Latest News & Developments
debt
Rising living costs push South Africans to rely more on personal loans
With the rising cost of living outpacing income, an unprecedented number of South Africans are turning to personal loans, highlighting a growing financial crisis.
More South Africans are relying on personal loans as cost of living soars
More South Africans than ever are using personal loans to make up the shortfall between income and the rising cost of living.
Concerns rise over eThekwini Municipality's cash coverage amid R35 billion consumer debt
The eThekwini Municipality faces significant financial challenges, with city councillors expressing alarm over low cash coverage and outstanding debts totalling R35 billion.
Skipping insurance premium payments could leave you financially vulnerable, Financial Ombud scheme warns
Are you thinking of skipping your insurance premiums to save money? The Financial Ombud warns of the possible financial consequences.
KwaZulu-Natal's Education Department grapples with R250 million debt crisis
The KwaZulu-Natal Department of Education is grappling with a staggering R250 million debt to the eThekwini Municipality, raising concerns about its financial stability and the impact on education services in the province
Netcare denies turning away shot JMPD officer as City of Joburg disputes R35 million debt claim
Netcare Milpark Hospital denies allegations of neglecting a critically injured JMPD officer due to a R35 million debt, while the City of Johannesburg clarifies that the outstanding amount is only R3. 9 million.
Nearly 5,000 eThekwini Municipality employees fall behind on municipal payments
Ethekwini municipality's latest financial report reveals that nearly 5,000 employees are in arrears on their municipal accounts, contributing to a staggering R80 million in debt. As public outrage grows over potential tariff increases, the municipality faces ongoing challenges in managing its finances
Gauteng High Court rules in favour of RAF against SARS over R5. 1 billion deduction
In a landmark ruling, the Gauteng High Court has stepped in to protect the Road Accident Fund from a controversial R5. 1 billion deduction by SARS.
Exploring the connection between year-end bonuses and homeownership trends in SA
Existing homeowners, especially those with variable-interest rate bonds, could find it harder to keep up with bond payments, increasing the risk of foreclosures.
R12. 5bn in unpaid supplier invoices crippling small businesses as EC government leads debt crisis
Provincial governments are failing to pay R12. 46 billion in supplier invoices, with Eastern Cape responsible for nearly a third of this debt, according to National Treasury. This payment crisis is forcing small businesses to take out loans to survive, with many SMEs eventually shutting down due to cash flow problems caused by government non-payment.
R12. 5bn in unpaid supplier invoices crippling small businesses as EC government leads debt crisis
Provincial governments are failing to pay R12. 46 billion in supplier invoices, with Eastern Cape responsible for nearly a third of this debt, according to National Treasury. This payment crisis is forcing small businesses to take out loans to survive, with many SMEs eventually shutting down due to cash flow problems caused by government non-payment.
Moody’s and Fitch see South Africa’s debt burden outpacing Budget forecasts
Credit ratings agencies Moody's and Fitch have challenged South Africa's National Treasury projections, warning that government debt will stabilise at higher levels than anticipated in the 2025 Budget. The agencies predict debt-to-GDP ratios could reach 80%, while political tensions within the GNU threaten budget implementation
Deputy Finance Minister calls for action on Africa's debt crisis at G20 meeting
Deputy Finance Minister Masondo urges immediate action to address Africa's escalating debt crisis, calling for collaborative solutions at the G20 International Financial Architecture Working Group Debt Side Event in Pretoria.
Experts divided on potential interest rate cut as MPC meeting approaches
Experts share their insights on the anticipated interest rate decisions by the Monetary Policy Committee, considering economic pressures such as inflation and VAT increases.
Experts divided on potential interest rate cut as MPC meeting approaches
Experts share their insights on the anticipated interest rate decisions by the Monetary Policy Committee, considering economic pressures such as inflation and VAT increases.
Tshwane's power cut campaign faces backlash as businesses demand dialogue
Major businesses face power cuts as Tshwane's R30 billion debt recovery campaign sparks outcry, with the Capital City Business Chamber urging for collaborative solutions instead of confrontational tactics.
Treasury to overhaul budget process, considers fiscal anchors amid rising debt burden
National Treasury launches major budget overhaul amid concerns over rising government debt, with new fiscal anchors proposed to enhance public sector efficiency and economic growth
Metair shares surge as market cheers capital restructuring plan
Metair Investments Limited's shares surged by 15. 86% to R5. 99 on the JSE after the company announced a significant capital restructuring plan, aiming to alleviate its 45. 28% decline this year and restore investor confidence.
Godongwana urged to cut spending over tax hikes amid economic crisis
As South Africa faces a critical R60 billion budget shortfall, Finance Minister Enoch Godongwana navigates controversial proposals including VAT increases and welfare cuts. With national debt exceeding 75% of GDP, stakeholders clash over solutions while experts warn of potential economic consequences
IMF advises South Africa on structural reforms to boost economic growth
The International Monetary Fund strongly endorses South Africa's structural reforms while calling for more aggressive measures to address the R6 trillion national debt crisis. Key recommendations include public sector wage cuts and SOE restructuring to boost economic growth beyond current 1% levels
Clientèle reports steady performance bolstered by 1Life acquisition
Clientèle's latest financial results reveal a 217% surge in earnings per share, driven by the R469. 1 million gain from the 1Life acquisition. Despite challenging economic conditions affecting customer affordability, the group maintains optimistic outlook with strategic growth initiatives
Johannesburg Water cuts supply to 15 gated communities over R2. 7 million debt
Johannesburg Water has disconnected 15 customers from gated communities and complexes in the south and north of Johannesburg and which collectively owe over R2. 7 million
Transnet proposes revised wage offer amid financial challenges
Transnet has revised its wage offer to unions as it faces financial challenges, proposing a fixed increase over three years while emphasising the need for stability and job security. "
Civic organisation celebrates potential R10 billion debt relief in Tshwane
The civic organisation applauds Tshwane's proposed debt-relief programme, which could eliminate R10 billion in municipal debt for residents.
G20: How the Cape Town Declaration aims to transform Africa's debt landscape
Former African heads of state unite in the Cape Town Declaration, demanding urgent debt relief and sustainable solutions for developing nations at the G20 meeting.