A South African business confidence index dropped in May, reaching its lowest level since September 2020 on various factors which include lower trade volumes, higher financing costs and power cuts. The business confidence index of the South African Chamber of Commerce and Industry (SACCI) dipped to 89.3 in May from 93.7 in April, according to the SACCI.
“Given current global economic conditions and structural economic obstacles resulting from the lockdown rules, it may take some time for the economy to recover and acquire momentum,” SACCI stated in a statement.
In April, disastrous floods struck South Africa’s coastal KwaZulu-Natal province, killing hundreds of people, displacing thousands, and causing billions of rands in infrastructure damage, disrupting exports and imports. In May, the central bank raised its primary lending rate by the most in almost six years, while state utility Eskom imposed major power shortages.
Gilbert Machokoto, a former teacher, said that setting up a business in the late 1980s, shortlyafter Zimbabwe's independence, was ‘like…
Following elections in which the party that had ruled the diamond-rich nation for almost 60years suffered a historic setback. Botswana's…
A lightning strike at a refugee camp in Uganda kills 14 people including children with 34 othershospitalized. The incident happened…
From TV hopeful to red carpet royalty, Kuhle Adams' journey is a remarkable story of talentand perseverance. Beginning as an…
A new dawn in African football dawns as Jackline Juma is set to become the firstwoman to coach a men’s…
Last Friday Kithure Kindiki was again inaugurated as Kenya's new deputy president followinglegal challenges by his predecessor.The man who Kindiki…
This website uses cookies.