South Africa’s elite police unit have raided the home of the controversial Gupta family as the investigation into so-called state capture continues. Three people have been arrested so far, including one of the brothers, with two other people expected to hand themselves in, police said in a statement. The Gupta family have been accused using … Read more
South Africa’s central bank slashed its key interest rate for the first time in five years Thursday, as the continent’s most advanced economy battles recession and recent credit rating downgrades. The bank dropped the cost of borrowing by 25 basis points to 6.75 percent while also cutting its growth forecast for 2017 from 1.0 percent … Read more
Ratings agency Fitch said Friday it had cut South Africa’s credit rating to junk status, citing the recent political instability prompted by a controversial cabinet reshuffle. The agency downgraded the country’s sovereign debt rating from ‘BBB-‘ to ‘BB+’ but kept the outlook stable. It said the downgrade reflected the view that “recent political events, including … Read more
South Africa’s former finance minister Pravin Gordhan, whose sacking has fuelled divisions within the ANC party, warned Thursday that the government risked being taken over by “a bunch of gangsters”. President Jacob Zuma sacked Gordhan last week in a cabinet overhaul that threatens to split the ANC party, which has been in power since the … Read more
South Africa’s new Finance Minister Malusi Gigaba on Saturday pledged to implement the policies of the ruling ANC as the party remains deeply divided over the sudden firing of his predecessor. Gigaba on Thursday replaced Pravin Gordhan, ousted in a shock midnight cabinet reshuffle by President Jacob Zuma that has exposed the divisions within the … Read more
South Africa’s Deputy President Cyril Ramaphosa has described the sacking of Finance Minister Pravin Gordhan as “totally unacceptable”. His late night dismissal led to a 5% plunge in the value of the currency, the rand. Mr Gordhan was seen as a bulwark against corruption in an administration that is facing growing criticism. He was one … Read more
Mr Gordhan has been trying to keep a tight rein on government spending The South African Communist Party (SACP) says that President Jacob Zuma told them he intended to replace his finance minister Pravin Gordhan, as well as his deputy Mcebisi Jonas. The SACP, a key ally of the governing African National Congress (ANC), said … Read more
South African President Jacob Zuma has ordered his finance minister to return from an overseas investment trip, the presidency said Monday, fuelling speculation that a cabinet reshuffle is imminent. Zuma’s decision to recall Pravin Gordhan from Britain has led to media speculation that he could be sacked. The two men have had an increasingly uneasy … Read more
An investigation into South Africa’s President Jacob Zuma has found evidence of possible corruption at the top level of his government. In the report, former Public Protector Thuli Madonsela recommends Mr Zuma establish a judicial commission of inquiry within 30 days. Mr Zuma is accused of an improper relationship with wealthy businessmen. He had tried … Read more
They have vowed to step up their campaign to oust him An investigation into South Africa’s President Jacob Zuma has found evidence of possible corruption at the top level of his government. In the report, former Public Protector Thuli Madonsela recommends Mr Zuma establish a judicial commission of inquiry within 30 days. Mr Zuma is … Read more
The Nelson Mandela Foundation (NMF) has called for South Africa’s President Jacob Zuma to be sacked. He had “failed the test” of leadership and South Africa needed to hold to account those who were “looting” state resources, it said. Mr Zuma has been dogged by allegations of corruption for more than a decade. The call … Read more
South African President Jacob Zuma faced questions on Thursday over allegations his wealthy business friends influenced political appointments, in the final investigation by an anti-graft chief who has been a thorn in his side. Public Protector Thuli Madonsela won popular acclaim when her investigation into $16 million of improper state spending on Zuma’s private home … Read more
South Africa’s current account deficit narrowed more than expected in the second quarter, data showed on Tuesday, supporting Finance Minister Pravin Gordhan’s view that Africa’s most industrialized economy was not in “recession territory”. South Africa has a better than 50 percent chance of avoiding a downgrade of its credit rating to “junk” status this year, … Read more