Rand could further weaken in absence of drastic economic reform

Economist Dale McKinley warned that the South African rand might be on the decline for some time, unless there was a drastic change to improve the economy.

The rand plummeted past the R19 mark against the dollar on Thursday, bringing the currency to its lowest since the start of the COVID-19 pandemic.

When markets closed on Thursday night, the rand was trading at R19.17 to the dollar.

McKinley said external factors contributed to the weakness of the currency.

However, internal challenges such as load shedding played a major role.

“The fundamentals of our economy are very weak: load shedding, the unemployment rate, the general lack of proper governance, the general feeling amongst many, and the private sector depressed investment environment.”

-EWN

In other news – Actor Gabriel Temudzani (Chief Azwindini) speaks out after leaving Muvhango

South African actor Gabriel Temudzani, who bid farewell to Muvhango on Monday, 8 May says leaving the soapie was an emotional roller coaster.

The popular Muvhango actor Gabriel Temudzani, who played Azwinidini Mukwevho for more than two decades tells a local publication that he’s ready to apply himself in other spaces. “It’s an emotional roller coaster. Muvhango has been my home for a long time and unfortunately, we are here. Learn More