South Africa cuts 2026 growth forecast

South Africa has revised its 2026 economic growth forecast to 1.2%, down from the 1.6% projected in the February budget. Finance Minister Enoch Godongwana announced the downgrade in his Medium Term Budget Policy Statement to the National Assembly in Cape Town on Wednesday.

Democratic Alliance MP Kingsley Wakelin said faster and more extensive reforms were needed, arguing that growth should reach at least 3.5% to make a meaningful difference to unemployment. Other opposition parties criticised separate elements of the statement, including temporary fuel levy relief and the absence of what they regarded as a comprehensive plan to lower food prices.

PetroSA challenges liquidation application

South Africa’s state-owned petroleum company PetroSA is contesting an attempt by former business partner Nako Energy to have it liquidated, The Namibian reported. Nako says PetroSA owes it R606 million for unleaded petrol delivered in Mossel Bay in June 2024 and later covered by an acknowledgement of debt.

In an affidavit, acting PetroSA chief executive Nombulelo Tyandela argued that Nako separately owes PetroSA R833 million for a diesel cargo bought in Durban. PetroSA maintains that offsetting the claims would leave Nako owing it R227 million, and alleges that the liquidation application was intended to pressure it into payment. The report did not indicate that the court had ruled on the application.

Mozambique gains another Privinvest ruling

Mozambique has secured another decision in London litigation involving shipbuilder Privinvest and the successors of its late founder, Iskandar Safa, according to state news agency AIM. Citing a source from Mozambique’s Attorney-General’s Office who was quoted by Miramar television, AIM reported that the court rejected an appeal by Safa’s heirs against their inclusion in the case.

The underlying judgment of 29 July 2024 ordered Privinvest to pay Mozambique $1.9 billion. AIM reported that Privinvest lost its principal appeal after failing to provide the required security. The latest ruling also ordered Safa’s successors to pay Mozambique more than $150,000, according to the report.