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South Africa: Power rotation suspended ‘until further notice’ —Eskom

Published

2 years ago

June 3, 2023

South Africa’s state utility firm, Eskom has announced that its power rotation has been suspended “until further notice”.

The situation with the country’s electricity has been critical in recent months and load shedding exercises have gone as high as twelve hours a day.

Eskom spokeswoman, Daphne Mokwena told journalists “Load shedding was suspended today at 11:40 am (09:40 GMT) and until further notice, thanks to improved generation capacity and lower demand.”

“It is not possible to predict at this stage how long the suspension will last. We encourage the public to monitor their consumption, especially during peak hours,” stressed Ms. Mokwena, adding that load shedding could otherwise resume “at any time”.

The firm said it would immediately communicate any significant changes in the new development which South Africans would be hoping lasts long.

President Cyril Ramaphosa in February declared the situation a disaster and appointed a Minister of Electricity, in an attempt to get out of the crisis.

South Africa still draws 80% of its electricity from coal. A $98 billion investment plan was approved by rich countries last year at COP27 as part of an agreement for a “just transition” to clean energy.

Being one of Africa’s most industrialized economies, the power outages have threatened businesses and the general economy of the country. One of its leading companies, Tiger Brands had during the week revealed that its revenues were expected to drop due to the prolonged power challenges.

Related Topics:Eskom Featured Power Rotation South Africa

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”