MPC announcement to be made on Thursday
Jawitz Properties CEO Herschel Jawitz discussed what this may mean for people in SA and how this will affect the residential property market.
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IOL News
2 hours ago
- IOL News
SA on the brink of ‘energy poverty', increases of 600% in recent years says expert
The alarming rise in electricity prices in South Africa in recent years is unsustainable and disproportionate to many citizens' income levels. Image: Freepik THE alarming rise in electricity prices in South Africa in recent years is unsustainable and disproportionate to many citizens' income levels. This is the view of energy expert, Professor Vally Padayachee, who was reflecting on the prices of electricity after Electricity and Energy Minister Dr Kgosientsho Ramokgopa promised big changes to electricity prices in the coming months in efforts to address what he described as unsustainable prices. On April 1, Eskom implemented a tariff increase of 12.74 percent. This hike followed approval from the energy regulator and represents one of the most significant price adjustments in recent years. Padayachee said that the rising cost of electricity is concerning as it impacts not only household budgets but also the overall economy. "Increases of over approximately 600% in recent years are unsustainable and disproportionate to many citizens' income levels. Electricity, a public good, should arguably be like water, a fundamental right, accessible and affordable for all South Africans. "For the average South African household, rising electricity costs have become a serious financial concern. Many families find themselves allocating a growing portion of their income to energy bills, which can lead to difficult choices between essential services such as food, education, and healthcare. This financial strain can cause stress and adversely affect family life," he stated. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ramokgopa has agreed and reiterating comments he made last week, said that South Africa was on the brink of 'energy poverty'. Speaking amid the ANC National Executive Committee's meeting in Gauteng Ramokgopa said: 'Electricity is unaffordable. We cannot continue along this tariff path. We are getting into a situation here in the country with new dimensions of energy poverty. There are households there, as I speak to you, that will not be able to afford the cost of households are being forced to make choices between a loaf of bread and buying prepaid electricity units,' he said. To curb the effects of energy poverty, Padayachee said: "The rising costs of electricity calls for urgent structural reforms to the energy pricing model in South Africa. Policymakers must explore ways to stabilise prices for households and reduce the burden on vulnerable populations. There must be a concerted effort towards transitioning to a sustainable energy future that emphasises renewable energy sources. "By investing in sustainable energy technologies, the government can work towards reducing reliance on expensive fossil fuels, ultimately lowering electricity costs over the long term." Economist Dawie Roodt stated that electricity prices in South Africa are now among the highest in the world, making the country unattractive as an investment destination, which is having a detrimental impact on the economy. 'There was a time about 20 to 25 years ago when our electricity was among the cheapest in the world, but that is no longer the case; now, it is among the highest in the world,' he said. He stated that due to years of mismanagement, lack of investment, and outstanding debt from local consumers, Eskom is carrying a significant amount of debt. Leader of the eThekwini Ratepayers and Residents Association (ERRA), Ish Prahladh, echoed these concerns, stating, 'It is very true that the electricity tariff increases for ratepayers, residents, and businesses are definitely not sustainable. 'This overburdens all households and has a significant impact on businesses as well. There is a large population that is unemployed, and this is causing further unemployment because many small to medium-sized businesses are likely to shut down due to rising costs. 'High tariffs lead to increased living costs, including food prices, and have a ripple effect on the economy. Therefore, alternative solutions must be explored, such as solar power, to become more affordable for poorer and middle-income households. Solar power should be considered in a way that allows the government to subsidise it for all communities, making it more sustainable and helping to reduce electricity costs,' he said.
IOL News
7 hours ago
- IOL News
Critique of South Africa's economic policies: A call for change
Professor Sandile Swana, Principal Consultant at the Centre for Strategic Leadership, has condemned governmental policies as "anti-Black", asserting that these strategies are exacerbating the country's existing economic crisis rather than alleviating it. Image: Bloomberg In critiquing South Africa's economic landscape, Professor Sandile Swana, Principal Consultant at the Centre for Strategic Leadership, has condemned governmental policies as "anti-Black", asserting that these strategies were exacerbating the country's existing economic crisis rather than alleviating it. Swana highlighted the systemic challenges facing Black South Africans, particularly in light of the alarming rate of unemployment ravaging especially the African and 'Coloured' communities. 'The South African eco-system is anti-Black,' he stated, arguing that the macroeconomic policies of the elected government and the Government of National Unity (GNU) have perpetuated conditions ripe for despair. Swana's remarks underlined a broader societal malaise. 'Black men are being emasculated and incarcerated, and our youth are in a perpetual drug-induced stupor,' he said in calling for a radical re-examination of the support structures available for young Black men. He lamented the absence of role models akin to the revered figures of the past like Steve Biko and Oliver Tambo. 'We need to produce them,' he insisted. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Swana also proposed that a Black Peoples Convention might be necessary to address crucial issues surrounding wealth creation, productivity, morality, and heritage. 'We cannot outsource that to anyone else,' he firmly stated, advocating for a community-led approach to long-term viability and cultural integrity. Labour expert Michael Bagraim echoed similar sentiments, highlighting that South Africa has faced over three decades of diminishing returns in employment figures. 'Current policies are failing citizens miserably,' Bagraim asserted, pinpointing the last fifteen years as particularly detrimental, with many industries on the verge of collapse. Bagraim pushed for a fundamental rethink of these policies, proposing that a collaborative dialogue between government and business could reshape the current labour landscape. Drawing attention to the National Economic Development and Labour Council (Nedlac), he emphasised its capabilities in fostering discussions aimed at restructuring the labour legal framework: 'We already have a body that is set up especially for dialogue.' Pointing out the changing dynamics of the economic system, Bagraim also noted that proposed amendments to the Labour Relations Act and Basic Conditions of Employment Act could be pivotal for addressing regulatory burdens. 'We need to de-regulate the small business environment,' he said, arguing that job creation was heavily reliant on the burgeoning small business sector. As calls for deregulation and reduced government oversight intensify, Bagraim's conclusion stands stark: pursuing alternative community dialogues may merely waste time and resources, rather than bring tangible change. DAILY NEWS
The South African
7 hours ago
- The South African
End of Wanatu? Afrikaans e-hailing responds to 'bankrupt' rumours
Popular Afrikaans e-hailing service Wanatu has shut down rumours that it has gone bankrupt and has been forced to shut down. This comes after a screenshot of a 'fake news' article circulated on the X app. According to its founders, the service only employs drivers who speak the language. However, the service is openly available to the public who live in the Centurion and Pretoria areas. On its Instagram account, Wanatu reposted a viral screenshot concerning a 'fake news' article about the Afrikaans e-hailing service going bankrupt. The post read: 'We are aware of spreading fake news and misleading information about Wanatu. If there is anything important to share, Wanatu will communicate it via our official channels. 'We appreciate your continued support. We are still fully operational and ready to take you everywhere'. According to Wanatu, the e-hailing service aims to create job opportunities among Afrikaans-speaking South Africans and 'restore the dignity' of the community. Director Van Rooy van den Berg told Jacaranda FM: 'A dignified job is one of the foundations for making a person feel valuable. Many people in the Afrikaner cultural community have lost their jobs in recent years. That is why it is a calling to create dignified work opportunities'. While drivers are required to speak Afrikaans fluently, passengers do not have to. Afrikaans e-hailing service via Instagram: @warnatu_vervoer Since its inception in October 2024, the e-hailing app has employed close to 100 drivers. It has a fast-growing database of subscribers, including actress Reandi Grey and former Springbok Victor Matfield. According to Wanatu, drivers utilise branded Toyota Corolla Cross HEV hybrid electric vehicles. The service – which is mainly used by schoolchildren, business people, and the elderly – offers school transport and airport shuttle services. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
