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South Africa close to end of power crisis— Electricity Minister

Published

1 year ago

July 2, 2023

South Africa’s electricity minister, Kgosientsho Ramokgopa has revealed that the country is close to the end of the power crisis which has lasted for months and crippled its economy.

Ramokgopa, who declined to give a specific date for the restoration, took the position on Sunday that the end of daily power cuts was imminent as warmer weather returned towards the end of the year.

Being one of Africa’s most industrialized economies, the power outages have threatened businesses and the general economy of the country. In an effort to resolve the crisis, President Cyril Ramaphosa labelled the situation a tragedy in February and named Ramokgopa as Minister of Electricity.

“I know when we get into summer conditions, then at the current rate, generation will greatly surpass demand,” Ramokgopa said.

The worst-case scenario of peak winter demand of 34,000 megawatts (MW) has not materialized, he said, thanks to interventions on system maintenance and availability, as well as efforts from businesses and homes. The minister also noted that the capacity available was plateauing at roughly 29,000 MW, leaving room to reduce the power outages to Stage 3, where 3,000 MW are taken off the grid, resulting in between two and four hours of daily outages.

According to Ramokgopa, the nation had moved from Stage 6 to Stage 3 of blackouts in just six weeks, indicating that electricity generation was starting to keep up with demand.

He predicted that there would be a day without a blackout in South Africa shortly. “We are quite close to that day, I want to tell the South African people,” he remarked.

Related Topics:Eskom Featured Power crisis 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.”