The Recent Suspension of Load Shedding in South Africa…
The Generation Operational Recovery Plan which commenced on March 2023, continues to ensure a consistent energy supply and improved efficiencies, with loadshedding remaining suspended. As of September 20, Eskom has achieved 177 consecutive days of uninterrupted power supply since 26 March 2024.
Key factors contributing to this include:
Sa’s Progress Towards Exiting Greylisting
- In February 2023, South Africa was placed on the Financial Action Task Force (FATF) Greylist due to shortcomings in its Anti-Money Laundering and Counter-Terrorism Financing.
- As of mid-2024 authorities are working to address the 14 outstanding action items in a plan that extends through early 2025.
- National Treasury have reported some progress and the aim is to resolve these deficiencies by June 2025.
Source: National Treasury Department
Two-Pot Retirement System Quick Recap
Here is a quick recap on how the two-pot retirement system works. Read our full article here “Two-Pot System That Became the Three Component System”.
Source: Sanlam
Feedback on the Second Quarter 2024
LOCALLY, in general …
The National Election dominated the news. The resultant more centrist coalition (Government of National Unity – GNU) saw a rally in the Rand and a surge in domestic equities.
The economic outlook for SA has improved and the GNU has an opportunity to raise business and consumer confidence from an extremely low base.
Two-Pot System That Became the Three Component System
Latest Update: Proposed implementation date 1 September 2024.
The rationale behind the legislation is to empower more South Africans to preserve their retirement savings when changing or leaving a job, while also allowing people to access their savings component if they experience financial hardship.
