| CAN GODONGWANA RELEASE THE GENIE OF GROWTH? |
This afternoon, Finance Minister Enoch Godongwana tables the 2026 Budget amid a cautious sense of optimism over stronger revenues. Economists expect rising gold and metal prices bolstering the fiscus to help crimp the deficit to 4.4% of GDP and a primary surplus of about 1%. While tax hikes appear unlikely, investors will pour over borrowing plans and ponder possible cuts to the weekly bond issuance.
Much as the Budget is likely to offer short-term respite to households on the back of commodity-driven windfalls, the limits of government revenue are painfully obvious. Put differently, only sustained economic growth will lighten the tax burden - whether Godongwana will pull the genie from under his hat on easing the cost-of-living pressure faced by families, remains to be seen.
Coincidentally, South Africa also welcomed new US ambassador Leo Brent Bozell III who struck a conciliatory tone on better relations between the nations at a time when US President Donald Trump's tariff wars are heading into uncharted territory (see below). Derek Alberts (editor)
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| ROLLING OUT THE BELGOTEX CARPET IS WORTH A CROW |
(ltr) Kevin Anthony (Belgotex), Lucrisha Polton (PMCB Trade Hub) and Daryn Merrington (Xtec) with the ChamberRoosta.
There’s certainly is plenty to crow about at Belgotex. The proudly South African flooring specialist has quite literally laid the groundwork for international relations by sponsoring the striking rugs for the new PMCB Trade Hub that also won it a coveted ChamberRoosta.
Their stylish touch has transformed the space into a warm, welcoming destination for entrepreneurs, professionals and international delegates alike. By paving the way - and the floor - for connection and collaboration, Belgotex has helped set the stage for meaningful trade to take root and flourish. And that’s worth crowing about!
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| HOW TO CUT AND RECOUP ELECTRICITY COSTS, COSATU STRIKE |
Medium and large electricity users are reminded of the briefing at the Pietermaritzburg and Midlands Chamber of Business this afternoon with Afrenergy on identifying billing errors and unlocking energy savings. Many businesses are overcharged due to outdated meters or incorrect tariffs. Afrenergy has helped entities recover costs and optimise usage. Proceedings start at 3 pm. Contact Kay on (033) 345 2747 or at chamber@pmcb.org.za.
Readers are reminded that COSATU is embarking on nationwide protest action tomorrow against contribution increases by the Government Employees Medical Scheme. The action is protected under Section 77 of the Labour Relations Act. While employees cannot be dismissed for participating, employers may apply “no work, no pay”. Significant absenteeism and public service disruptions are expected.
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1990: Nelson Mandela urged an end to the killings in KZN at a rally in Durban attended by 100 000 people.
Elsewhere, in 1956, Soviet leader Nikita Khrushchev denounced the late Joseph Stalin in a secret speech.
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SANRAL WEIGHTS 'SPECIAL TOLLS' FOR HEAVY TRUCKS
The South African National Roads Agency (Sanral) is mooting “special toll roads” for heavy freight vehicles after its 2025/26 budget was slashed by about R8 billion. Chair Themba Mhambi said the aim is to shield ordinary motorists while charging trucks that inflict disproportionate damage on ageing highways, many built in the 1960s and 1970s without today’s axle loads in mind.
The proposal dovetails with collaboration with Transnet to shift bulk cargo to rail. The Road Freight Association said it needs clarity on the rationale. Sanral warned reprioritisation may delay projects and resurfacing targets amid rising freight volumes. (SOURCE: Moneyweb) |
... AS MACPHERSON MOVES TO REHABILITATE FARM ROADS
Minister of Public Works Dean Macpherson has signed a memorandum with Agriculture SA and the Agricultural Business Chamber to improve critical rural roads in the Free State. The partnership identifies high-volume agricultural corridors for prioritised maintenance and upgrades, reducing logistics costs and supporting farmers. Using data from AgriSA and Agbiz, the programme will calculate economic impact and optimise government investment. Pilot projects aim to enhance transport efficiency, sustain job creation, and strengthen the province’s role as South Africa’s breadbasket. Officials stress that improved roads directly benefit farmers, consumers, and national economic growth. (SOURCE: FreightNews)
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PRESSURE MOUNTS ON PROVINCES AS FMD TOP 1 OOO CASES
Provincial authorities are under mounting pressure to act as Foot-and-Mouth Disease outbreaks climb past 1 072 nationwide, with 836 confirmed cases reported to the World Organisation for Animal Health and a further 714 suspected. The Department of Agriculture says the Free State (344 cases), Gauteng (226) and KZN (208) remain epicentres, while the Northern Cape has recorded its first outbreak in the current wave. Agriculture Minister John Steenhuisen confirmed 1 million vaccine doses have been distributed, with more arriving in March. However, shortages of state veterinarians and slow provincial appointments are hampering containment, prompting calls for urgent recruitment, stricter movement controls and faster laboratory turnaround times. (SOURCE: Engineering News)
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ROOIBOS EXPORTS AT RECORD 10.9 TONNES AS OUTPUT SLIPS
South Africa’s Rooibos industry is balancing export growth with climate caution in 2026. The South African Rooibos Council reports exports reached a record 10 930 tonnes in 2025, up from 5 900 tonnes in 2015, supplying more than 50 markets. Japan leads with 33% of volumes, while new demand rises in Asia. Production, however, slipped to about 15 000 tonnes amid erratic rainfall. Beyond traditional brews, Rooibos is evolving into ready-to-drink beverages, skincare and functional foods. Backed by Geographical Indication protection and R42.7 million shared with Traditional Knowledge holders, the sector prioritises sustainability, quality and rural livelihoods over unchecked expansion. (SOURCE: Bizcommunity)
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... AS FIRST LOAD OF PRIME PLUMS HEADS FOR CHINA
South Africa has shipped its first consignment of stone fruit to China, marking a breakthrough under a new bilateral trade protocol granting 0% tariff access. About 20 000 cartons of premium plums - including African Delight and Ruby Star - departed from Franschhoek’s Freshness First Packhouse. Agriculture Minister John Steenhuisen and Chinese Ambassador Wu Peng oversaw the export. China imports $200 billion (about R3.2 trillion) in agricultural goods annually; SA holds just 0.4% share. Government aims to double stone fruit exports to R800m within four years, with cherry and blueberry protocols to follow. (SOURCE: Bizcommunity)
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PAN AFRICAN SET FOR JSE TOP 40 ON 1 000% MARKET SURGE
Mid-tier gold producer Pan African Resources is poised to enter the Johannesburg Stock Exchange Top 40 after a 1 000% surge in market value over three years, fuelled by record bullion prices above $5 000/oz. The March FTSE/JSE quarterly review could lift gold miners’ weighting to about one-eighth of the index, with 13 of the 40 constituents now from mining. Pan African reported 50% production growth, revenue up 157% to $487 million (about R7.8 billion), and debt down 70% to $46 million. It declared a maiden 12c interim dividend and expects to turn net cash, scrapping hedging to maximise gold exposure. (SOURCE: BDLive)
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AFRICA TURNS TO MULTI-LATERAL LENDERS TO BEAT DEBT WOES
African governments are expected to rely more heavily on mult-ilateral lenders in 2026 as debt risks remain high, says S&P Global Ratings. Citing International Monetary Fund data, more than 20 countries face high debt distress. Sub-Saharan Africa has raised $6 billion (about R96 billion) in Eurobonds this year, with funding costs easing to 7.7%. South Africa (BB positive) and Nigeria (B- positive) show reform momentum, while Mozambique and Senegal face pressure. Revised multilateral lending criteria could unlock $90billion to $120 billion more for Africa. (SOURCE: Reuters)
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... AS RENMINBI POISED TO DISPLACE DOLLAR
Panellists at Standard Bank’s 2026 African Markets Conference said the Renminbi could assume a larger reserve role alongside the Dollar as trade flows shift. Growing use of China’s CIPS payments system and Kenya’s move to convert portions of Dollar debt into Renminbi - helping cut borrowing costs and currency risk - were cited as examples. Speakers argued Africa should diversify funding sources amid a more multipolar order shaped by AI and critical minerals. With an estimated $4 trillion (about R64 trillion) in investable capital available, the constraint remains bankable projects, governance reform and sustainable debt management. (SOURCE: Moneyweb)
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NIGERIA EYES LARGEST RATE CUT IN 6 YEARS
Nigeria is poised for its biggest interest-rate cut since 2020 as easing inflation, a firmer Naira and rising reserves create room to support growth. All economists surveyed expect Governor Olayemi Cardoso to trim the benchmark from 27%, with forecasts split between 50 and 100 basis points. Inflation slowed to 15.1% in January, while reserves hover near $49 billion (about R785 billion). The Naira has strengthened over 6% this year after forex reforms improved liquidity. Analysts at Goldman Sachs Group Inc. say falling bill yields signal scope for a deeper cut, though election spending risks remain. (SOURCE: Bloomberg)
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US IMPOSES 10% GLOBAL TARIFF AS TRADE TALKS STALL
The United States has imposed a new 10% tariff on most imports, according to a notice from US Customs and Border Protection, applying the lower rate initially announced by Donald Trump. The move follows a Supreme Court of the United States ruling that struck down earlier tariffs justified under emergency powers. Collection began at midnight, replacing duties that had ranged from 10% to 50%. The White House signalled the rate could still rise to 15%. The tariffs, imposed under Section 122, target a $1.2 trillion (about R19 trillion) goods trade deficit and 4% current account gap, adding to global trade uncertainty. Economics estimates the effective tariff rate at 10.2%, potentially rising to 12% under the higher levy. Key partners including the European Union and India have paused trade talks. Polls show 64% of Americans disapprove of Trump’s tariff handling. (SOURCE: Reuters/Bloomberg)
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BITCOIN'S 19% FEBRUARY SLIDE PORTENTS MORE LOSSES
Bitcoin is heading for its steepest monthly drop since June 2022, down more than 19% in February and marking a fifth straight monthly decline. The token slid as much as 2.9% to $62 701 (about R1 million), pressured by global risk-off sentiment after US President Donald Trump signalled higher tariffs. US-listed spot Bitcoin ETFs saw over $200 million in outflows, while miners face average production costs near $80 000, forcing some to sell holdings. Analysts warn a break below the $58 000–$60 000 support zone could trigger deeper losses across the broader crypto market. (SOURCE: Bloomberg)
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The only way to prove that you're a good sport is to lose.
Ernie Banks |
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| Dollar | R15.92 | + 0.33% | | Pound | R21.54 | + 0.08% | | Euro | R18.80 | + 0.06% | | Yen | 0.102073 |
| | Yuan | R2.32 | + 0.12% | | Bitcoin | $ 64 883.28
| + 1.32% |
These rates are correct at time of going to press. | | Platinum | $ 2 271.70
| + 4.53% | | Gold | $ 5 193.97
| + 0.98% | | Oil | $ 71.06
| - 0.15% | | All Share | 125 162.76
| + 0.09% | | Repo | 6.75 | | | Prime | 10.25 | |
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