Good morning. Here are the stories you need to know today:
Cost of living is hurting economy, says Kganyago in defence of rate hike
South African Reserve Bank governor Lesetja Kganyago cited the adverse effects of the cost of living crisis as he defended the bank’s decision to hike interest rates by 75 basis points (bps) on Thursday. It was the second consecutive time the Monetary Policy Committee decided to hike by 75 bps, which pushed the repo rate to 6.25% and the prime lending rate to 9.75%. (Business Day)
Interest rate hike to hurt indebted consumers: Expert
The latest hike will hurt those who are most vulnerable to the effects of the economy and barely have disposable income. Chief economist at Econometrix Azar Jammine said although the hikes are going to hurt, they are not much different to the rates last seen before the Covid-19 pandemic. The repo rate is now at the same level it was in January 2020. (SABC)
SA signs agreements with three independent power producers, but is it too little, too late?
To deal with the ongoing energy crisis, which will see the country gripped by stage 5 load shedding over the weekend, the government announced it had signed agreements with three projects and 420 MW of wind power in the Renewable Energy Independent Power Producer Procurement Programme. The caveat is this agreement is out of a total of 2,500 MW and 25 projects that are already meant to be on the grid this year. (Daily Maverick)
Here’s what else we’re reading today:
Rate hike: ‘Ordinary South Africans cannot afford another blow of this kind’ – EWN
Musk can use $7.8 million Twitter whistle-blower payment in his counterclaims – Times LIVE
Fixing Mangaung: Metro’s power utility Centlec’s board disbanded, zoo relocated, police force resuscitated – The Citizen
Zuma’s still-mysterious ‘medical condition’ weaponised to prosecute journalist accused of disclosing it – Daily Maverick
Parliamentary rules stall ANC move to shield President Ramaphosa from Phala Phala scandal scrutiny — for now – Daily Maverick
City of Tshwane rejects Eskom’s proposed electricity tariff price hike – SABC
Elon Musk says he, his brother have supported dad Errol, 76, since he ‘ran out of money in the 1990s’ – Business Insider
Former presidents should help, not criticise from the sidelines – Mantashe – News24
