• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

South African Rand weakens as traders await Cabinet announcement

1 year ago
in Business, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
40
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

South African Rand weakens as traders await Cabinet announcement

The South African rand weakened for a third day as traders awaited news on the appointment of a cabinet, almost a month after elections stripped President Cyril Ramaphosa’s party of its parliamentary majority.

Negotiations on the formation of a new executive are continuing. The African National Congress, the biggest party in the broad coalition that’s set to govern the country, said the cabinet is expected to be unveiled in the next two days.

The make-up of the cabinet is being closely watched by investors anticipating an acceleration of economic reforms needed to address the nation’s energy crisis, fix its collapsing ports and railways, and reduce crime and corruption. The rand has whipsawed on speculation that talks between the ANC and the centrist Democratic Alliance — the second-biggest party in the coalition — have faltered.

“It’s an ongoing process, and unfortunately there’s all these sort of allegations of different meetings taking place,” Democratic Alliance spokesman Richard Newton said by phone. “At this point, we don’t have any expectations of a finish point. We have to continue with our negotiations and wait for the president to make his decisions.”

The rand weakened as much as 0.6% and traded 0.1% lower at 18.2625 per dollar by 10:23 a.m. in Johannesburg. A close at that level would be the worst since June 14. The yield on rand-bonds maturing in 2035 rose three basis points to 11.3%

“The rand has chopped about in Asia with politics still its poison of choice,” said Robert Hoodless, co-head of FX and macro analysis at InTouch Capital Markets Ltd. “It seems there is still some tension over how the jobs are dished out, and one news report suggested that negotiations ‘threaten to be derailed.’ This tension appears to be behind” the currency’s weakness earlier in the day, he said.

RelatedPosts

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

ANC spokeswoman Mahlengi Bhengu-Motsiri confirmed negotiations are continuing and that an announcement is expected within the next 48 hours.

Source: bloomberg
Via: norvanreports
Tags: South African randSouth African Rand weakens as traders await Cabinet announcement
No Result
View All Result

Highlights

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

Morocco Crowned World Champions at the FIFA U-20 World Cup

GPL: Gold Stars Seek Redemption, Eleven Wonders Hunt First Win in Super Monday Doubleheader

OMCs Begin Over 4% Fuel Price Reductions Amid Cedi Gains and Decline in Global Oil Prices

Nigerians to pay more for ChatGPT on OpenAI’s 7.5% VAT

Prof. Baah-Boateng Urges Bank of Ghana to Prioritise Cedi Stability Amid Sharp Currency Swings

Trending

Features

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

October 20, 2025

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release BudgIT, a prominent civic tech...

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

October 20, 2025

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

October 20, 2025

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

October 20, 2025

Morocco Crowned World Champions at the FIFA U-20 World Cup

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.