President Cyril Ramaphosa is scheduled to unveil a new National Executive on Sunday at 9 PM, as announced by the Presidency. This address, to be broadcast nationwide, marks the establishment of the 7th Democratic Administration, formed from a Government of National Unity following the national and provincial elections held on Wednesday, May 29, 2024.
Earlier reports indicated a breakthrough in negotiations between the African National Congress (ANC) and the Democratic Alliance (DA) regarding their participation in the cabinet. Following extensive talks on Saturday, an agreement was reached, with the DA set to assume control of six significant cabinet positions. These include Home Affairs, Basic Education, Public Works and Infrastructure, Communications and Digital Technologies, Forestry, Fisheries, the Environment, and Agriculture.
Financially, the rand initially saw gains against major currencies on Saturday, strengthening notably against the dollar, but later regressed. By Sunday afternoon, the rand was trading at approximately R18.19 to the dollar, losing the previous day’s advances. Against other global currencies, it stood at around R19.52 to the euro and R23.03 to the pound on Sunday.
According to Casey Sprake, an investment analyst at Anchor Capital, the rand’s recent volatility underscores heightened domestic political risks linked to the cabinet formation process. She highlighted that market anticipation surrounding the composition of the new administration has contributed to the rand’s fluctuation, which has seen a 1.88% decline against the dollar month-to-date.
In other news – Cosafa Cup: Zimbabwe wins with a 2-0 victory over Zambia
Zimbabwe emerged victorious over Zambia in the Cosafa Cup, clinching a decisive 2-0 win. The clash between these two football powerhouses captivated fans with its intensity and strategic maneuvers on the field. Let’s delve into the highlights of this exciting match that unfolded at the Cosafa Cup tournament.
**First Half Action:**
From the kickoff, both teams showcased their prowess, but it was Zimbabwe that took the initiative early on. Read More
