South Africa’s Deputy President Paul Mashatile is set to meet captains of industry amid an energy crisis that’s stifling economic growth and souring investor sentiment. Mashatile will meet with the country’s top CEOs in a closed dinner hosted by the Johannesburg Stock Exchange on May 19, according to an invitation seen by Bloomberg.
The rand weakened by a record, falling as low as R19.51 to the dollar on Friday, undermined by domestic challenges and reports that the US ambassador to South Africa accused the country of supplying arms to Russia. An index of South African banking stocks tumbled to the lowest since October 2022 as the local currency extended losses. The rand breached its all-time low of R19.35 to the dollar, which was set during the Covid-19 lockdown in April 2020, and was trading at 19.
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