South African rand extends losses after Q4 GDP slump

South African rand weakens after cabinet reshuffle

South Africa's economic activity as measured by GDP growth fell 1.3% in the last quarter of 2022, dropping below its pre-pandemic level due to record power cuts, official figures showed Tuesday.

South African rand extends losses after Q4 GDP slump

South Africa's rand extended its losses against the U.S. dollar on Tuesday after new data showed the economy contracted more than expected in the last quarter of 2022.

Ramaphosa Revamps Cabinet as South Africa Faces Power Crisis

South African President Cyril Ramaphosa appointed a new deputy and electricity czar and replaced several ministers, injecting new blood into a cabinet that’s failed to get to grips with crippling energy shortages and revive a flagging economy.

South African president reshuffles Cabinet, appoints new deputy president, ministers

Paul Mashatile, 61, is country’s new deputy president - Anadolu Agency

South Africa's Ramaphosa Reshuffles Cabinet

President Cyril Ramaphosa has reshuffled his cabinet. This comes a week after the country's deputy president David Mabuza resigned as a member of the National Assembly. Kgosientsho Ramokgopa is the minister in the presidency for electricity and Paul Mashatile is the new deputy president, replacing David Mabuza.

WRAP | Cabinet reshuffle: Mashatile new deputy president, Ramokgopa electricity minister

President Cyril Ramaphosa has announced his new Cabinet.