Managers of Wealth Africa

Global debt hit $307tn in H1 – IIF

Nigeria’s total external debt stood at N33.25tn ($43.16bn) in Q2 2023, while total domestic debt was N54.13tn ($70.26bn).

Eskom hits a wall finding De Ruyter’s replacement

Eskom CFO Calib Cassim took over as interim CEO, but he will likely steer the ship for longer than expected.

AI tops search by Kenyans fretting over job security

Google search records showed that Kenyans are interested in learning about AI and whether their jobs are at risk.

Government must look beyond taxes, levies for revenue – Amaeshi

In addition, there are very few reasonably sized businesses in Imo State, and sometimes the skills available do not match the needs of the market.

Bankers warn of tough times ahead

As government finances worsen and households struggle, the immediate future looks bleak

Reserve bank shoots itself in the foot

Speaking with Business Times, seasoned economist Dawie Roodt said there are two mechanisms that the SARB uses that impact inflation in South Africa.

Chaos for South Africa’s new state-owned bank

Any disruption to the process can thus affect the livelihoods of millions.

South Africa is out of money – but not out of options

The country has effectively run out of money and faces a debt trap, and will have to either boost revenue and find funding, or make severe cuts to spending.

Teasury’s money-saving plan for South Africa

Data released by the central bank in June showed the Treasury missed its target of achieving a primary budget surplus in the 2022-23 fiscal year

South Africans are getting poorer – how we lost R336 billion in a year

The researchers also noted a concerning trend from the deposit statistics published by the South African Reserve Bank is the deteriorating state of small unincorporated businesses

5 ‘hidden’ costs in South Africa that you should keep tabs on

Many of these hidden costs often lurk in businesses and personal finance and may be challenging to identify, but they can add up and become a significant financial burden.

Capitec is closing the taps

During the period, the group tightened its credit granting criteria to address the risks to the loan book amidst the difficult economic environment.

Relief for South Africa as GDP ticks higher

Despite a decline in overall household consumption, consumers continued to spend more on restaurants and hotels.

Africa’s youth biggest asset for the continent and the world

Ruto highlighted his government’s initiative to establish smart cities to tackle unsustainable settlements

An improved current account surplus in Q1 ‘23

The positive outcome on the current account was mostly due to a lower net deficit

IMF sees some hope for South Africa

Steps to improve the power supply – including relaxing restrictions on private power generation – could see the growth rate improve to 1.7% next year, IMF forecasts show.

Banks, insurance firms, others contribute N1.72trn to economy

The overall rate was lower than Q2 2022 by 1.90% points, and higher by 5.63% points than the preceding quarter.

South Africa reports record budget deficit

The yield on notes due December 2026 rose three basis points to 8.89%, while those on debt maturing in 2048 jumped nine basis points to 12.37%.

Over 900 South African businesses have closed in 2023 – but there is a silver lining

There has also been a 14.2% decrease in the number of liquidations for the first seven months of 2023 compared to the same period in 2022.

New Development Bank needs new approach

These measures plunged African economies into recessions and depression, and many citizens experienced political instabilities and became destitute.

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