For Creamer Media in Johannesburg, I’m Lumkile Nkomfe.

Making headlines: AG holds municipal accounting officer personally responsible for financial mismanagement; South Africa hits out at credit rating ‘bias’ as upgrade awaited; And, finance ministry said Senegal will pay its debts

AG holds municipal accounting officer personally responsible for financial mismanagement

Auditor-General Tsakani Maluleke today issued the first certificate of debt when North West Ngaka Modiri Molema district municipality accounting officer Allan Losaba was held to be personally liable for financial loss of more that R4-million.

This is the first time the AG has issued a certificate of debt since the Public Audit Act gave her the powers when it was amended in April 2019.

This certificate of debt follows Losaba’s failure to recover financial losses from overpayments for water tankering services.

The municipality extended a service provider’s contract multiple times for drought relief and water and sanitation services, during which overclaiming on kilometres and working hours were identified, leading to significant financial losses.

The mayor is responsible for recovering the amount specified in the CoD and must report progress regularly to the Auditor-General.

South Africa hits out at credit rating ‘bias’ as upgrade awaited

South Africa would welcome an upgrade of its credit score, but Finance Minister Enoch Godongwana — who says ratings-company bias against the continent is real — isn’t holding his breath.

Godongwana spoke a day after delivering a budget that stoked investor optimism that the country’s finances have finally turned a corner. S&P, which assesses South Africa’s long-term foreign debt at BB-minus — three notches below investment grade — with a positive outlook, is scheduled to review the rating on Friday.

The minister’s medium-term budget included the formal adoption of a 3% inflation target and better-than-expected revenue collection, while maintaining the forecast that debt as a share of gross domestic product would peak this year and then decline.

The news fuelled a rally in South African assets, driving the rand below 17 to the dollar for the first time since February 2023. Yields on the government’s 10-year benchmark bond declined, touching 8.6%, compared with 8.8% before the announcement on Wednesday.

And, finance ministry said Senegal will pay its debts

Senegal's finance ministry told investors it will pay back its debts and continue its talks with the International Monetary Fund as the nation braces for a key credit rating decision from S&P Global later today.

The Ministry of Finance and Budget, in a statement sent to investors yesterday said it was "resolutely committed to its dialogue" with the Fund.

The statement said Senegal reiterates that it will continue to honour its obligations as they fall due and is progressing adequately on the implementation of its financing plan for 2026.

The statement added that the government was pushing ahead with efforts to strengthen public finances by boosting revenue, managing expenditures and aligning budget execution with its 2025 targets.

By end-September, revenues excluding grants and current expenditures had reached 73% of targets, the ministry said.

That’s a roundup of news making headlines today

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