Managers of Wealth Africa

Rand finally finds some support – but isn’t out of the woods yet

Bloomberg analysts noted that a smaller than expected deficit in the country’s current account is also giving the rand a boost.

KRA given Sh1.2bn to hire spies in hunt for tax cheats

The committee has inflated the budget by Sh81 billion on the expenditure plan the Treasury tabled in Parliament to Sh3.67 trillion, putting extra pressure on the KRA.

Deadline for South Africa’s strict new BEE rules draws near

The amended Employment Equity Act was assented to by President Cyril Ramaphosa on 14 April 2023.

UAE, Egypt ink deal to develop Africa’s largest wind farm, project valued at $10bn

The wind farm will help Egypt meet its strategic objective of sourcing 42 per cent of its energy from renewables by 2030

IMF sends a warning to South Africa

Headline inflation has risen above the South African Reserve Bank’s (SARB’s) 3% to 6% target range amid higher food and energy prices.

CBK allows interest-free Lipa na M-Pesa loans plan

The product was set for launch on July 6 last year before the lapse of a September deadline that required the digital lenders to get a CBK permit for operation.

Firms stockpile supplies ahead of Finance Bill vote

“Inventories of inputs continued to grow modestly, as firms looked to keep unused items in case of further price rises and supply shortages,”

Government finalising big change for businesses in South Africa

The Bill also aims to ensure stronger governance on excessive director pay and enhanced transparency on ownership and financial records, the minister previously said.

Warning over bank reversals in South Africa

The Ombud also stressed that the complaint would still not be eligible for a reversal if they paid via a card transaction, as the liquidator would still have to deal with the matter.

Banks’ Borrowing from CBN Up 275% to N7.5trn on Liquidity Crunch

A senior manager in a top tier-2 bank disclosed to THISDAY of CBN’s aggressive liquidity mop-up through Cash Reserve Ratio (CRR).

World Bank: Ghana likely to receive first tranche of $300 million by September if … – Frank Laporte

The $300 million is the first tranche of a $1.1 billion facility the World Bank has extended to Ghana over a four-year to support the country’s budget while it’s under the IMF programme.

CBK clears 33 banks for risk-based loans

Riskier borrowers are charged higher interest rates compared to those with better creditworthiness.

South African central bank prepares for total power failure

The South African Reserve Bank is working with the private sector to prepare emergency plans in case the electrical grid, already under severe strain, collapses.

New court ruling reverses big change for listed businesses in South Africa

Webber Wentzel noted that the rule’s promulgation came as the auditing industry had been historically implicated in domestic and international corporate wrongdoing.

New currency for South Africa, Russia and China in focus as BRICS seeks to expand

Coming at a time of heightened tensions between Washington and Beijing, the talks are also likely to fan Western concerns that the group is moving to become a counterweight to the US and the European Union.

Here are all the new FNB banking fees for 2023/24

Many of the bank’s fusion products, except wealth, have seen no fee increases.

Banks’ borrowings from CBN rise 464% to N4.95 trillion

The banks deposited N584.79 billion in January. The figure rose by 14 percent to N668.86 billion in February and down by 29.5 percent to N471.4 billion in March.

The Reserve Bank prepares for grid collapse

South Africa is experiencing unprecedented levels of load shedding in 2023, and the power utility has struggled to meet electricity demand leaving the nation in darkness for as many as 12 hours a day.

Sarb sounds alarm on threat of sanctions

The central bank has warned that South Africa’s financial system will be unable to function if its ability to make international payments in dollars is impeded.

Banks warn to watch out for these scams in South Africa

The centre added that social engineering in the form of Phishing, Vishing and Smishing are rampant at the moment and is used to obtain personal information, OTPs, and passwords to commit card fraud

Regulation,Tax & Compliance