Here’s what is happening in and affecting South Africa today:

  • The World Bank’s move to cut South Africa’s growth forecast for 2020 to below 1% is bound to put even more pressure on South Africa’s final investment-grade rating from Moody’s, economists warn – making a downgrade to full junk even more likely. Moody’s has stated that slow growth is one of the biggest negative factors acting against South Africa, with the group expecting 2020 growth at between 1% and 1.5%. It is set to review South Africa’s rating in March, after the Budget speech. [Fin24]
  • Finance minister Tito Mboweni has emerged as a strong advocate for the full legalisation of cannabis, saying that he will put forward a proposal to cabinet to that effect. This comes after a candid survey of responses to a thread of tweets on his Twitter profile. The Constitutional Court ruled that the private use of cannabis was legal in September 2018 and gave lawmakers two years to bring the country’s laws in line with the ruling. Parliament has yet to do so, with the deadline less than nine months away. [Daily Maverick]

error: Content is protected !!