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President hails traditional leaders for flood relief efforts

Location: News

President hails traditional leaders for flood relief efforts

President Cyril Ramaphosa has praised the efforts of uMgogodla kaZulu, a group comprising the spouses of traditional leaders and women traditional leaders, for their commendable work in addressing the challenges posed by the recent floods in KwaZulu-Natal. 

Addressing the annual official opening of the National House of Traditional and Khoi-San Leaders (NHTKL) in Cape Town on Thursday, the President said it was pleasing to note that the institution of traditional and Khoi-San leadership is playing its role in assisting communities.
 
The President told the traditional and Khoi-San leaders that climate change is a growing concern in South Africa. He said the recent flooding, together with other extreme weather events, are a stark reminder that the country cannot be complacent about this grave threat to both lives and livelihoods.

“It is pleasing to note that the institution of traditional and Khoi-San leadership is once again playing its role to assist communities. I specifically wish to commend the work done by the structure of spouses and female traditional leaders, called uMgogodla kaZulu, during the floods that engulfed KwaZulu-Natal. 

“The Ondlunkulu stood up, in partnership with Al-Imdaad, Old Mutual, the Princess Gabo and Kaizer Junior Foundations, and others to help those who were affected by floods. We appreciate this valuable work,” the President said. 

President Ramaphosa said he has been advised that several other provinces have formalised the structures of spouses and women traditional leaders of amaKhosi. 

He implored the House to continue working together with provincial Houses of Traditional and Khoi-San Leaders to ensure that such structures are established and capacitated. 

30 Years of Democracy

In his State of the Nation Address delivered earlier this month, the President reflected on the journey South Africa has traversed over the past 30 years since attaining freedom.

"As a nation, we can also be proud of the journey we have travelled, according to the institution of traditional leadership and the stature it deserves. 

“Today, our Kings are recognised as Kings, as opposed to Paramount Chiefs, a term which colonial and apartheid rule introduced to make it clear that in their minds the real Kings were only those found in Europe. 

“Today, we have a National House of Traditional and Khoi-San Leaders that plays an active and meaningful role in our national life,” the President said. 

President Ramaphosa expressed the wish that more Khoi-San leaders will be brought into the fold and be formally recognised under the Traditional and Khoi-San Leadership Act.

He said that the Commission on Khoi-San Matters has been appointed to receive and assess applications for recognition and make recommendations to the Minister of Cooperative Governance and Traditional Affairs.

While the process is taking longer than was initially envisaged, the President has appealed that the Commission be allowed the space to continue with this complex historical mission that they have been assigned. 

Addressing unemployment

The President told the House that they have a shared responsibility to work together to address the country’s unemployment crisis, particularly among young people. 

He highlighted that the Presidential Youth Employment Intervention, the National Youth Service and the Youth Employment Service are just some of the initiatives government is implementing that are making a difference. 

“I call on this House to play an active role in the ongoing process of recruiting young people into the National Rural Youth Service Corps that is being coordinated by the Department of Agriculture, Land Reform and Rural Development.

“The InvestRural blueprint handed over to me by the former Chairperson of this House, the late iNkosi Mahlangu, is being fused into government programmes. 

“The training of young people by the Department of Agriculture, Land Reform and Rural Development is a practical example of this. Another is the work being done by the Department of Traditional Affairs in partnership with the Department of Mineral Resources and Energy to streamline and integrate Social Labour Plans into industry operations,” he said.

The President further told the House that the Welisizwe Rural Bridges Programme coordinated by the Department of Public Works and Infrastructure is yet another example of positive and meaningful change being brought to rural areas. Just last month he attended the launch of one of these bridges in KwaZulu-Natal. 

“To witness the difference these bridges are making in the lives of rural communities, especially for young learners who need to cross rivers to get to school, is remarkable,” he said. 

Capacity building

The President has emphasised that capacity building is essential if the country is to enhance the role traditional leaders play in development. 

In this regard, he welcomed the partnership between the Department of Traditional Affairs and the National School of Government to provide training on, among others, facilitating socio-economic development for traditional communities.

The programme is aimed at empowering traditional leaders to act as change agents in their communities, and to transfer new knowledge and skills for the activation of sustainable economic interventions in rural areas.

“Our goal is an active rural citizenry, with our traditional leaders at the helm. The issue of transferring communal land to traditional councils is one of great interest to this House.

“As government, we are in the process of finalising the bill on communal land, which will be followed by extensive consultations. 

“I know that this process is taking longer than expected, but democracy requires that we give society a voice in matters that concern them,” he said. 

Initiation

Turning to the challenges facing initiation, President Ramaphosa said that these should be decisively addressed. 

“We cannot continue to have customary initiation being turned into a harmful practice. 

“We need to do all in our powers as government, communities, traditional leaders, the National Initiation Oversight Committee and provincial structures to put to an end to these unnecessary and entirely avoidable deaths and injuries,” he said. 

The President further urged the House to continue to monitor and guide provinces and various local houses on the provisions of the Customary Initiation Act. 

“We must live up to the slogan of 'Mabaye Bephila, Babuye Baphila',” he said. 

Traditional Courts Act

The President told the House that he has assented to the Traditional Courts Act and will soon be proclaiming the date on which it comes into effect. 

In the meantime, he said, the Department of Justice and Constitutional Development and the Department of Traditional Affairs have started with some of the preparatory work that will facilitate implementation. 

This includes visiting some of the traditional councils to further discuss their approaches to alternative dispute resolution and the resources they deploy in this regard. The President added that this is a matter on which they have finally made good progress. 

On concerns expressed by the House with regards to involving traditional leadership more in the work of the Inter-Ministerial task Team, President Ramaphosa said that he, along with the Deputy President, is seized with the matter of ensuring that members of this House are invited to workstream meetings and are able to participate more fully.  

Exercise your right to vote

The President said on 29 May, South Africans will be going to the polls to vote in the seventh democratic elections for national and provincial government.

As the country prepares for this historic occasion, President Ramaphosa has once again urged traditional leaders to continue to encourage all eligible voters to register and participate in these elections. 

“As we have done before, we call on traditional leaders to actively promote free and fair campaigning, and to ensure that all voters can exercise their democratic right.

“May you remain with the spirit of our forebears, who never retreated when challenges were facing them. Working side by side, we will move forward,” he said. – SAnews.gov.za

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Thu, 02/22/2024 - 14:04

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Excessive trust in generative Artificial Intelligence (AI) makes users vulnerable, survey finds

Location: News
KnowBe4

The survey, which spanned 1,300 respondents in ten African and Middle Eastern countries, revealed that 63% of users are open to sharing their personal information, while an impressive 83% expressed confidence in the accuracy and reliability of these AI tools. “While the results clearly show that generative AI tools are widely used, they also highlight the need for increased user training and awareness regarding the potential risks associated with this powerful new technology,” says Anna Collard, SVP Content Strategy and Evangelist at KnowBe4 AFRICA (https://www.KnowBe4.com).

Upon its introduction in late 2022, ChatGPT revolutionised the way people work. The highly adept chatbot, known for its natural and impeccable English, swiftly won over critics. Business teams discovered they could create marketing campaigns in a matter of minutes instead of hours, and effortlessly generate content in various forms, such as text and images. However, some argue that the world has embraced generative AI too hastily.

“The adoption of genAI offers tremendous opportunities for African users and organisations but we also need to consider the associated risks,” says Collard. “Our survey - which runs across users owning smartphones in 10 African countries -  indicates that all respondents are using generative AI in their personal and professional lives, with many using it on a daily or weekly basis.” The primary purposes for using generative AI are research, information gathering, email composition, creative content generation, and document drafting. Respondents highlighted several benefits of using generative AI, including time-saving, assistance with complex tasks, increased productivity, and enhanced creativity.

“Despite the hype about job losses and various industries being negatively affected by generative AI, 80% of respondents didn't feel that it threatened their job security, although 57% believed it has the potential to replace human creativity,” says Collard. “What is interesting in the findings is the disconnect between what people think and the reality, particularly when it comes to cybersecurity.”

Too willing to share sensitive data

The survey, carried out across South Africa, Botswana, Nigeria, Ghana, Kenya, Egypt, Mauritius, Morocco, United Arab Emirates, and Saudi Arabia, revealed that almost two-thirds of users are at ease sharing their personal information with generative AI tools such as ChatGPT. The comfort level in sharing sensitive data varied across countries. For example, in South Africa, only 54% of users were comfortable sharing their personal information with generative AI tools, while in the UAE it was 67%, and in Nigeria, it was 75%.

According to the survey, 83% of users feel confident about the accuracy and reliability of generative AI, showing an excessive level of trust. Collard comments that it is important to encourage critical thinking and be aware of our psychological biases that make us blindly trust content that is synthetically generated. “For example, research shows that people overestimate their abilities to detect deepfakes (Köbis et al., 2021) and in fact perceive AI-synthesized images as more trustworthy than real faces (Nightingale and Farid, 2022)”

Another concerning finding is the lack of comprehensive policies in organisations to address the challenges associated with generative AI. Almost half of the respondents (46%) reported having no generative AI policy at work, and 8% stated that they were prohibited from using it. “Employees are already using generative AI, so attempting to ban it is futile. Instead, it is crucial to establish policies that protect both organisations and their employees, ensuring responsible and safe usage,” asserts Collard.

Deepfakes - one of the most concerning uses of AI

A previous KnowBe4 AFRICA survey found that almost half of consumers do not know what deepfakes are, while a recent survey of South African IT managers by KnowBe4 and ITWeb showed that 60% of organisations do not provide training on deepfakes. “Scammers can trick people into believing that their loved ones are being held hostage by using fake voice and video messages created with this technology,” explains Collard. Because they are so convincing, many people are falling for these scams, including organisations which stand to lose both money and their sensitive data. With  elections coming up in South Africa, the US and many other countries, the World Economic Forum has ranked disinformation as one of the top risks for this year. Previous research has shown deepfakes as one of the most worrying uses of AI (https://apo-opa.co/49Co9o9), particularly when used for political manipulation.

“A zero-trust mindset needs to be cultivated to help people overcome the threats of malicious use of generative AI,” concludes Collard. “Companies should provide more training and implement comprehensive policies to help their employees navigate this exciting and daunting new technology.”

To read the full report on generative AI usage in Africa and the Middle East, click here (https://apo-opa.co/4bW7b5E).

Distributed by APO Group on behalf of KnowBe4.

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Exploring South Africas Premier Living Spaces

Location: MyPR

Introduction South Africa’s real estate market is a vibrant and dynamic field, reflecting the country’s rich cultural diversity and natural beauty. Recent years have seen significant growth in residential developments, designed to cater to a wide range of lifestyles and budgets. From luxurious coastal residences to sophisticated urban apartments, these developments offer something for everyone, …

Read moreExploring South Africas Premier Living Spaces

What is Genophobia and how can Herbal Remedies help?

Location: MyPR

Genophobia, or the overwhelming fear of sexual intimacy, is more than just discomfort. It is a phobia that provokes panic, dread, and even physical symptoms like nausea, signifying a disruption in normal interpersonal connections. Known also as erotophobia or coitophobia, this condition extends to related phobias such as nosophobia and gymnophobia, reflecting its deep-seated impact. But …

Read moreWhat is Genophobia and how can Herbal Remedies help?

Government to introduce global minimum corporate tax

Location: News

Government to introduce global minimum corporate tax

Over the next few years, government plans to implement a global minimum corporate tax to limit the negative effects of tax competition. 

“Multinational corporations with annual revenue exceeding €750 million will be subject to an effective tax rate of at least 15%, regardless of where their profits are generated. The proposed reform is expected to yield an additional R8 billion in corporate tax revenue in 2026/27,” Finance Minister Enoch Godongwana said on Wednesday in Parliament.

Delivering the 2024 National Budget Speech, Godongwana encouraged interested parties to provide comments on the draft Global Minimum Tax Bill published today. 

The draft Global Minimum Tax Bill aims to limit the race to the bottom of effective corporate tax rates for large multinationals, with countries competing to attract income by offering low tax rates and tax incentives.

“Implementing the minimum tax in South Africa will bolster the corporate tax base. South Africa helped develop tax rules to address base erosion and tax challenges arising from the digitalisation of the economy as a member of the Steering Group of the OECD [Organisation for Economic Co-operation and Development] /G20 Inclusive Framework on Base Erosion and Profit Shifting.

“These rules are designed to limit the channels that multinationals use to shift profits from high- to low-tax countries. The 2023 Budget Review outlined the two pillars of this framework, which were endorsed by more than 135 countries in 2021. The first focuses on the digital economy and the coherent tax treatment of multinationals,” the 2024 Budget Review said.

The framework will be implemented through a multilateral convention to ensure that the biggest and most profitable multinationals reallocate part of their profit to all countries where they sell their products and provide their services.

“The second pillar introduces the global minimum tax. It ensures that any multinational with annual revenue exceeding €750 million will be subject to an effective tax rate of at least 15 %, regardless of where its profits are located. Government proposes to introduce two measures to effect this change – an income inclusion rule and a domestic minimum top up tax – for qualifying multinationals from 1 January 2024.

“The income inclusion rule will enable South Africa to apply a top-up tax on profits reported by qualifying South African multinationals operating in other countries with effective tax rates below 15%.

“The domestic minimum top-up tax will enable SARS [South African Revenue Service] to collect a top-up tax for qualifying multinationals paying an effective tax rate of less than 15 % in South Africa,” National Treasury said.

The Explanatory Memorandum and Draft Global Minimum Tax Bill will contain more details on these proposals as well as a request for public input.

Broadening the tax base

“Our long-term tax policy strategy remains focused on broadening the tax base while improving tax compliance and administrative efficiency. Visible progress has been made in rebuilding and modernising the South African Revenue Service. 

“The tax authority has expanded the tax register, improved debt collections and reduced fraudulent refunds and trade valuations. This has led to improvements in revenue collection,” the Minister said.

To address the high levels of illicit tobacco, SARS is deploying CCTV and related technologies at licensed tobacco manufacturers.

“Investigations and prosecutions have resulted in R10 billion in additional assessments from the key players in the illicit gold and tobacco industry, of which over R4 billion from key players in the illicit gold and tobacco industry. 

“These and other efforts have assisted with the improvement in revenue. Our bigger challenge, as I have stated earlier, is that our pie is not growing fast enough and this limits our ability to generate sufficient revenues to distribute among our priority areas,” Godongwana said. –SAnews.gov.za

 

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Wed, 02/21/2024 - 14:08

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Government ups the ante against crime

Location: News

Government ups the ante against crime

Some R765 billion has been allocated to the security cluster to up the ante in Government's fight against crime and to support the defence forces.

This was revealed during Finance Minister Enoch Godongwana’s Budget Speech delivered in Cape Town on Wednesday.

“In the coming financial year, 10 000 new police recruits will be trained. As part of the country’s responsibility to promote regional peace and stability, this budget will also allocate funding for the deployment of soldiers in Mozambique and the DRC. 

“Work on costing and identifying the needs for these critical missions will continue throughout the year and funding will be allocated as such. 

“R628 million has been allocated to the Department of Justice and Constitutional Development [DJCOD] for the implementation of FATF [Financial Action Task Force] and State Capture Commission recommendations - bringing the total funding to these efforts to R2.3 billion,” he said.

Godongwana added that some R2.9 billion from the Criminal Asset Recovery Account is being used to combat illegal mining and other priority crimes “with 60% allocated for police deployments, including vehicle procurement”.

In the 2024 Budget Review, National Treasury explained that the total allocation includes “additional allocations of R39.4 billion to selected departments to cover the carry‐through costs of the 2023/24 public‐service wage increase”.

“Of this, R22 billion is allocated to the Department of Police. To improve efficiency, the department will rationalise its organisational structure, align police districts with municipal districts, implement cost containment measures and improve operations. It is also fostering strategic partnerships with local communities to enhance safety.

“The [DJCOD] is allocated R627.8 million over the medium term to implement recommendations from the [FATF] and the State Capture Commission. For land rights representation, R156 million is shifted from the Department of Agriculture, Land Reform and Rural Development to Legal Aid South Africa.

“The Department of Defence will prioritise acquiring vehicles and technology to safeguard the country’s borders. An amount of R1.9 billion is reallocated within the Department of Defence for day‐to‐day maintenance and emergency repairs.

“Measures are being implemented to reduce the pressure on employee compensation and sustain critical defence capabilities,” the department said. – SAnews.gov.za

 

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Wed, 02/21/2024 - 14:11

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Economic growth to stay low over the next three years

Location: News

Economic growth to stay low over the next three years

South Africa’s economy is expected to grow at some 1.6% over the next three years, with real Gross Domestic Product (GDP) reaching 0.6% in 2023.

“Despite the improved global outlook for 2024, South Africa’s near-term growth remains hamstrung by lower commodity prices and structural constraints. We estimate real GDP growth of 0.6% in 2023. This is [revised] down from 0.8% growth estimated during the 2023 MTBPS [Medium Term Budget Policy Statement].

“The revision is due to weaker-than-expected outcomes in the third quarter of 2023, particularly in household consumption and fixed investment,” said Finance Minister Enoch Godongwana, who delivered the Budget Speech at the Cape Town City Hall on Wednesday.

Godongwana said despite this, between 2024 and 2026, growth is projected to average 1.6%.

“The growth outlook is supported by the expected easing of power cuts as new energy projects begin production, and as lower inflation supports household consumption and credit extension. 

“But, there are also risks to the domestic outlook. These include persistent constraints in electricity supply, freight rail and ports, and a high sovereign credit risk. Our challenge… is that the size of the pie is not growing fast enough to meet our developmental needs,” he said.

National Treasury’s 2024  Budget Review explained that load shedding and challenges in freight rail and the ports “continue to disrupt economic activity and limit the country’s export potential”.

“Comprehensive reforms are underway in these sectors, although it will take time to see a recovery in growth. Household consumption is under pressure from high living costs, and investment remains low due to weak confidence and challenging business conditions linked to structural constraints.

“To turn the tide and raise economic growth sustainably, government is prioritising energy and logistics reforms, along with measures to arrest the decline in state capacity.

“Successful efforts to improve the fiscal position, complete structural reforms and bolster the capacity of the State will, in combination, reduce borrowing costs, raise confidence, increase investment and employment, and accelerate economic growth,” National Treasury said.

The department said as reforms begin to bear fruit, GDP will be on the rise.

“[This] as the frequency of power cuts declines, lower inflation supports household consumption, and employment and credit extension recover gradually. New energy projects will improve fixed investment and business sentiment.

“To accelerate GDP growth after an extended period of weak economic performance, South Africa needs large‐scale private investment. Government is working to improve the fiscal position, complete structural reforms and bolster the capacity of the State to reduce borrowing costs, raise confidence, increase investment and put the economy on a higher, job‐creating growth path,” Treasury said.

Meanwhile, global growth is forecast higher at some 3.1% for 2024 and 3.2% for 2025.

“The moderate improvement is due to better‐than‐expected growth in the second half of 2023, particularly in the United States and several large emerging market economies, as well as fiscal support for disaster relief in China.

“Robust US economic growth has partially offset weaker‐than‐expected outcomes in the Euro area, which, nevertheless, is expected to recover gradually. Commodity prices are expected to continue to decline in 2024 and 2025,” Treasury said. – SAnews.gov.za

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Wed, 02/21/2024 - 14:13

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Government raises US$3.3 billion to support climate change initiatives

Location: News

Government raises US$3.3 billion to support climate change initiatives

Government has raised US$3.3 billion so far from Multilateral Development Banks and International Finance Institutions to support climate change, energy, and just transition objectives. 

Delivering the 2024 National Budget Speech, Finance Minister Enoch Godongwana said National Treasury plays a crucial role in mobilising resources, designing incentives, and influencing policy to mainstream climate change. 

“As climate-related disasters intensify, a multi-layered risk-based approach is being developed to manage the associated fiscal risks.  This considers various funding instruments from grants to contingency funds, including the Climate Change Response Fund, depending on the incidence and intensity of the disaster event. 

“The National Treasury is reviewing disaster response grants to improve efficiency and create incentives for disaster planning, preparedness and risk reduction. It is also developing a climate-budget tagging framework to influence policy, planning, and budget decisions, by tracking climate-related expenditures in public budgets,” the Minister said on Wednesday in Parliament.

He said the support of concessional funding providers, such as Multilateral Development Banks, is going a long way to support the country’s climate adaptation, mitigation, energy transition, and sustainability initiatives. 

“Crowding-in the private sector is necessary to managing the climate disaster funds. We are actively participating in climate negotiations, aligning with the government's advocacy for reforming multilateral finance institutions. 

“We are also working with eight municipalities to adapt and mitigate the effects of climate and weather-related events, by providing technical assistance for climate-responsive capital projects,” the Minister said.

According to the 2024 National Treasury Budget Review, the department is finalising a disaster risk financing strategy, centred on innovative financing and risk transfer to effectively mitigate climate impacts.

The strategy will boost state capacity to fund disaster recovery efforts and expand insurance mechanisms to protect against the financial strain of natural disasters.

“Recent years have seen a significant increase in extreme weather events and economic losses amid mounting concern over the effects of climate change. Between 1980 and 2021, 86 notable weather-related disasters have been recorded, affecting more than 22 million people and causing economic losses of about R113 billion.

“The 2017 Knysna wildfires, Cape Town (2015–2018) and Eastern Cape (2015–2020) droughts and KwaZulu-Natal floods in 2022 have heavily affected agriculture and tourism, with negative implications for government spending and revenue.

“These events exacerbate economic inequality, particularly in poor communities that are highly exposed to droughts, floods and wildfires and their consequences,” the document said.

Government incentivises electric vehicles producers

In an effort to encourage the production of electric vehicles in South Africa, government will introduce an investment allowance for new investments, beginning 1 March 2026. 

This will allow producers to claim 150% of qualifying investment spending on electric and hydrogen-powered vehicles in the first year. 

“The incentive will be implemented in addition to the existing support under the Automotive Production Development Programme. Government has also reprioritised R964 million over the medium term to support the transition to electric vehicles,” the Minister said.

The Electric Vehicles White Paper outlines government’s strategy to transition towards a broader new energy vehicle production and consumption in South Africa, starting with electric vehicles. 

It aims to transition the automotive industry from primarily producing internal combustion engine vehicles to a dual platform that includes electric vehicles, by 2035. – SAnews.gov.za

 

nosihle
Wed, 02/21/2024 - 14:14

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Load shedding, logistics hamper growth

Location: News

Load shedding, logistics hamper growth

Finance Minister Enoch Godongwana says although structural reforms have made “good progress”, load shedding and freight rail challenges remain an obstacle.

He was speaking during the Budget Speech held at the Cape Town City Hall on Wednesday.

“We have embarked on a broad structural reform agenda that aims to address the challenges that have held back our growth.

“This agenda has included areas like electricity, logistics, water, telecommunications and visa reforms. The Budget Review details the good progress that has been made in these areas over the past few years. But, obstacles remain and let me focus on the two largest of these,” Godongwana said.

Godongwana said the rolling power cuts “disrupt production, operations and livelihoods”.

“Reforming the sector will result in long-term energy security. We took the necessary decisions in the past five years and these are bearing fruit. 

“To promote further investments in renewable energy, this budget proposes an increase in the limit for renewable energy projects that can qualify for the carbon offsets regime, from 15 megawatts to 30 megawatts,” he said.

He revealed that in the coming week, the report on the independent review of Eskom’s coal-fired power stations will be released.

“The review was done to inform part of the conditions attached to the debt relief plan. The recommendations will feed into Eskom’s corporate plans to bolster accountability and oversight.

“It is through the combination of private investment in new energy projects, rooftop solar installations and improvements in Eskom’s generation fleet that load shedding will reduce, and reliability and security of supply improve,” he said.

READ | Ramokgopa sets sights on accelerated transmission line expansion

Turning to South Africa’s logistics challenges, the Minister revealed that third-party access to the freight rail network will be introduced by May 2024.

“In ports, a private partner has been secured to upgrade Pier 2 of the Durban Container Terminal. This should increase private investment in equipment, enhance technological capability and improve operational efficiency.

“Government has provided Transnet with a R47 billion guarantee facility to support the entity’s recovery plan and meet its immediate debt obligations.

“Like Eskom, the guarantee comes with conditions. These conditions require Transnet to focus on its core activities, and for the entity to introduce private sector partnerships. This will improve Transnet’s sustainability and support the implementation of the Freight Logistics Roadmap,” Godongwana said. – SAnews.gov.za

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Wed, 02/21/2024 - 14:17

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Hope is on the horizon despite South Africa’s economic challenges

Location: MyPR

Hope is on the horizon despite South Africa’s economic challenges The nation’s eyes and ears will be focused on Cape Town today as Finance Minister Enoch Godongwana presents the 2024 National Budget. It is no secret that South Africa faces a challenging economic climate where austerity is the phrase most commonly used during the Budget. …

Read moreHope is on the horizon despite South Africa’s economic challenges

Treasury to tap into foreign exchange account to reduce debt service costs

Location: News

Treasury to tap into foreign exchange account to reduce debt service costs

A combination of high debt servicing costs and a higher budget deficit has led to the introduction of a new reform of the Gold and Foreign Exchange Contingency Reserve Account (GFECRA).

The reform is aimed at mitigating fiscal risks by reducing government borrowing in the medium-term and will allow government to draw down from its GFECRA held at the Reserve Bank.

This was announced by Finance Minister Enoch Godongwana during the tabling of the 2024 Budget Speech held in Cape Town on Wednesday.

GFECRA is a Reserve Bank held account which captures gains and losses on South Africa’s foreign currency reserve transactions and the account has grown to more than R500 billion.

“We will draw down R150 billion of the GFECRA balance once we have ensured that sufficient buffers are available to absorb exchange rate swings and the solvency of the Reserve Bank is not compromised,” he said.

The draw down is expected to result in a decline of some R30.2 billion in government debt servicing costs over the 2024 Medium Term Expenditure Framework (MTEF).

Godongwana explained that national government debt is expected to peak at some 75.3% of the Gross Domestic Product (GDP) in 2025/26 with 2023/24’s budget deficit estimated to worsen to 4.9 % of GDP.

Debt-service costs in 2023/24 have been revised higher, by R15.7 billion to R356 billion.

The Minister said this will require that government stick to its fiscal goals with cuts in expenditure reaching more than R80 billion.

“Debt-service costs will absorb more than 20 % of revenue. To put this into perspective, spending on debt-service costs is greater than the respective budgets of social protection, health, or peace and security. 

“A net reduction of R80.6 billion in non-interest expenditure is being implemented over the medium-term. At the same time, revenue has been revised up by R45.6 billion over the medium-term, relative to [the] 2023 MTBPS [Medium Term Budget Policy Statement]. [This is why] we have taken the decision to introduce a reform…GFECRA,” he said. – SAnews.gov.za

 

NeoB
Wed, 02/21/2024 - 14:19

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The Sixth Edition Of The S.Pellegrino Young Chef Academy Competition Opens Its Doors To The World’s Most Talented Chefs Under 30

Location: Entertainment, MyPR

S.Pellegrino Young Chef Academy Competition 2024-25 will turn the spotlight on the best culinary talents who hold the future of gastronomy in their hands: applications open 21st February. Cape Town, South Africa, 21st February 2024 – S.Pellegrino announces a new edition of the S.Pellegrino Young Chef Academy Competition, the global initiative to discover and mentor …

Read moreThe Sixth Edition Of The S.Pellegrino Young Chef Academy Competition Opens Its Doors To The World’s Most Talented Chefs Under 30

Zeitz MOCAA Gala 2024: A Spectacular Celebration of Art Excellence

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Cape Town, South Africa, Zeitz MOCAA was the centre of the art world this past weekend as artists, collectors, philanthropists and celebrities from around the world convened in Cape Town for the museum’s annual fundraising Gala. The event was a spectacular celebration of art excellence kicking off Cape Town Art Week. The event mood and …

Read moreZeitz MOCAA Gala 2024: A Spectacular Celebration of Art Excellence

Tee off 2024 with the right balance of work and play on KZN’s ‘Golf Coast’

Location: MyPR

Golf remains one of the world’s most popular sports, and a key strategy for business networking and engagement. The KZN South Coast, known colloquially as ‘The Golf Coast’, is home to 11 different courses with a backdrop of ocean views, coastal forests, and sunny skies. This quality MICE destination, with top accommodation, conferencing, and teambuilding …

Read moreTee off 2024 with the right balance of work and play on KZN’s ‘Golf Coast’

IEC welcomes announcement of 2024 Election Date

Location: News

IEC welcomes announcement of 2024 Election Date

The Electoral Commission of South Africa (IEC) has welcomed the announcement by President Cyril Ramaphosa setting the 2024 National and Provincial Elections date for 29 May.

The President has, in line with section 17(2) of the Electoral act 73 of 1998, consulted with the IEC on the election date.

“This pronouncement of the Election Date provides an unambiguous motivation for the Commission to pull out all the stops in the intensification of preparations for Election Day. The Electoral Commission reiterates its commitment and readiness to ensure a successful 2024 general elections,” the Commission said in a statement.

Furthermore, the President convened a meeting with all nine provincial Premiers and the IEC to discuss the state of readiness for the General Elections.

“It creates certainty for us. It creates certainty for those who want to participate as contestants, be they on party lists or as independent candidates,” said IEC Deputy CEO, Masego Shiburi.

Shiburi said the President announced the date in consultation with the Commission, as that is the statute requirement.

“With each election, the number of competing parties increase. For these elections, we will also have independent candidates and their numbers are still indeterminate because candidate nomination is yet to open.

“Once we finalise candidate nomination, we will be able to print  ballots and make them available in our missions to those who will be voting abroad but mostly importantly, to those who will be voting in the country,” Shiburi said.

The announcement of the Election Date comes after the successful voter registration campaign, which included two general registration weekends, an overseas voter registration drive, campus activations and registration within Correctional Services centres.

The 2024 Elections coincide with South Africa's celebration of 30 years of freedom and democracy.

President Ramaphosa has called on all eligible voters to fully participate in this important and historic milestone of the democratic calendar.

“Beyond the fulfilment of our constitutional obligation, these upcoming elections are also a celebration of our democratic journey and a determination of the future that we all desire.

“I call on all South Africans to exercise their democratic right to vote and for those who will be campaigning to do so peacefully, within the full observance of the law. We also urge unregistered voters to use the online registration platform to register,” President Ramaphosa said.

According to the IEC, more than 27 million South Africans are registered to vote and 14 million others remain unregistered but are eligible to do so.

The Electoral Commission has reminded South Africans that while the Election Date has been set and announced, eligible voters have until Friday, 23 February 2024 to register. The latter date is the anticipated day of the proclamation of the Election Date.

Unregistered voters and those who need to update their address details can visit their local municipality office, the Electoral Commission or go to the online voter registration portal, registertovote.elections.org.za or reach the chat bot on 0600 88 00 00 WhatsApp line.

Election Timetable

Following the proclamation of the Election Date, the Electoral Commission will publish the Election Timetable in the Government Gazette after consultation with the National Party Liaison Committee.

The Election Timetable will outline the various cut-off dates for the performance of certain electoral activities. The timetable will include the following:

-             Certification of the voters’ roll.

-             Publication of details of voting stations.

-             Submission of candidates nomination.

-             Submission of notice to vote outside of the country.

-             Applications for special votes .

Meanwhile, the Commission has reminded eligible voters of the general rule in elections. That is, a person must register where they live and vote at the voting station where they are registered.

“The only exception to the rule is that a voter may vote outside of the voting district of registration upon notifying the Electoral Commission by a date to be regulated by the Election Timetable,” the Commission said. – SAnews.gov.za

Edwin
Wed, 02/21/2024 - 11:14

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Accessing accurate public information

Location: News

Accessing accurate public information

By Zanele Mngadi

Through social media apps, websites, and other digital tools, the internet gives us a lot of ways to connect with each other. This makes information easy to find.

However, the ease with which we get information online makes it hard to determine how true it is. The COVID-19 pandemic is a great example of this challenge because knowledge spread very quickly through our phones and social media sites.

During this dark time, scary fake news spread very quickly, making it harder for people to get the right information and stay safe, which was bad for their health and made them less likely to trust others.

In order to fight fake news, the South African government set up many ways for people to easily get true and accurate information. This included the SA Coronavirus website, social media accounts, and regular updates for the whole country.

Lessons from the pandemic

Because of the pandemic, government learned that giving people easy access to reliable information gave them the tools they needed to make smart choices about how to protect their health.

Building on the success of spreading information widely during COVID-19, government has adopted a multi-media approach that uses all forms of media to give South Africans more power by giving them accurate information about problems facing the country, the government's solutions, and programmes meant to bring about change.

Government just recently set up two WhatsApp channels, governmentza and the PresidencyZA, that people can follow to get regular updates on things that affect everyone, like chances for legal education and work.

This adds to government’s social media platform GovernmentZA, which lets people get true information right away and talk to the government directly. People should follow these social media pages on Facebook, Instagram, LinkedIn, TikTok, WhatsApp, X, and YouTube, as well as government websites like https://www.gov.za, https://www.gcis.gov.za/, and https://www.thepresidency.gov.za/, to get accurate news about issues that affect the whole country.

The GCIS also has its own in-house news agency, SAnews (https://www.sanews.gov.za/) which provides regular news updates on matters of public concern, at no cost.  In addition the GCIS launched a podcast, Vuk Talks to give people more access to information about government programmes. It’s on YouTube and Spotify.

Our online presence adapts to the changing needs of our citizens, but we also make sure that people who don’t have access to the internet can still get information.

The government tries to get accurate and reliable news to millions of people in rural areas and townships. Over the years Vuk’uzenzele newspaper has touched the lives of many people. It also brought the government to closer to the people through Izimbizo and partnerships with local community radio stations.  From April 2024 on, the newspaper will only be available online, but its articles will still be useful to everyone in South Africa.  We have also partnered with SABC 2 on the 13-part series Citizens Connect in an attempt to educate more citizens.

The value of accurate information

All of these online platforms let people to easily get reliable information directly from the government about their lives, our country, and the world we live in. Reliable information is essential to make democracy work. The opposite is equally true: inaccurate information, often a result of fake news, can be dangerous to democracy, especially during big national events such as elections.

As the seventh national and provincial elections get closer, people are being warned to be careful of fake news online, especially since new technologies make it hard to tell the difference between fact and fiction.

With the rise of deep fake content, fake content can seem credible. Dishonest people use Artificial Intelligence (AI) to make fake videos, pictures, and audio recordings of other people. Public figures, such as our political leaders, are often the targets of these attacks.

Be vigilant at all times

Government urges every citizen to be wary of falling victim to fake news. Pay close attention to face features and lip movements that don’t match up on videos because that can be a sign of deep fake content. If in doubt, verify the information you receive via trustworthy information sources (such as government platforms). That’s how you can learn the truth  and make smart decisions about your future.

If you use social media and websites as sources of information, make sure that they are real. It’s easy to miss fake accounts or profiles because their names sound a lot like real ones. So, double-check the writing of the profiles and websites you follow.

Every South African needs to make sure that the news they spread comes from reliable sources. Let’s all stay alert all times to avoid being duped by fake news. Let’s all play our part to make our democracy strong. Let’s fight disinformation.

*Zanele Mngadi is Chief Director: Products and Platforms at the GCIS

 

Janine
Wed, 02/21/2024 - 10:38

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Read moreAccessing accurate public information

The Battle of the Blades

Location: MyPR

AutoMowers vs. Ride-On Mowers vs. Traditional Mowers – Which is Best for You? When it comes to lawn care, homeowners, landowners and even greenspace professionals are faced with an array of mower options with which to achieve a beautifully manicured lawn. Choosing between a traditional mower, ride-on mower or automower can pose a challenge though …

Read moreThe Battle of the Blades

Ramokgopa sets sights on accelerated transmission line expansion

Location: News

Ramokgopa sets sights on accelerated transmission line expansion

Minister in the Presidency for Electricity, Dr Kgosientsho Ramokgopa, says government is targeting to expedite the expansion of transmission lines to the Cape provinces in order to potentially unlock at least 2 335MW of energy in the short-term.

He was speaking during an engagement with business stakeholders in KwaZulu-Natal on Tuesday.

Ramokgopa explained that there are renewable energy projects that are already producing electricity but the lack of transmission lines is hampering their ability to add to the ailing grid.

“In the short-term, we can unlock about 2 300MW of stranded electrons. That is the route that we are taking and as the Minister, I’ll be making the necessary announcement. We already know the corridors where we are going to get this 2 335MW. It’s in Upington, the Juno Gromis 400kV line and all that in the Nama transformer in Upington (sic).

“Once we make those interventions, we get an additional 2 300MW. We don’t have to wait for 10 years. It’s the interventions that we are making now but we need to design a bespoke financing solution to help us to address the issues of transmission,” he said.

In the longer-term, some 14 000km of new transmission lines are to be built in South Africa to connect renewable energy projects and further strengthen the grid.

Turning to demand side management, Ramokgopa said the appetite – from both private persons and business – for rooftop solar has grown exponentially since government announced tax incentives and financial support to those willing to invest.

He said connected rooftop installed capacity has grown from some 983MW in 2022 to 4 412MW by mid-2023.

“Our anticipation is that the rate of growth will exceed what we would have seen in the previous calendar year. Two things are an impediment to an aggressive rollout of roof top solar. Firstly, it’s the availability of equipment.

“South Africa, compared to many countries in the world, has had the biggest import of solar panels. We have had conversations with some of the biggest manufacturers across the globe – invariably from China – to localise production here. We are confident we are going to do that.

“The second impediment is the skills to install these solar panels. We will be recruiting about 25 000 people to be able to install. In every crisis, there is an opportunity and that opportunity must be taken. We are looking to industrialise and… we are looking to create these new skills so that we get people into jobs,” he said. – SAnews.gov.za

NeoB
Tue, 02/20/2024 - 14:31

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Read moreRamokgopa sets sights on accelerated transmission line expansion