McKinsey shows Africa is the world’s next big growth market
A new book by McKinsey confirms that Africa is poised for economic acceleration, akin to the Asian boom. While other geographies are seeing incremental growth, global companies that get in early and join the African champions shaping the right strategies, can sustain double-digit profit growth over the next few decades.... Read more
Parliament approves Division of Revenue Amendment Bill
The National Assembly on Tuesday approved the Division of Revenue Amendment Bill, which will adjust the equitable share among the three spheres of government. The bill, which Finance Minister Tito Mboweni tabled when he presented his maiden Medium Term Budget Policy Statement (MTBPS) last month, also changes the specific... Read more
Govt welcomes audit results
Government has welcomed the 2017/18 financial year audit results of various departments, tabled in Parliament last week. The audit reports of the Audior General contribute to a culture of public sector accountability and this makes a difference in the lives of South African citizens. Over the past few years,... Read more
Petrol prices: Consumers in for a shock at petrol pumps
Consumers are in for a shock at the pumps – as the petrol price is set to rise by between 99 cents and a Rand as of Wednesday. The Department of Energy (DoE) on Monday announced that a litre of petrol 93 (ULP and LRP) will rise by 99 cents... Read more
Have your say on financial law bill
National Treasury has published the Financial Sector Laws Amendment Bill, which will strengthen the Reserve Bank to manage the orderly resolution or winding down of a failing financial institution for public consultation. Treasury published the Bill for public comment on Tuesday after its approval by Cabinet. “The amendments will... Read more
Lifestyle audits to strengthen financial disclosures, fight corruption
President Cyril Ramaphosa says lifestyle audits will strengthen the system of financial disclosures by Ministers and civil servants and also contribute greatly in the fight against corruption. He said this when he responded to oral questions in the National Council of Provinces on Tuesday. The President’s remarks come after... Read more
Committees meet with former Steinhoff CEO
The Standing Committees on Finance, Public Accounts, Trade and Industry and Public Service and Administration have met with the former CEO of Steinhoff, Markus Jooste. Today’s meeting was the fourth meeting held this year by the committees on the Steinhoff matter. “Jooste’s overall statement and responses to questions made... Read more
Financial institutions warned to guard against cyber attacks
Deputy Reserve Bank Governor Francois Groepe has urged financial institutions to be aware of cyber threats as they embrace technological advancements. Speaking at the Innovation and Cybersecurity Conference at the Sandon Convention Centre on Tuesday, the Deputy Governor said the world is changing at an exponential rate. “This era... Read more
Capex spend decreases in 2017
While capital expenditure by public sector institutions decreased in 2017, significant amounts were spent on service delivery orientated aspects, Statistics South Africa (Stats SA) said on Monday. The findings of the 2017 Capital Expenditure by the Public Sector report showed that total capital expenditure by public sector institutions decreased... Read more
SARS appoints new Finance Chief Officer
Johnstone Makhubu has been appointed as the new Chief Officer of Finance at the South African Revenue Service (SARS). In a statement on Tuesday, the revenue service announced his appointment. Makhubu joined SARS in 2016 as the Group Executive responsible for Procurement, and was appointed to the Acting Chief... Read more