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Making headlines: Parly committee praises Ramaphosa for ‘successful’ participation in Brics Summit, amid criticism; Kganyago says South Africa’s inflation target should be lower; And, ABSA finds African markets expand at fastest pace since 2017

Parly committee praises Ramaphosa for ‘successful’ participation in Brics Summit, amid criticism

The Portfolio Committee on International Relations and Cooperation on Thursday applauded President Cyril Ramaphosa and his delegation for “successfully” representing the country at the sixteenth Brics Summit, in Russia.

Ramaphosa said Brics had a “vital” role to play in advancing change, as he advocated for global peace, calling for the right of Palestinian people to self-determination, while calling out the United Nations Security Council.

He said lasting peace and security would not be achieved until Palestinians realised their aspirations for statehood, justice and freedom.

This as Brics ally Russia continues its invasion of Ukraine, in a conflict that has continued for over two years.

Criticism has been levelled at Ramaphosa for calling for peace in the Middle East while conflict continues in Ukraine, brought on by Russia.

Ramaphosa also reminded Brics leaders of the International Court of Justice’s stance that the international community had a duty to prevent genocide by Israel.

Portfolio Committee on International Relations and Cooperation chairperson Supra Mahumapelo said it was encouraging for world leaders to reiterate the importance of further enhancing Brics’s solidarity and cooperation based on the mutual interests and key priorities to strengthen the strategic partnership.

Kganyago says South Africa’s inflation target should be lower

South African Reserve Bank Governor Lesetja Kganyago said the nation’s inflation target was overdue for review and it should be adjusted lower.

Kganyago explained that South Africa’s inflation target is out of sync with emerging market peers.

The central bank aims to anchor expectations around the midpoint of its 3% to 6% inflation target. South African annual inflation slowed to 3.8% in September and is forecast by the central bank to remain below 4% over the next three quarters.

The Reserve Bank adopted inflation targeting in 2000. The National Treasury said in February that the goals were under review and Kganyago argued in a October 17 speech that any changes should result in the target being lowered.

And, ABSA finds African markets expand at fastest pace since 2017

Africa’s financial markets are expanding at the fastest pace in seven years, as the continent benefits from a recovery in economic growth and slowing inflation.

Out of the 29 countries covered by Absa Group’s latest Africa Financial Markets Index, 23 improved their scores relative to last year as the value of pension fund assets grew, foreign exchange reserves improved and access to global capital markets was selectively restored.

Absa interim Chief Executive officer Charles Russon said this is a welcome respite after several difficult years during which the continent faced first the challenges of the global Covid-19 pandemic, then higher domestic inflation and financing costs.

Last year the continent’s markets shrank in the face of headwinds including high interest rates to counter rising inflation and weaker regional currencies, as well as ongoing fallout from Russia’s invasion of Ukraine.

The International Monetary Fund expects sub-Saharan African economies to grow at 3.6% in 2024, matching last year’s pace, and advancing to 4.2% in 2025.

That's a round up of news making headlines today.

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