Thursday, May 6, 2010

From Creamer Media in Johannesburg, I'm Brad Dubbelman.

Making headlines:

South Africa's Economic Development Minister Ebrahim Patel says that the rand needs to be weaker to support producers in Africa's biggest economy. Speaking on the sidelines of the World Economic Forum for Africa in Tanzania, Patel said that South Africa needs to make its currency more competitive. Patel said that he had not changed his position from earlier this year that the rand was too strong for South Africa, as it recovers from recession. He also said that he was pleased with the debate on currency strength.
The government and the central bank have expressed concern that the currency's strength could hamper a recovery among both exporters and importers. The central bank has said that although it would not target a level for the currency, it would increase foreign exchange holdings when appropriate.

Africa will emerge from the global downturn more quickly and strongly than much of the world, but must shift policies and attitudes still further to benefit fully.
Speaking at the World Economic Forum (WEF) on Africa in Dar es-Salaam, Absa bank CEO Maria Ramos said that there has been considerable reform in Africa over the past decade and a half. In addition to rising commodity prices and investment from faster growing Asian countries, policy reforms and debt relief over the past decade have put many African countries on a more stable footing and better placed to attract investment.
South African Finance Minister Pravin Gordhan said that Africans need to understand this opportunity. He explained that the WEF on Africa was about fashioning thinking towards taking advantage of opportunities.

Parliament's Multiparty Chief Whips' Forum has put on the back burner an Independent Democrats proposal to appoint an ad hoc committee to consider regulations on party funding. African National Congress chief whip Mathole Motshekga said that the forum had agreed that the issue merited serious reflection, but that parties needed more time to mull the matter internally before it could be dealt with by Parliament.
Discussion on the matter must be more about how political parties should be funded in a democracy, rather than only on the disclosure of donations and election expenditure, he explained.
Nongovernmental organisations have for years called for party funding to be regulated to reduce the potential for corruption, but say that parties across the spectrum seem reluctant to commit to greater transparency.

Also making headlines:

South African Finance Minister Pravin Gordhan says that there is concern that Europe is taking too long to deal with its debt crisis, as it may cause fallout further afield.
Libyan President Muammar Gaddafi's son Saif al-Islam urges constitutional reform.
South African Public Works Minister Geoff Doidge says that the controversial draft Expropriation Bill will return to Parliament in January next year.
And, Nigerian President Umaru Yar'Adua died yesterday after a long illness, paving the way for acting leader Goodluck Jonathan to take over.

That's a roundup of news making headlines today.