this. They need to provide and implement a plan for a just transition that provides power, both literal and figurative, to the people. We need to power up a clean, just and renewable energy future."
Rukiya Khamis, Africa Regional Organizer, 350Africa.org said,
"As we experience escalating climate impacts, to which the African continent is the most vulnerable, we are hopeful that a liveable future is possible. Africa has an abundance of renewable energy potential that presents a unique opportunity for the continent to drive the global renewable energy revolution and foster an equitable transition away from fossil fuels. We are calling on governments and financial institutions to power up the continent safely by channeling finances to people-centered renewable energy, committing to phasing out fossil fuels, and for the fossil fuel industry to pay up for its role in the climate crisis."
Zaki Mamdoo, Coordinator, Stop EACOP coalition said,
"These actions unite activists, organizations, and communities worldwide and coincides with the announcement of fossil fuel giants' record profits, earned through the exploitation of our labor and the environment. Join us as we come together through hundreds of actions across the globe to demand an end to the fossil fuel era and a transition to community-owned renewable energy systems rooted in justice"
Christian Hounkannou, Francophone Regional Organiser, 350Africa.org
“The swift warming of our planet is not a result of natural forces; it's a deliberate act, a crime driven by a privileged minority seeking personal gain. For many years, they've obstructed climate measures to safeguard their immense riches. However, they are not beyond accountability. Africa's renewable energy potential surpasses all other continents. Having endured the severe consequences of fossil fuels, it stands as a prime candidate to lead the world towards an alternative, clean energy development trajectory. The moment has come to liberate ourselves from coal, oil, and gas, and hold those who pollute responsible for the essential and immediate changes we require.”
Distributed by APO Group on behalf of 350.org.
Notes to Editors:
For more information on Power Up and a full list of actions happening across the globe, visit the website https://GlobalPowerUp.org/
Photos and videos will be made available here (https://apo-opa.info/40ujGjA) after the events.
Contact:
Christine Mbithi
christine.mbithi@350.org
Electricity Minister to embark on Eskom power station visits
Minister in the Presidency responsible for Electricity, Dr Kgosientsho Ramokgopa, is expected to embark on a series of follow-up visits to Eskom power stations.
The follow-up visits will begin at Arnot and Hendrina power stations in Mpumalanga on Monday.
“The visits are a follow-up to the initial round of visits that Minister Ramokgopa undertook upon his appointment as the Minister of Electricity in March 2023. During the visits, the Minister sought to acquire more insights into the challenges facing the power stations.
“[This is] in order to advance the necessary interventions required to fix Eskom in line with the objectives of the Energy Action Plan to improve the reliability of electricity supply and end load shedding,” the Ministry in the Presidency for Electricity said in a statement.
On Wednesday, 8 November, the Minister will visit Kriel and Matla power stations, which are also in Mpumalanga. On Thursday, he will visit Camdem power plant.
Ramokgopa is expected to visit Lethabo plant in Gauteng on Monday, 13 November. He will visit the Ankerling and Koeberg plants in the Western Cape on Tuesday, 14 November.
“Minister Ramakgopa will be engaging with management, unions and workers during his upcoming visits,” said the Ministry on Saturday. – SAnews.gov.za
Neo
Sat, 11/04/2023 - 19:38
The French multinational company wants to drill for oil and gas along the South African coastline near Cape Town, the West Coast and the Garden Route
Cosatu backs SA’s continued AGOA membership
Congress of South African Trade Unions (Cosatu) President Zingiswa Losi says the federation has thrown its weight behind the African Growth and Opportunity Act (AGOA) and for its renewal as the country continues to fight joblessness.
“As a trade federation movement, our responsibility is towards ensuring we protect jobs and that is why we have always had support for our government.
“But beyond that, we continue to advocate and request our sister federation in the US to be our voice on that side that the United States of America and the Biden administration will be able to renew AGOA for the next 10 years before they go for their elections next year,” she said on Friday.
Losi was speaking during a media briefing on the sidelines of the AGOA Forum, which is currently underway at the Nasrec Expo Centre in Johannesburg.
Launched in 2000, AGOA grants exports from qualifying African countries duty-free access to the United States market.
She reflected on the impact of the piece of legislation, which has created 450 000 jobs linked to the United States-Africa trade in different sectors. Losi said the mining, manufacturing, auto manufacturing, clothing, agriculture and jewellery industries have benefited from the legislation through exports.
The Cosatu President said the federation supports South Africa’s continued AGOA membership.
“It is also important that that unaligned role is strengthened when we deal with the geopolitics and it’s critical for government and business to simultaneously expand the trade and investment with other large trading partners such as the European Union, China and Japan and as you know we’re also part of the BRICS Trade Union Forum.”
Diversification, Losi believes, will ensure South Africa is able to trade with all countries to address the 42% unemployment rate, of which 60% of those are youngsters.
“Importantly, for us to do that we need to address issues of energy in the country, crime and corruption and also the issues of rail and infrastructure.”
Meanwhile, during President Cyril Ramaphosa’s main address, he said he remains concerned about the negative effects that trade restrictions on products like steel, aluminium or citrus fruit have on AGOA utilisation rates.
President Ramaphosa said he hopes the forum will help lay the basis for these to be addressed in future and that more targeted efforts to promote greater levels of investment can help unlock AGOA’s opportunities. – SAnews.gov.za
Gabisile
Fri, 11/03/2023 - 15:36
Clanwilliam Dam project revival brings hope to West Coast
The resuscitation of Clanwilliam Dam engineering work has sparked optimism among the West Coast corridor communities.
This comes after Water and Sanitation Minister Senzo Mchunu conducted an oversight visit to the construction work underway at the dam site on Thursday.
The R4 billion project, situated on the Olifants River near the town of Clanwilliam in Cederberg Local Municipality, is one of the biggest government infrastructure investments in the Western Cape.
The project involves raising the dam wall by 13 metres. A total of R400 million has been allocated for the current financial year to implement the project.
The project includes extension of the dam wall on the downstream side, and raising it to a higher level by 13 metres.
The additional yield of water will provide an opportunity to develop resource poor farmers to promote food security and decent employment through inclusive economic growth.
During the visit, Mchunu said, unlocking the bottlenecks that caused the collapse of the project and seeing it to its completion is the biggest priority for the Department of Water and Sanitation.
Mchunu said the yield from the extended infrastructure will bring a lifeline to many livelihoods in this region.
“What we see happening here at the dam construction site is encouraging and there is no stopping until we finish. The dam currently yields about 123 million cubic meters of water and when the project is completed, it is expected to yield 343 million cubic meters of water, thus bringing into the system almost double the current yield,” Mchunu said.
Addressing stakeholders and residents that converged at the town’s local church hall, Mchunu said government is committing many resources to building projects across the country, and that through projects like Clanwilliam, the department strives for quality water to flow to South African households.
“We have built a solid, tight management team for the Clanwilliam Dam project, and we will support them to see it through to the end. The revival of the project is a hit for the Western Cape province.”
Mchunu said government is aware of the delays in the implementation of the Clanwillliam Dam project over the years, and assured that with the recent resuscitation of the project, the department remains committed to completing the work within the revised timeframes, budgets and specifications.
Among the direct benefits associated with the project, include more than 500 job opportunities for skilled, semi-skilled and unskilled workers, and the development of skills and learning opportunities; and new business opportunities for the locals.
Western Cape Infrastructure MEC Tertuis Simmers, who joined Mchunu during the visit, said the province welcomed the resuscitation of the dam project, noting there is a long history associated with the project.
“We welcome that work has commenced and interventions by stakeholders to unbundle the hindrances. This will now further accelerate the hydro-energy projects planned for the West Coast corridor and bolster the agricultural sector.
“As the spheres of government alongside the private sector, we remain committed to the successful delivery of this project,” Simmers said.
Francois Swaartbooi, a local businessperson, said the project has provided renewed hope for stakeholders of the West Coast, and they are happy it is being revived.
Swartbooi said they have established a business forum to ensure that local small medium enterprises benefit from the project.
The current work at the construction site includes excavations to prepare platforms for the drilling and blasting operations; blast proposal and design by the Drill and Blasting sub-contractor, and geologists to inspect the vertical faces of the excavation to determine the rock anchor details. – SAnews.gov.za
GabiK
Fri, 11/03/2023 - 15:03
The Milken Institute and the Motsepe Foundation (https://MilkenMotsepePrize.org) today announced the five teams (https://apo-opa.info/3tXVKZw) advancing to the Finalist Round of the Milken–Motsepe Prize in Green Energy. Each finalist team will receive $70,000 to further develop and test their designs in a live field test demonstration in South Africa next year.
The finalist teams are:
“Access to electricity can advance industrialization across Africa and improve the standards of living for many marginalized communities,” said Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation. “These finalists are building innovative solutions to deliver on the promise of a sustainable future, in line with the Sustainable Development Goals. We will be delighted to welcome them to South Africa for the live demonstrations next year.”
An independent panel of expert judges determined the five teams continuing to the Finalist Round based on a rigorous evaluation of real-world data.
Judges will continue to evaluate competing teams' abilities to meet the challenge of generating 60kWh of electricity in a 24-hour period by:
“These finalists have once again proven the value of the innovation competition model in driving breakthroughs,” said Emily Musil Church, PhD, senior director at the Milken Institute. “The Semifinalist Round pushed these teams to stretch their limits and build solutions that are scalable and life-changing for millions.”
To date, the competition has awarded US$750,000 to entrepreneurs testing bold ideas to expand access to reliable, affordable, and sustainable electricity in Africa.
In May 2024, the judges will award a US$1 million Grand Prize. A runner-up prize of US$250,000 will also be awarded. In total, the Milken–Motsepe Prize in Green Energy will award over US$2 million in prizes and additional benefits.
Distributed by APO Group on behalf of The Milken-Motsepe Innovation Prize Program.
Media Contact:
Chad Clinton
+1 (202) 262-1067
cclinton@milkeninstitute.org
About the Milken Institute:
The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what's pressing now and what's coming next. For more information, visit www.MilkenInstitute.org
About the Motsepe Foundation:
The Motsepe Foundation was founded in 1999 by Dr. Patrice Motsepe and his wife, Dr. Precious Moloi-Motsepe. The goal of the Motsepe Foundation is to contribute towards eradicating poverty and to sustainably improve the living conditions and standards of living of poor, unemployed, and marginalized people in South Africa, Africa, and the world. In January 2013, Dr. Patrice Motsepe and Dr. Precious Moloi-Motsepe joined the Giving Pledge, which was started by Warren Buffet and Bill and Melinda Gates. Dr. Patrice Motsepe and his wife committed to give half of their wealth to the poor and for philanthropic purposes during their lifetime and beyond.
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AGOA Trade and Economic Cooperation Forum
By Michael Currin
Growing business, trade and investment ties between sub-Saharan African nations that are part of the Africa Growth and Opportunity Act and the United States (US) holds enormous benefits for the two regions.
Last year the combined two-way trade between AGOA beneficiaries and the United States exceeded $46 billion and there is strong potential for further growth as trade and investment is deepened.
These trade and investment opportunities will be explored at the 2023 AGOA Trade and Economic Cooperation Forum, which is being hosted by South Africa at the Johannesburg Expo Centre from 2-4 November 2023.
The forum, attended by a senior delegation from the United States and 35 Sub-Saharan Africa Trade Ministers, will seek to strengthen trade and investment. Moreover, with African Regional Economic Communities, civil society, organised and business representatives in attendance, it also encourages regional integration.
There is ample room for growth between the US and Africa, particularly in the critical mineral value chain which is at the centre of the global clean energy transition. The continent is a major producer of cobalt, copper, bauxite, chromium, high purity iron ore, platinum group metals and lithium which is needed for the global energy transition.
Those who partner with the continent will have access to these critical resources to spur on and benefit from the clean energy revolution. The International Energy Agency’s World Energy Outlook 2022 foresees demand for these critical minerals more than doubling by 2030 and quadrupling by 2050.
The forum also reaffirms Africa as a capable economic partner and a lucrative destination for growth and investment. Sub-Saharan African economies are on the rise following the impact of COVD-19 with the International Monetary Fund's Regional Economic Outlook forecasting their growth by 4.2 per cent in 2024 from 3,6 per cent in 2023.
Alongside the forum will be the Made in Africa exhibition that will display the products of more than 500 companies from across Sub-Saharan Africa. It will exhibit the region’s agricultural, automotive, chemicals, metals and minerals, mining and machinery, clothing and textiles, leather and footwear and the boatbuilding sector products.
Significantly, this forum is the last engagement hosted in Sub-Saharan African before the expiry of the current iteration of the African Growth and Opportunity Act in June 2025. AGOA has been at the core of United States economic policy and commercial engagement with Africa.
It was signed into law on 18 May 2000 to provide duty-free exports of goods from 40 sub-Saharan African countries to the United States, giving them a competitive advantage in the lucrative US market.
There are over 5240 tariff items that qualify for the AGOA ranging from apparel and footwear, wine, certain motor vehicle components, a variety of agricultural products, chemicals as well as steel.
The 2023 AGOA Trade and Economic Cooperation Forum is an opportunity to lobby for the renewal of AGOA beyond 2025 as a mutually beneficial platform for global exchange and growth for the industries involved, and as a gateway to the vibrant African market. An extension of AGOA will promote inward investment in Africa and deepen the impact of industrialisation on the continent.
Furthermore, it will also support our efforts to increase trade through the African Continental Free Trade Area (AfCFTA) that covers 54 countries and 1.4 billion people. It is anticipated that Africa’s trade will be greatly boosted by AfCFTA and the US stands to gain access to a single market, which is projected to grow to 1.7 billion people and $6.7 trillion in consumer and business spending by 2030.
The trade relationship between the US and South Africa has greatly benefitted from the AGOA agreement.
South Africa remains a key source of raw materials for the American economy and has become one of the region’s top 3 exporters to the US. The most success has been in our automobile sector which is the country’s biggest single beneficiary of the programme. Our local citrus industry has also benefited with the Western Cape exporting approximately R1.6 billion worth of citrus to the US under AGOA in 2022.
Other leading exports to the US included iron and steel, edible fruits, organic chemicals and precious stones. It helped create a total of 62 395 direct and indirect jobs, while overall AGOA generated an estimated 350 000 direct and 1.3-million indirect jobs in Sub-Saharan Africa.
South Africa looks forward to welcoming stakeholders from the US and across the continent to the forum. The stronger ties will ensure reciprocal trade and investment that will benefit both the US and Africa.
* Michael Currin is the Deputy Director-General Intergovernmental Coordination and Stakeholder Management at the Government Communication and Information System
Janine
Thu, 11/02/2023 - 08:54
Revenue collection projected to decline
Revenue collection is expected to fall by some R56 billion below the 2023 Budget predictions, according to the National Treasury Medium Term Budget Policy Statement (MTBPS).
The MTBPS notes that slowing commodity exports, slower growth, downward revisions of the tax base growth, slowing corporate tax collections and lower net VAT collections have all impacted tax revenue.
The 2023 Budget had projected collections would reach some R1.78 trillion but that has now been revised down to R1.73 trillion.
“In recent years, revenue collection has benefited from a pattern of high prices for South Africa’s commodity exports. In the current year, commodity prices have fallen faster than expected and value‐added tax (VAT) refund claims have risen, resulting in revenue collections projected to be R56.8 billion below 2023 Budget estimates.
“The moderate revenue outlook is limited by the domestic economic outlook and negative shifts in the global economy,” the department said.
This as Minister of Finance Enoch Godongwana tabled the Medium Term Budget Policy Statement in Parliament on Wednesday.
Key factors which have affected revenue collection in the first half of 2023/24 include:
“The tax-to-GDP ratio is expected to decline to 24.7 percent in 2023/24 from 25.1 percent in 2022/23. A recovery in this ratio depends on more sustainable economic growth.
“Main budget revenue estimates for 2023/24 have been lowered by R44.4 billion compared with the 2023 Budget, mainly driven by lower estimates for tax revenue, while National Revenue Fund receipts have been revised up by R11.3 billion mainly due to higher expected revaluation profits from foreign-currency transactions,” Treasury said.
Future revenue
The department said due to the increased fiscal consolidation that is required, “the Minister of Finance will propose tax measures to raise additional revenue of R15 billion in 2024/25 in the 2024 Budget”.
“Tax revenues are expected to increase to R2.1 trillion, or 25.1 percent of GDP, by 2026/27. Revenue collection, however, is projected to fall short of 2023 Budget estimates by R121.4 billion between 2024/25 and 2025/26, with tax buoyancies generally lower over the medium term.
“Relative to the 2023 Budget, main budget revenue estimates for the next two years have been lowered by R152 billion, mainly driven by downward revisions to tax revenue projections. Non-tax revenue estimates for the next two years have also been reduced by R24.4 billion due to lower mineral and petroleum royalties and departmental receipts. Payments to the Southern African Customs Union (SACU) are revised up,” the department said.
Treasury insisted that improved economic growth and further gains in tax administration are critical for improving tax revenues.
“The sharp contraction in commodity prices now under way suggests that the windfall tax receipts that South Africa enjoyed in recent years have come to an end. Under-collections in corporate income tax receipts relative to 2023 Budget estimates flow through to the outer years. Stronger VAT refund payments over the medium term partly reflect higher renewable energy investments and responses to structural constraints in logistics and fuel refinery capacity.
“The outlook for most major tax bases has also been revised lower relative to the 2023 Budget. Personal income tax collections are marginally better than expected due to near-term gains; however, medium-term prospects for employment growth remain muted.
“Although South Africa’s tax-to-GDP ratio remains relatively resilient, stronger economic growth and further gains in tax administration are needed to improve tax revenues over the medium to long term,” the department said. – SAnews.gov.za
NeoB
Wed, 11/01/2023 - 14:05
Finance Minister Enoch Godongwana announces extension of Covid-19 grant
Reforms can enhance GDP
Finance Minister Enoch Godongwana says the Medium Term Budget Policy Statement (MTBPS) prioritises reforms aimed at enhancing the growth of the Gross Domestic Product (GDP).
He was delivering the MTBPS in the National Assembly in Parliament in Cape Town on Wednesday.
“To this end, excluding interest, funding for capital projects remains the fastest-growing item by economic classification. Furthermore, we are introducing a new mechanism for improving the pace of delivery of capital projects,” he said.
The Minister was cheerful about the electricity sector’s “enormously positive transformation” due to reforms.
“We are reaping the fruits of our efforts to reform the electricity sector, including the easing of restrictions on self-generation and encouraging private investment in the area.
“At the same time, we recognise the potential loss of revenue due to private electricity generation, and the fact that traditional revenue models relied on by public entities like Eskom, face serious disruption.
“It is for these reasons that our electricity reforms are holistic, evidenced-based, and geared to find a balanced solution to our electricity supply challenges. They take into account not just a particular entity but the transformation of the sector as a whole,” he said.
According to the extended MTBPS, some of the major reforms in the energy sector comprise::
Turning to the logistics system, the Minister said the system faces significant challenges which have cost “up to 5 percent of GDP in 2022, with losses in the region of R50 billion in the minerals sector alone”.
The extended MTBPS notes that the cost of rail inefficiencies last year is estimated at R411 billion.
“Given the scale of the challenges, the National Logistics Crisis Committee was instituted to broaden reforms in the sector and prioritise reforms aimed at resolving the immediate crisis, while also addressing the structural aspects hampering the sector.
“This approach is consistent with the key lesson from our reform of the electricity sector, that resolving these challenges must be based on transforming the sector, and not trying to save an entity,” he said.
Godongwana said a “dysfunctional” Transnet – which remains at the heart of the logistics sector and the movement of goods – has serious implications for business, people’s lives, the economy and the country’s global competitiveness.
“No modern economy can thrive and grow new industries if rail lines are beset by delays, and ports are unable to efficiently handle incoming and outgoing cargo. Transnet’s performance in this regard has been underwhelming and its operations have been strained by a worsening financial state.
“Recognising the seriousness of the situation, the National Treasury is working with Transnet and the Department of Public Enterprises to ensure that Transnet can meet its immediate debt obligations,” he said.
The Minister said in this regard, a Freight Logistics roadmap will guide reforms in the sector.
“The roadmap sets out a clear path for enhancing efficiencies, facilitating the introduction of competition and leveraging the financial and technical support of the private sector.
“Only once these three objectives are reflected in Transnet’s corporate and operational plans, will there be a conversation about whether and how government can provide financial support to transform the logistics sector,” Godongwana said.
Improvements in areas such as financial management and financial governance are being prepared.
“These reforms will respond to the recommendations of the Zondo Commission, the Mpati Commission, and the Nugent Commission.
“I will…table an Omnibus Bill for public consultation, which will include key amendments to various pieces of legislation, including the Public Finance Management Act of 1999 (PFMA), Municipal Finance Management Act of 2003 (MFMA) and South African Revenue Service Act (SARS Act),” Godongwana said. – SAnews.gov.za
NeoB
Wed, 11/01/2023 - 14:13
The “energy trilemma” of delivering lower carbon energy that is affordable and secure is an issue facing all businesses and policymakers in the energy space. We believe that the world’s leading energy companies meaningfully want to achieve all three priorities. In January 2023, the New York Times reported that 2022 was the fifth-hottest year on …
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Media Contact:
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EcoFlow Communications Manager, South Africa
orange.lin@ecoflow.com
About EcoFlow:
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Call for a realistic 2023 MTBPS
North-West University Business School Professor Raymond Parsons has called for a realistic and sound Medium-Term Budget Policy Statement (MTBPS), given the additional fiscal and economic challenges facing the country.
“The National Treasury has already warned of the tough decisions that will need to be taken in the medium-term budget. A shortfall of about R100 billion is now widely forecast. Unless remedial steps are taken, the risks of another 'fiscal cliff' for South Africa will rise,” Parsons said.
He said the latest Monetary Policy Review also emphasised that a lack of fiscal sustainability would keep interest rates elevated for longer.
His appeal comes ahead of Minister of Finance Enoch Godongwana’s MTBPS, which will be tabled at the National Assembly in Cape Town today.
“It is now generally recognised that the combination of low growth, less-than-expected tax revenues, and continued high government spending means that the economic and financial assumptions on which the 2023 Budget projections in February were based are no longer valid.
“Several of the fiscal risks outlined in the main Budget have materialised. These factors have now severely reduced available fiscal space, necessitating a realistic approach to a less favourable set of circumstances. If the medium-term Budget is not credible in its actions, it will be assumed that there will just be more borrowing or big tax rises to come later,” Parsons said.
He identified government bailouts to struggling state-owned enterprises as a persistent problem.
“Transnet recently asked government for financial support – which is basically a bailout – to implement its turnaround plan. The Bureau for Economic Research has warned that Transnet’s request comes at an inopportune time for the fiscus.
“How the National Treasury decides to respond to Transnet’s need for further assistance will be seen in the MTBPS. South Africa is already at the outer boundary of what it can reasonably do to contain its debt burden and stabilise its public finances. Reducing the deficit inevitably now means recalibrating the broad dynamics of its public finances,” he said.
With the debt-to-GDP ratio now over 70% and expected to increase further, Parsons said South Africa's rising debt bill is already absorbing too large a share of the budget at the expense of other major social spending and infrastructure.
“A long-range fiscal plan is, therefore, now needed to steadily wind down spending and debt and bring them under control in a way that establishes clear priorities for the future.
“Fiscal policy will inevitably have to be pragmatic and realistic to deliver sensible trade-offs in order to project a credible medium-term Budget that offers more predictability and certainty.
“This fiscal balancing act will, therefore, require a skilful but level-headed revised Budget ‘mix’ and projections. It requires successfully managing multiple spending pressures at a time when political elections are pending in 2024,” he said.
Credibility
Parsons emphasised that the medium-term Budget must be a credible fiscal plan that does enough in challenging economic circumstances to placate nervous markets and not allow excessive borrowing to 'crowd out' the private sector.
“It is apparent that, whatever other steps may be needed to 'balance the books', all roads eventually run through inclusive growth if South Africa wants fiscal sustainability in the longer term. And if, through job-rich growth, South Africa can also move more citizens out of welfare and into work, a lowering of the quantum and risks of welfare dependency will also improve the fiscal balance.
“The number of countries that have grown successfully out of large debt is really quite small, whereas the number of economies that got into major fiscal difficulties that ultimately ended in inflation and other economic distortions is quite large.
“This emphasises why there can be no complacency about the immediate medium-term Budget challenges and no doubt about the National Treasury's determination to keep the fiscal situation manageable,” he said.
Parsons said the 2023 MTBPS which is also known as the mini budget, must reinforce the overall message that the trajectory of South Africa’s GDP growth (and potential growth) will, eventually, be driven mainly by the pace at which structural reforms materialise, especially on the energy front.
“The medium-term Budget needs to reflect a renewed commitment to do what is necessary to help reduce South Africa's risk premium by strengthening the pillars of fiscal sustainability,” he said. –SAnews.gov.za
nosihle
Tue, 10/31/2023 - 10:30
Climate Commission to host skills indaba
The Presidential Climate Commission (PCC) is expected to hold the second annual Skills Indaba in Johannesburg on Wednesday.
The indaba will be held in collaboration with the Department of Higher Education (DHET) and Training and Energy and Water Sector Education and Training Authority (EWSETA).
“[The] 2nd Annual Skills Indaba will inform the National Skills Development Plan on institutional transformation and funding mechanisms for a rapid response to the skills demand for the decarbonised economy.
“The Skills Indaba will interrogate the skills landscape and its implications of the just transition for future labour market and skills, to understand current or planned research in relation to climate transition, and to explore integration of climate transition into existing skills planning system,” the PCC said.
The indaba will also reflect on the submitted interventions for the Just Energy Transition Investment Plan (JET IP) funding for skills development.
“[The indaba will also] discuss how to initiate long term research programmes for future skills development planning with climate transition considerations into the national skills development plan with particular focus on jobs to support a just energy transition,” said the commission. – SAnews.gov.za
NeoB
Tue, 10/31/2023 - 12:10
Government partners with business to tackle economic challenges
Government has established a partnership with business to work together in four critical areas, including energy, logistics, crime and corruption, and employment to give impetus to efforts currently being undertaken.
President Cyril Ramaphosa said this while delivering an address to the nation updating on the Economic Recovery progress on Monday.
“We continue to collaborate with organised labour and civil society to ensure a whole-of-society approach to addressing the most important challenges our country faces. All of this gives us hope that we are turning the tide on the many challenges that we face,” the President said.
This month marks three years since government embarked on the Economic Reconstruction and Recovery Plan, which outlined the actions that it would take to rebuild the economy and create jobs in the wake of the COVID pandemic.
The President acknowledged that the last three years have been extremely challenging, as the country emerges from more than a decade of stagnant economic growth, compounded by the impact of the pandemic.
“We are working to reverse the legacy of the past era of corruption and mismanagement of our State-owned enterprises, which has left us with a persistent energy crisis and an inefficient ports and rail network.
“And we are contending with a range of global and domestic pressures which have set back our economic recovery. And yet, there are clear signs that our efforts are showing results. Electricity supply is improving. Jobs are being created.
“Houses, roads, bridges and dams are under construction. Law enforcement agencies are cracking down on criminal syndicates. The proceeds of State capture are being recovered. These are reasons for hope,” President Ramaphosa said.
Since then, in the midst of severe load shedding and increased global volatility, he highlighted that the economy has continued growing, albeit too slowly. He added that the economy has shown a significant degree of resilience and is now larger than it was before the pandemic.
Reforms – Energy Action Plan
Turning to one of the main challenges in the country, President Ramaphosa told the nation that progress is being made towards ending load shedding.
“We are making progress towards ending load shedding. Our greatest priority has been to reduce the severity and frequency of load shedding to achieve energy security. Over the last few months, there has been a measurable decline in the severity of load shedding,” the President said.
He noted that the Energy Action Plan he announced in July last year is showing positive results, “giving us greater confidence that we will bring load shedding to an end”.
The President said that regulatory reforms that have been initiated have enabled a massive increase in private investment in electricity generation, with over 12 000MW of confirmed projects in development.
Following the introduction of tax incentives and financing mechanisms, he said that the amount of installed rooftop solar has more than doubled to over 4 500MW in the last year.
“The steady progress we are making in resolving the energy crisis is a reason for hope,” he said.
Infrastructure
Another commitment made in the Reconstruction and Recovery Plan was to fix South Africa’s infrastructure through renewed investment in maintenance and construction of new projects.
The President highlighted that several significant infrastructure projects are underway.
“These projects are both contributing to greater economic activity and jobs, and providing much-needed infrastructure for the growth of our economy and the needs of our people.
“These infrastructure projects range from social housing, road construction, rural bridges, and dam constructions,” he said.
President Ramaphosa further highlighted that the Passenger Rail Agency of South Africa has to date restored operations on 26 out of 40 commuter rail corridors.
To continue with the restoration of the country’s commuter rail corridors, he said R50 billion will be spent over the next three years to modernise the passenger rail network.
As part of the infrastructure build, the President said that the sixth administration is undertaking significant water infrastructure projects. These include Phase II of the Lesotho Highlands Water Project and the Mzimvubu water project in the Eastern Cape, which will involve an investment of R17 billion.
“Around the country, water treatment works are being upgraded, pumping stations are being repaired, and pipes are being laid to get water to under-serviced areas,” he noted.
Logistics system
President Ramaphosa said the country is making progress in restoring its logistics system to world-class standards, so that SA can export goods to global markets.
The National Logistics Crisis Committee is overseeing a range of interventions to stabilise and improve the performance of the logistics system in the short term, in addition to ongoing reform to improve its efficiency and competitiveness in the long term.
He said the Transnet board has developed a turnaround plan, which aims to increase volumes transported on SA’s network.
“Progress is also being made with the introduction of private sector participation in container terminals. I want to make it clear that South Africa’s port, rail and electricity infrastructure are strategic national assets, and that they will remain in public ownership.
“However, introducing competition in operations – both in electricity and logistics – will create greater efficiency and reduce prices in the long term, just as the introduction of competition in the telecommunications sector has led to greater choice and enormous benefits for consumers,” he said. – SAnews.gov.za
DikelediM
Mon, 10/30/2023 - 21:50
Cape Town industrial property continues to see positive growth as the city is seen as the better place to live and do business. Urban Growth Property Group (Urban Growth) is not letting this opportune moment pass it by and is taking the lead and growing its property portfolio. Urban Growth is an independent property investment …
Petrol price set to decrease by R1.78
Cash-strapped motorists will breathe a sigh of relief at the pumps on Wednesday as the price of petrol is set to come down by R1.78 a litre.
According to the Minister of Mineral Resources and Energy Gwede Mantashe, both grades of petrol (93 and 95 ULP & LRP) will decrease by R1.78 cents per litre, while the price of Diesel (0.05% sulphur) will come down by 85.08 cents a litre.
This means that a litre of 95 which currently costs R25.68 in Gauteng will come down to R23.90.
The price of Diesel (0.005% sulphur) will come down by 82.08 a litre. The price of Illuminating Paraffin (wholesale) will decrease by 97 cents per litre and the Single Maximum National Retail Price (SMNRP) for illuminating paraffin will come down by 1.30 cents
Meanwhile, the Maximum retail price for LP Gas will see a 1.49.00 per kilogram increase.
The fuel price adjustments were due to crude oil prices, Rand/US Dollar exchange rate and the implementation of the Slate Levy.
“The average international product prices of petrol, diesel, illuminating paraffin followed the decreasing trend of crude oil while LPGas increased due to higher prices of propane and butane during the period under review. These led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 207.06 c/l, 115.15 c/l and 105.18 c/l, respectively,” said the Minister on Monday.
The adjustment of fuel prices will be effective from 1 November.
On crude oil prices, the department said the average Brent crude oil price decreased during the period under review.
This was mainly due to the rise in global crude oil inventories because of increased production from non-OPEC + producers, the lifting of sanctions on Venezuela by the US, creating a positive outlook on supply as well as the low impact of Israel-Hamas conflict as it has not yet affected flow of crude oil even though it is happening in the oil rich region of the Middle East.
On the Rand/US Dollar exchange rate, the department said the the Rand depreciated slightly on average, against the US Dollar during the period under review when compared to the previous one.
“This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 6.34 c/l, 7.57 c/l and 7.61 c/l, respectively,” the Minister said.
On the implementation of the slate levy, the cumulative slate balance on petrol and diesel at the end of September 2023 had a negative balance of R6.2 billion.
“Therefore, the slate levy will increase by 21.92 cents per litre to 52.62 cents a litre. This will be implemented in the price structure of petrol and diesel with effect from 1 November 2023.” –SAnews.gov.za
nosihle
Mon, 10/30/2023 - 12:42
Empowering Homeowners with Control and Savings Saving the environment by reducing the consumption of scarce water and electricity Making payment collection a breeze Prepaid electricity meters have emerged as a practical solution for homeowners seeking more control over their electricity usage and expenses. These innovative devices allow users to monitor and manage their energy consumption …
Johannesburg, October, 2023 – In a world where cultural diversity is a treasure, the celebration of Dia de los Muertos, or the Day of the Dead, stands out as a vibrant testament to the richness of Mexican heritage. As we delve into the intricacies of this culturally significant day, it becomes evident that Dia de …
26 October 2023 Following a successful and sold-out event at Montecasino last year, King of the Whip (KOTW) – brought to you by LW Mag, returns this November, and with it, an exciting list of partners that include Ford, Monster Energy, Yamaha, Garmin, GoPro, Motul and Estrella Cerveza. The adrenaline-fuelled Action Sports event is set to take place at Montecasino on Saturday, 25 November, where top Motocross …
The Board of Directors of the African Development Bank Group (https://www.AfDB.org/en) have approved South Africa's Country Strategy Paper (CSP) 2023-2028. The Bank's interventions over the next five years will focus on two priority areas: improving governance and developing the private sector in southern Africa's largest and most populated country.
The CSP 2023-2028 aims to support the South African government's efforts to tackle its structural challenges, promote industrialization and establish a faster, more inclusive growth trajectory to reduce poverty for the long term. Its indicative operational program for 2023-2028, amounts to a total of $1,54 billion, comprising six sovereign operations totaling $887 million and seven non-sovereign operations totaling $654 million. The sovereign operations selectively support four focal sectors, relatively large projects aimed at delivering transformation at scale and impact.
In the first priority area, the African Development Bank will support efforts to improve economic governance and boost private investment to promote inclusive growth and create decent jobs. This will help broaden access to the main social and economic services, improve skills and employability, and increase resilience to external and climate shocks.
The Bank will also contribute to strengthening the governance framework to create favourable conditions for implementing infrastructure projects. Its support will help to reduce costs and contribute to the success of the private sector by helping the country to address regulatory barriers.
Among the expected outcomes are a reduction in the budget deficit of 4.2% of gross domestic product in 2022-2023 to 3 percent in 2027-2028. Energy production by the private sector should increase from 100 megawatts in 2023 to over a gigawatt in 2028, and 700 new small and medium-sized enterprises (SMEs) should have access to funding, including at least 210 owned by women and 70 by young people, by 2028.
In the second priority area – developing the private sector – the African Development Bank aims to improve access to high-quality infrastructure, boost productivity and strengthen competition to promote growth driven by the private sector and job creation through transformative projects. The Bank's interventions will focus on the energy, transport, water and sanitation sectors, as improving these kinds of infrastructure will contribute to reducing the cost of economic activity, increasing productivity and strengthening South Africa's competitiveness at all levels. These interventions will also enable women to access basic services and economic opportunities.
Finally, there will be an emphasis on protecting infrastructure from the effects of climate change to strengthen sustainability and resilience, a goal that will be at the forefront of all infrastructure projects.
The Bank's actions in the transport sector should help increase the market share of rail freight from 26.8 percent in 2023 to 28 percent in 2028 and complete the construction of 38 kilometres of tunnels by 2028.
On 30 June 2023, the African Development Bank Group's active portfolio in South Africa comprised 23 projects, with total funding of USD 7 billion.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media contact:
Alexis Adélé
Communication and External Relations Department
media@afdb.org
About the African Development Bank Group:
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa's development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states. For more information: https://www.AfDB.org/en.