Star 2025-07-25

The Government Employees Pension Fund (GEPF) has has sounded the alarm on potential reputational risks stemming from serious allegations of maladministration and financial mismanagement at the Government Pensions Administration Agency (GPAA). The GPAA is a government component which reports to the Minister of Finance and administers funds and schemes on behalf of the GEPF, the largest pension fund in Africa. It thus administers the pension affairs of approximately 1.7 million government employees and pensioners, as well as the affairs of their spouses and dependants. The GPAA has been rocked by allegations of serious financial mismanagement of pension funds amounting to more than R500 million after an audit being prepared for the financial year end flagged administration issues. An internal audit report compiled by Abacwaningi Business Solution (ABS) Audit & Advisory…

Central bank says it and Ibex Group have resolved all the disputes in a “comprehensive settlement” The South African Reserve Bank’s (SARB’s) seven-year probe into now-defunct Steinhoff’s alleged breach of Exchange Control Regulations has finally been concluded with an agreement that what is now Ibex Group will no longer try to recoup a previously forfeited R6.3 billion. In a statement released on Thursday, the central bank said that it and Ibex Group had resolved all the disputes between the two parties in a “comprehensive settlement”. “Both SARB and the Ibex Group consider the settlement reasonable, proportionate and justifiable in light of the complex and competing interests,” the central bank’s statement said. “SARB and the Ibex Group consider this final settlement to be in the best interests of South Africa." SARB…

South Africa continued to work tirelessly discussing with its counterparts in the US to keep the trade route open and having submitted the Framework Deal in May, South Africa has signed a condition precedent document with the office of the US Trade Representative, a precursor to finalisation of the negotiations, Minister of Trade, Industry and Competition Parks Tau said in his budget vote. Tau said the collective work of business, organised labour and civil society, in engaging the US Congress is also a key lever in South Africa's toolkit in its approach to ensuring the continued inclusion of South Africa in the Africa Growth and Opportunity Act and to respond to the recently proposed US-South Africa Bilateral Relations Review Act. "Our active engagements with Asia are significantly bearing fruit.…

When news broke that hosting a Formula 1 Grand Prix in South Africa could cost as much as R2 billion, the headlines focused on the bill. The critics warned of wasteful spending. Parliament debated priorities. But while the accountants saw a liability, I saw something very different: 20 000 jobs waiting to be created and an economy in motion. Yes, R2 billion is a significant investment. But as Singapore discovered when it launched its Grand Prix in 2008, the right event can pay for itself many times over. According to the Singapore Tourism Board, the race generates about S$150 million (R2bn) annually in visitor spending and economic impact. Independent studies put the return on investment at three to five times every dollar spent. Apply those multipliers to South Africa, and…

South Africa’s red meat industry is a cornerstone of the rural economy, particularly for emerging and communal livestock farmers. Yet, their aspirations - and the broader goals of inclusive growth outlined in the Agriculture and Agro-processing Master Plan (AAMP) - are persistently undermined by a recurring threat: foot and mouth disease (FMD). Recent FMD outbreaks, most notably in Limpopo, KwaZulu-Natal, and parts of the Free State, have exposed the fragility of South Africa’s disease control systems. The economic fallout is staggering. Export bans, movement restrictions, and culling have cost the country billions in trade revenue, while simultaneously crippling market access for smallholder producers. For emerging farmers, who are already navigating structural disadvantages in the meat value chain, the disruption is not just economic - it’s existential. FMD is not a…

ESKOM has been ordered to pay close to R1 billion to French nuclear contractor Framatome, after the Western Cape High Court found the utility refused to pay damages after it cancelled a contract to install steam generators at Koeberg nuclear power station. The ruling stems from a 2014 agreement Eskom originally concluded with Areva, which was later ceded to Framatome. The deal covered the design, manufacture and installation of six replacement steam generators – three for each unit at Koeberg. Framatome, which has been in operation for 60 years, was contracted to supply and install two sets of three replacement steam generators, one set to be installed in each of the reactor buildings at units 1 and 2 at Koeberg during separate planned outages of these units. These installations were…