logo
#

Latest news with #OupaMokoena

The Unintended Consequences of US Refugee Policy for South African Minorities
The Unintended Consequences of US Refugee Policy for South African Minorities

IOL News

time2 days ago

  • Politics
  • IOL News

The Unintended Consequences of US Refugee Policy for South African Minorities

Members of the Khoi and San community camped outside the Union Building in 2019 demanding that their rights be recognised. Image: Oupa Mokoena/African News Agency (ANA) Clyde N.S. Ramalaine The recent resettlement of 49 South Africans, described as 'Afrikaners', to the United States under refugee status via the US Refugee Admissions Program (USRAP) has drawn public ridicule, suspicion, and commentary. While some predict their imminent return to sunny South Africa, the event offers an unexpected opportunity to examine how USRAP's criteria could inadvertently apply to other historically marginalised South African groups, particularly the KhoeSan and Coloured communities. This article does not support or validate the ideological narratives of groups like AfriForum or Solidarity, who claim persecution under terms like 'white genocide.' Such claims are unsubstantiated, racially selective, and morally indefensible. Instead, this article offers a literal and policy-driven reading of USRAP's eligibility framework, focusing not on its intentions but on its possible implications for marginalised non-white South African identities. USRAP eligibility criteria Under Executive Order 14204, USRAP permits applications from South Africans who meet three conditions: Must be of South African nationality; Must be of Afrikaner ethnicity or a member of a racial minority; Must articulate past persecution or fear of future persecution. Although influenced by racialised narratives of white Afrikaner persecution, the policy does not explicitly exclude non-white groups. This opens an interpretive doorway that, when read literally and consistently, may qualify KhoeSan and Coloured South Africans—groups with longstanding, legitimate claims of marginalisation. South African nationality - A contested construct The idea of a unified 'South African nationality' is not neutral or straightforward. South African identity has been deeply shaped by colonial conquest, apartheid-era racial division, and selective post-apartheid nation-building. Far from a cohesive category, 'South African' is an ongoing site of contestation, haunted by economic inequality, cultural marginalisation, and incomplete reconciliation. Under apartheid, nationality was fractured across pseudo-ethnic 'homelands.' Today, the uncritically adopted 'Rainbow Nation' rhetoric fails to conceal the persistence of racial and spatial disparities. For many, especially KhoeSan and Coloured South Africans, national identity remains fractured, imposed, and weaponised against their claims to full inclusion and recognition. Afrikaner identity - An exclusionary social construct The term 'Afrikaner' has always been a politically fluid concept. It was only in the 20th century, under apartheid, that it solidified as a synonym for white Afrikaans speakers. However, Afrikaans itself is a Creole language born at the Cape from African, European, and Asian linguistic influences. Millions of non-white South Africans—particularly the KhoeSan and Coloured communities—speak Afrikaans as their mother tongue and have made significant contributions to its literary and cultural legacy. If 'Afrikaner' is used to denote those rooted in Africa who speak Afrikaans, then the most authentic claimants are arguably the KhoeSan and Coloured peoples. To exclude them is to perpetuate apartheid's racial gatekeeping. The USRAP, though likely intending to privilege white identities, inadvertently opens space for those previously denied recognition within the very cultural matrix it seeks to protect. The notion of a "white Afrikaner" as a uniquely persecuted category is built on historical erasure. Afrikaner culture is not racially homogeneous. Its racialisation is a mid-20th-century political invention, not a cultural or linguistic truth. If USRAP implicitly assumes whiteness under the 'Afrikaner' identity, it contradicts its own stated openness. Racial minorities - Recognition beyond whiteness The policy's second clause, which asserts, 'or a member of a racial minority', broadens the scope for inclusion. Here, the KhoeSan and Coloured groups qualify, both as racial minorities and as communities subjected to historical persecution and contemporary marginalisation. The KhoeSan, South Africa's first people, have endured centuries of displacement, genocide, and erasure. Today, despite growing self-identification, they remain denied official indigeneity and reparative justice. Their exclusion from land reform and identity recognition makes them textbook examples of persecuted minorities. Coloured South Africans, a category created by apartheid to obscure Indigenous ancestry and maintain social control, also remain in a state of political liminality. This imposed identity, still used in state policy, has allowed the post-apartheid government to deny both their indigeneity and their oppression, framing them as 'beneficiaries' of apartheid while excluding them from targeted redress. Post-1994 policy continues to maintain racial categories rooted in apartheid logic. In practice, this has meant retaining the 'Coloured' label to contain indigenous claims and limit state accountability. Despite Steve Biko's inclusive definition of Black Consciousness, embracing all non-white oppressed peoples, the state's operational framework reserves 'African' identity for Nguni-Bantu groups, excluding KhoeSan and Coloured communities from full African identification and associated redress. A policy that outruns Its intentions The original purpose of the USRAP criteria appears to have been the protection of white South Africans fearing political and land displacement. However, its language is broad enough to permit reinterpretation. A literal application of its three criteria—nationality, minority status, and persecution—clearly allows for KhoeSan and Coloured inclusion. If USRAP is truly about offering refuge to marginalised South Africans, then KhoiSan and Coloured communities not only qualify but arguably embody the policy's intent more authentically than the white Afrikaners it was implicitly designed to protect. The US Refugee Admissions Program, though politically motivated and ideologically framed, unintentionally exposes the contradictions in South African identity politics and racial categorisation. Its criteria, if interpreted without racial bias, could provide an unexpected platform for historically marginalised communities like the KhoeSan and Coloured peoples to assert claims long denied by the South African state. This article is not an endorsement of emigration as a political solution. Rather, it is a call to critically examine how refugee policy, constructed with one ideological target in mind, might unintentionally illuminate deeper questions of identity, marginalisation, and justice. USRAP, as worded, opens a policy loophole. This gateway challenges racialised assumptions about Afrikaner identity and repositions the conversation around who truly qualifies as persecuted in post-apartheid South Africa.

Johannesburg's water woes and the quest for dignity
Johannesburg's water woes and the quest for dignity

IOL News

time3 days ago

  • General
  • IOL News

Johannesburg's water woes and the quest for dignity

Despite Johannesburg being one of South Africa's wealthiest metropolitan municipalities, with a budget of R80.3 billion in the previous financial year, the water crisis persists, says the writer. Image: Oupa Mokoena / Independent Newspapers South Africa's economic engine, Johannesburg - water, the most basic necessity, is becoming a luxury where many residents across the city have woken up to dry taps, empty buckets, and a growing sense of despair. The water crisis gripping the City of Johannesburg is not just an infrastructure failure—it is a humanitarian emergency threatening the dignity, health, and livelihood of millions. The crisis did not begin overnight. Years of underinvestment in infrastructure, rapid urbanisation, climate change, and governance failures have culminated in a perfect storm. 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 Reservoirs are running dry, pipes are bursting from neglect, and power failures at pumping stations have crippled already fragile water supply systems. In areas such as Brixton, Hursthill, and parts of Soweto and the south, residents have faced water outages stretching over several days or even weeks, forcing them to queue for water from roaming tankers or rely on unsafe alternative sources. Joburg Water has called on residents to use water sparingly as it is experiencing severe pressure at the reservoirs and towers due to increased water consumption. Image: Bhekikhaya Mabaso / Independent Newspapers For many, the turning point came in early 2024, when Rand Water—the bulk supplier for Gauteng—warned that demand had begun to consistently outstrip supply. With reservoirs unable to recover due to excessive consumption and frequent load shedding hampering pump stations, the system buckled under pressure. The city was forced to impose rolling water outages in an attempt to manage dwindling resources. Joburg Mayor, Dada Morero, has stepped up to confront the growing crisis head-on. In recent statements, Morero acknowledged that the city's infrastructure is operating beyond capacity and must undergo an urgent overhaul. He has outlined a multi-phase recovery plan, including the replacement of aging water mains, better pressure management systems, and the use of smart meters to reduce water losses. The city is also ramping up public education campaigns to encourage residents to reduce consumption, emphasising that the crisis is a shared burden. In 2023, Rand Water had pledged to invest R28 billion over the next decade to upgrade its infrastructure and build new reservoirs to increase supply. The water utility emphasised the need for a shift in consumption behaviour, pointing out that Gauteng residents consume, on average, 300 liters of water per person per day—nearly double the global average. Rand Water is working closely with municipalities to implement technical upgrades and manage water distribution more equitably. Furthermore, President Cyril Ramaphosa has also weighed in, calling the situation 'deeply concerning' and promising national support. During a visit to the city council earlier this year, Ramaphosa affirmed that water security is now a priority for the national government. Ramaphosa announced that he would introduce the presidential task team to help the city tackle its problems, especially now that the G20 summit will be held in Johannesburg. 'We are proposing the establishment of the presidential Johannesburg working group. What this means is that the situation here in Johannesburg has led you to invite the president into your council chamber. I am now here. 'We are going to work together to rebuild Johannesburg and take it back to its glory days,' Ramaphosa said. Last week, The 38-kilometre tunnel, Ash River which runs from Lesotho to South Africa via the Free State, was officially opened by the Department of Water led by Minister Pemmy Majodina and Sanitation, Free State Government and other state holders. This was the Lesotho Highlands Water Project which was created to provide water in the country to curb the water shortage. WARNING: Video contains swearing at the end Speaking to IOL, ActionSA said it was gravely concerned about the current man-made water crisis that has plagued the city. The party has been vocal about the water crisis in the city since they joined the council. 'The R27 billion infrastructure backlog has been on our radar for a very long time. The water crisis is, however, as a result of years of neglect,' chairperson of EISD, Vhengani Munyayi said. Munyayi stated that the issue was not just poor coordination among key stakeholders, but a mere lack of oversight and lack of appetite to address this issue. 'From the explanation we get from Rand Water, it is evident that they supply enough water to Joburg Water, however, aging dams that lose water, pipes that lose water coupled with illegal water connection is a challenge,' he said.

Lesufi's government undermines the role of opposition by withholding information
Lesufi's government undermines the role of opposition by withholding information

IOL News

time6 days ago

  • Politics
  • IOL News

Lesufi's government undermines the role of opposition by withholding information

Panyaza Lesufi The Gauteng Premier, Panyaza Lesufi, has refused the request for access to the records requested, says the writer. Image: Oupa Mokoena Independent Newspapers The Democratic Alliance (DA) Gauteng, the official opposition in the province, is committed to safeguarding South Africa's constitutional democracy, the principles and values espoused in the founding document. Nonetheless, our efforts as the opposition to conduct oversight over the elected executive are increasingly thwarted. The growing barriers to effective and meaningful conduct oversight are deliberate withholding and denial of crucial information, procedural delays and protracted legal battles that severely undermine our oversight role. The affected areas are irregular procurement and contract management, unlawful appointments, and the lack of consequence management due to not enforcing recommendations from disciplinary action. The Constitution of the Republic of South Africa explicitly highlights the separation of powers among the legislature, executive and judiciary, establishing much-needed mechanisms for effective oversight, a fundamental pillar of good governance. In a healthy democracy, transparency and accountability are important principles. Laws regulating access to information are put in place to ensure that the public has access to the decision-making processes of those in power to hold them accountable for their actions. There has been a growing reluctance or outright refusal by the governing party and those in leadership to provide vital information to enable effective scrutiny. Effective legislative oversight relies heavily on access to accurate, timely and complete information. The legislature's ability to scrutinise government actions, expenditure, and hold public officials accountable centres on this access. When the executive withholds information, be it through vague, sub-par or incomplete responses to questions in the house, dismissing Promotion of Access to Information Act (PAIA) requests, or invoking the Protection of Personal Information Act (POPIA) to shield data, our capacity as opposition to fulfil this oversight mandate diminishes. This casts a shadow on the executive promise of good governance and fulfilling their mandate. This increase in information withholding has profound implications. Without transparency, there is no way to verify whether departments are acting in the best interests of the public or if resources are being misappropriated. This lack of transparency and accountability becomes a breeding ground for corrupt and unethical conduct, financial mismanagement and misconduct, which ultimately leads to poor service delivery. Through the Promotion of Access to Information Act (PAIA), the DA has since October last year demanded full access to 177 forensic reports dating from 2016 to the present. The Gauteng Premier, Panyaza Lesufi, refused the request for access to the records requested. However, the refusal did not provide adequate reasons based on the provisions of the Promotion of Access to Information Act (PAIA) that the Office of the Premier relied on. The DA Gauteng appealed the decision to refuse access to the reports internally in November, but the appeal was dismissed the following month. In January, we approached the Information Regulator, where the pre-investigation report found that 'there is a prima facie case that the complainant met the minimum requirements prescribed in PAIA, in that the request form was duly submitted to the public body.' According to the Information Regulator, the alleged refusal by Lesufi's office to grant access and failure to state adequate reasons for the refusal, including the provisions of PAIA relied on, necessitates an investigation of the complaint to ascertain whether the requester (DA) must be given access to the records. The use of legal provisions such as POPIA to justify withholding information raises concerns about the misuse of privacy laws as shields rather than safeguards. While protecting personal data is essential, these laws must not be weaponised to conceal misconduct and prevent public scrutiny. There must be a balanced approach that respects individual rights without compromising the public's right to know when such disclosure is both lawful and justifiable. Furthermore, any reliance on privacy concerns must be weighed against the public interest in disclosure, particularly in cases where the public interest outweighs any purported confidentiality claims. While POPIA is designed to regulate the lawful processing of personal information, it balances the right to privacy with the right to access information. The Act explicitly provides for instances where disclosure is necessary and lawful. The ruling, therefore, emphasises how difficult it is for the public and government to balance between privacy, transparency, and due process. This is not the first time that our PAIA applications have been unsuccessful in what we increasingly view as the shielding of corrupt officials, politicians, and activities within the Gauteng Provincial Government (GPG). The biennial report of the Gauteng Ethics Advisory Council (GEAC) for 2025 has restated what the DA Gauteng has been exposing about corruption, maladministration, non-compliance with relevant legislation and regulations and ethical violations severely affecting the delivery of services to residents of Gauteng.

How Tshwane is revitalising its economy for a brighter future
How Tshwane is revitalising its economy for a brighter future

IOL News

time27-05-2025

  • Business
  • IOL News

How Tshwane is revitalising its economy for a brighter future

The City of Tshwane's Executive Mayor, Dr Nasiphi Moya, outlines big plans for economic growth in the city during a business breakfast with the BBCBE. Image: Oupa Mokoena / Independent Newspapers The City of Tshwane has many assets that must be cultivated to improve the lives of its residents and to create business opportunities, and with the Black Business Council in the Built Environment (BBCBE) as a partner, the city hopes to achieve this. Tshwane's Executive Mayor, Dr Nasiphi Moya, during a business breakfast hosted by the BBCBE on Tuesday, in partnership with the Tshwane Economic Development Agency (TEDA), showcased transformative development projects in the city, attracting investors and engaging built environment professionals. The event held in Centurion provided the business sector with an opportunity to engage the city on its plans to improve the economic environment in Tshwane and to work towards a people-centred urban transformation. Dr Moya stressed that the city is planning on upgrading and repurposing its assets worth billions, many of which are in decay and not used as they should, such as the Pretoria Showgrounds, the Fresh Produce Market, and the Caledonian Stadium. 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 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. Next Stay Close ✕ The City of Tshwane, she said, is not merely another municipality on the South African map. It stands as the Administrative Capital of the Republic, a centre of government, diplomacy, learning, and commerce. 'Our economic profile is formidable. Tshwane contributes 25% of Gauteng's GDP and 9% of South Africa's national output. If Tshwane were a country, our economy would rival that of Iceland, Cyprus, or Senegal,' she said. The city's industrial ecosystem includes a thriving automotive manufacturing base, a resilient agricultural economy, world-class universities, and a fast-growing services sector. It is home to over 4.1 million people, determined to see a better tomorrow. But, Dr Moya said, unemployment stands at nearly 34%, with youth unemployment near 60%. An estimated 40% of the residents live below the poverty line. Good governance alone is insufficient; the city requires transformation that is both inclusive and sustainable. That is why the city has adopted the Tshwane Economic Revitalisation Strategy (TERS), which is the guiding document to achieve 3.9% economic growth and create 80,000 new jobs by 2029. TERS focuses on 10 strategic sectors, which include the student economy. In this regard, Dr Moya said the city is repurposing vacant buildings into student accommodation and turning the inner city into a vibrant, safe, and inclusive urban campus. She said there is a lack of student accommodation in the city, and many students are homeless. 'The automotive sector remains a cornerstone of our industrial base. With nearly 40% of South Africa's vehicles produced in Rosslyn and the Tshwane Automotive Special Economic Zone (TASEZ), we are expanding our footprint. Phase 2 of TASEZ is under way, and the R500 million K217 road expansion aims to strengthen logistics and manufacturing value chains,' she added in expanding on the city's plans. In construction, the city is embracing digital transformation. The automation of land-use, zoning, and building applications is reducing red tape and turnaround times. Meanwhile, social housing and human settlements are high on the city's agenda. Tshwane absorbs 80,000 new residents annually. To address this growth, it is investing over R700 million in water and sanitation infrastructure across Winterveldt and Pretoria West. These investments are laying the foundation for inclusive housing developments and spatial equity. Its urban regeneration programme is also gaining momentum, with projects like Schubart Park, which is being transformed into modern, mixed-use developments. Dr Moya said, in fact, over 180 derelict properties have been identified for reclamation. Included in the city's plans is to extend the Bus Rapid Transit (BRT) system, while the Gautrain expansion is on track. Strategic assets like the Bon Accord Quarry, which supplies essential materials for roads and construction, are also being modernised, while rail revitalisation is being pursued with national partners. Included in the city's plans is to build new taxi ranks to decongest the Pretoria CBD.

Will the SARB cut interest rates? Experts weigh in on the 25 basis point prediction
Will the SARB cut interest rates? Experts weigh in on the 25 basis point prediction

IOL News

time26-05-2025

  • Business
  • IOL News

Will the SARB cut interest rates? Experts weigh in on the 25 basis point prediction

SARB Governor Lesetja Kganyago. Debt experts and economists believe that an interest rate cut of 25 basis points is likely when the Monetary Policy Committee (MPC) meets on Thursday. Image: File / Oupa Mokoena/Indpendent Newspapers Debt experts and economists believe that an interest rate cut of 25 basis points is likely when the Monetary Policy Committee (MPC) meets on Thursday. This follows Statistics South Africa announcement last week that CPI inflation edged up slightly from 2.7 % in March 2.7% to 2.8% in April Reza Ismail, the head of bonds at Prescient Investment Management, said that he believes there will be an interest rate cut on Thursday. 'The observed 3-month Johannesburg Interbank Average Rate (JIBAR) of 7.45% and the 1x4 FRA (Forward Rate Agreement) at 7.26% suggest that markets are currently pricing in a modest easing bias. This reflects a forward rate expectation approximately 20 basis points below the current 3-month interbank rate, implying a probability-weighted scenario of a 25 basis point repo rate cut at the May 29th MPC meeting." Ismail added that the term structure of FRA rates from 1x4 to 21x24 remains anchored within the 7% range, indicating expectations of modest further easing over the medium term, but not a sustained or aggressive cutting cycle. 'This market pricing is consistent with the SARB's March 2025 communication, which assessed the real repo rate at around 3.5%, proximate to the Bank's estimated neutral rate of 3.0%, and stated that policy was now 'near neutra'. The Quarterly Projection Model (QPM) path continues to imply a gradual and conditional easing trajectory - contingent on inflation remaining anchored near the midpoint and downside risks to growth not materialising in a disorderly fashion.' Casey Sprake, an economist at Anchor Capital, said South Africa's headline consumer inflation edged slightly higher in April, rising to 2.8% year-on-year from 2.7% in March. The latest inflation data strengthens the case for monetary easing. 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 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. Next Stay Close ✕ 'With core inflation easing, wage growth muted, and consumer demand soft, real interest rates remain in restrictive territory. This means that current monetary policy is still exerting a significant dampening effect on the economy. As such, we expect the South African Reserve Bank (SARB) to cut the repo rate by 25 basis points at its upcoming Monetary Policy Committee (MPC) meeting on 29 May. The likelihood of a third rate cut later in 2025 remains evenly balanced at this stage,' Sprake said, Benay Sager, the executive head of DebtBusters, said believes all the indicators are aligned in the best way: international petrol prices and oil prices are holding out, the exchange rate is in South Africa's favour, and the CPI has been low. 'We believe that this is the perfect time for a rate cut; however, we fear that what's going to happen is that the Reserve Bank will hold the rates steady because of uncertainty in the global environment. It will be very unfortunate for consumers if there isn't a rate cut.' Sager added that this would be good for consumers, particularly those who are paying for assets like financed vehicles and homes. 'An interest rate cut would also be a good stimulant for the economy and would provide much-needed relief for spending. It might not be good for the lending environment, but it would be good for the consumer environment.' Neil Roets, the CEO of Debt Rescue, said the SARB could possibly keep interest rates unchanged at this week's MPC meeting. 'The door to a 25 basis point cut is now more open than before - especially with inflation falling to just 2.8%, well below the target range of 3 - 6%. The environment is becoming more favourable for rate relief. The reality on the ground is far more sobering. A 25bps cut would result in a saving of just R254 per month on a R1.5 million bond - and only around R65 per month on a R500,000 vehicle loan.' Professor Raymond Parsons, a North-West University Business School economist, said the current business cycle in SA suggests there is now a strong case for the MPC to resume its interest rate-easing cycle, by another 25 basis points. 'This will not only be good for business & consumer confidence but, more importantly, there is space now to do so.' Visit: BUSINESS REPORT

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store