For Creamer Media in Johannesburg, I’m Halima Frost.

Making headlines: Reserve Bank bank keeps main interest rate unchanged at 8.25%; Ramokgopa urges ‘timeous’ passage of Bill to usher in new SOE shareholder management model; And, Rwanda President Kagame reelected with 99.18% of votes

Reserve Bank bank keeps main interest rate unchanged at 8.25%

South Africa's central bank kept its main interest rate unchanged at 8.25% in a decision announced today.

The decision by the central bank's Monetary Policy Committee was split, with four members preferring an unchanged stance and two preferring a 25-basis-point rate cut.

Monetary policy has remained tight in Africa's most industrialised economy as the South African Reserve Bank tries to steer inflation back towards the midpoint of its 3%-6% target range.

Consumer inflation stood at 5.2% year on year in May, the latest month for which data is available, the same as in April.

Central bank Governor Lesetja Kganyago said domestically, inflation expectations do not yet reflect the 4.5% midpoint objective over the medium term,"

Ramokgopa urges ‘timeous’ passage of Bill to usher in new SOE shareholder management model

Minister in the Presidency Maropene Ramokgopa, who has taken over the coordination of State-owned enterprises that previously fell under the now dissolved Ministry of Public Enterprises, has urged lawmakers to support the timeous processing of the National State Enterprises Bill that includes far-reaching changes to the shareholder management model for SOEs.

Delivering her Budget Vote address, Ramokgopa promised to convene a workshop with the Portfolio Committee on Public Enterprises to finalise the passage of a “fit for purpose” piece of legislation.

She also reaffirmed that her Ministry of Planning, Monitoring and Evaluation, which resides in the Presidency, would be responsible for the coordination of Eskom, Transnet, Denel, South African Airways, Safcol and Alexkor following President Cyril Ramaphosa’s decision to close the Ministry of Public Enterprises.

The decision to change the shareholder management model was based on a recommendation of the Presidential State-owned Enterprises Council, which was established in 2020 to advise on the reform, repositioning, and revitalisation of SOEs, whose operational performance and financial position collapsed during the period of State capture.

The PSEC recommended that South Africa adopt a centralised shareholder management model and establish a holding company for strategic SOEs, which the Bill termed the State Asset Management Company.

And, Rwanda President Kagame reelected with 99.18% of votes

Rwanda's President Paul Kagame has been re-elected with 99.18% of the vote, the National Electoral Commission said today, extending his near quarter-century in office.

The two men standing against him - Frank Habineza from the Democratic Green Party and independent Philippe Mpayimana - both conceded defeat in Monday's election, which rights groups say was marred by a crack-down on journalists, the opposition and civil society groups. A government spokesperson repeatedly rejected such criticism during the election period.

Oda Gasinzigwa, chairperson of the National Electoral Commission, told a news conference that voter turnout was 98.20% of the nine-million registered voters.

The final election results are due to be announced no later than July 27, she said.

Kagame, who got more than 93% of the vote in the last three elections, has won praise from Western and regional leaders for helping to end the 1994 genocide in Rwanda and rebuilding the country into an attractive destination for investment and aid.

His reputation has been damaged, however, by accusations of abuses at home and supporting rebels in neighbouring Democratic Republic of Congo - allegations he has repeatedly denied.

That’s a roundup of news making headlines today

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