Good morning. Today we’re covering the potential fate of finance minister Enoch Godongwana after being accused of sexual harassment, the ANC outlines its electoral guidelines, handing Ace Magashule a blow, and Turkey slashes its repo rate despite astronomical inflation of 80%.
Godongwana’s fate in limbo as docket in sexual assault case heads to NPA – News24 (for subscribers)
Enoch Godongwana’s future as finance minister is hanging by a thread after he was accused of sexual harassment by an employee at a hotel in the Kruger National Park during a recent trip he took there with his wife.
The employee was giving Godongwana a massage in his room when the finance minister allegedly fondled the woman. Police have handed over the case to the National Prosecuting Authority (NPA) to decide if there is a case against Godongwana.
When News24 asked Godongwana if he should step aside from his roles if charged he replied by saying he served “at the behest of the ANC. Should I be asked to step aside, I would do so without hesitation.” Read more here.
ANC electoral committee sinks Ace Magashule’s hopes of a December resurrection – Daily Maverick
During a briefing on Thursday, the ANC electoral committee, led by former president Kgalema Motlanthe, laid out the official rules of engagement for the party’s elective conference later this year.
It wasn’t good news for suspended secretary-general Ace Magashule as “those who had been temporarily suspended pending the outcome of a court case or disciplinary hearing would be prohibited from participating in any contestation.”
That’s the exact predicament that Magashule finds himself in after he was officially suspended from his role in May 2021 after he was charged with corruption, fraud and money laundering in connection with the R255 million Free State asbestos scandal.
‘It’s economic suicide!’ Turkey cuts interest rate despite 80% inflation – EWN
The central bank in Turkey announced an interest rate cut even as the country’s inflation hits 80% in what experts are calling a move that “goes against all proven wisdom.”
The repo rate was slashed by 100 basis points from 14% to 13% with Turkish president Tayyip Erdogan holding the contrarian view that high interest rates increase inflation rather than serve as a means to slow it down.
In summary, Denker Capital’s Kokkie Kooyman says with high inflation and low interest rates there are a couple of issues that are set in motion, including people taking their money out of the country because the currency is losing value every day while no one wants to deposit money either. Read more here.
Here’s what else we’re reading today:
Dollar hits 1-month high as Fed officials talk up rate hikes – SABC News
South African town councils owed Eskom R49.1bn by end-July – Engineering News
Ministers to blame for tripping up tariff duty decisions – report – Fin24
Telkom is now providing up to R5m in funding for small businesses – Fin24
Parliament’s looking for a new travel agent – to handle more than 30,000 yearly flights for MPs – Business Insider
Massive changes on the cards for South Africa’s finance laws as greylisting draws near – BusinessTech
Bookkeeper who stole R11m of Ters funds sentenced to 20 years in jail – Times LIVE
Image Credit: GCIS
