FirstRand has announced key leadership changes at the group, with both group CEO Alan Pullinger and FNB CEO Jacques Celliers moving on from their roles.

The South African Reserve Bank’s Monetary Policy Committee has elected to hold rates in a tight vote.

Erongo Red paid up

September 10, 2023

Erongo Red is one of the regional electricity distribution companies (REDs) that do not owe power utility NamPower, it has been revealed.

This comes after the company had been inadvertently listed among companies that owe the utility, amidst NamPower's plans to introduce prepaid meters for all its distribution customers, including (REDs), as part of measures to improve its debt management.

The power utility aims to convert all its distribution customers to prepaid meters by July 2025.

NamPower is reported to be owed N$1.5 billion.

Saudi Arabia and Iran are among six countries to join BRICS as new members next year, South African President Cyril Ramaphosa has announced, on the final day of a summit.

The South African Reserve Bank (SARB) may have paused its interest rate hiking cycle last week, but there could be another hike around the corner.

Africa has the potential to become a major player in the global green hydrogen economy, with the potential to generate more than 1 000 GW of renewable energy and could produce up to 5 000 megatonnes of green hydrogen a year at less than US$2/kg, says business advisory company Frost and Sullivan Africa energy consultant Patrick Prestele.

A new deal Botswana signed this month with De Beers that will give it access to more diamonds mined within the country will be a major boost for the economy, President Mokgweetsi Masisi said in an interview.

Zambia has reached an agreement to restructure its debt, following talks in Paris.

The South African Reserve Bank (Sarb) will hike the repo rate for the last time in the current cycle on Thursday, then hit brakes.

Most African central banks due to decide on interest rates in the next two weeks are set to keep them on hold as decades-high inflation eases after more than a year of tightening.

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