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A week that started fraught with risks for the rand is ending on a positive note for the South African currency.

The rand surged toward its sixth straight weekly advance, hitting a five-month high against the dollar on Friday. That comes after a highly contested budget and a heated White House encounter between President Cyril Ramaphosa and his US counterpart Donald Trump, both of which threatened to undermine the rand's momentum after the currency had recovered from a slump sparked by sweeping US tariffs announced in April.

South Africa's finance minister on Wednesday presented a fiscally cautious budget, alleviating a months-long political crisis that had imperilled the stability of the nation's governing coalition. Ramaphosa's meeting with Trump on the same day turned acrimonious as the US president falsely accused the government of ignoring the killing of white farmers. That raised concerns the two countries wouldn't be able to reach a deal on investment and trade, though Ramaphosa later said further talks were "constructive."

"It surprised quite a lot of market observers that the rand demonstrated such resilience over the past several days, particularly after the dramatic White House confrontation between President Trump and President Ramaphosa's delegation," said Phoenix Kalen, head of emerging-market research at Societe Generale SA. "But at the end of the day, the market deemed that the trading details at stake are a much less important driver than South Africa's relationship to China and the performance of key commodity prices."

The global economic backdrop favoured a resilient Chinese currency as well as stronger gold prices, "hence imbuing strength into the rand," Kalen said. The currency traded 0.2% stronger at 17.9646 per dollar by 2:02 pm in Johannesburg, on track for a weekly gain of 0.3%.

Finance Minister Enoch Godongwana's third attempt at the budget on Wednesday won wide support among political parties as it eschewed higher borrowing or tax increases in favour of spending cuts. It also ensured the business-friendly Democratic Alliance remains part of the African National Congress-led coalition government for now.

"The recent drop in political risk and passing of the budget has improved investors' confidence," said Annabel Bishop, chief economist at Investec Bank "While the rand is expected to see further strength this year, risks remain and the domestic currency is expected to remain volatile, with international events, particularly in the US, key."

The rand, often seen as a bellwether for the outlook for emerging markets, is on a weekly winning run not seen since December 2020. A weaker dollar and improved outlook for corporate earnings has fuelled outperformance in developing-nation stocks over recent weeks.

Interest-rate differentials also continue to favour the rand, with the Federal Reserve seen cutting its benchmark rate twice this year. The South African Reserve Bank is also expected to reduce its policy rate when it meets next week, with inflation below its 3%-6% target range. Even so, South Africa's real rate will remain among the highest in emerging markets.

"Even if the SARB cuts the repo rate by 25 basis points in May and the Fed stays on hold for a while longer, local monetary policy should remain supportive of the rand," according to Nedbank analysts Reezwana Sumad and Walter de Wet. They see the rand strengthening to 17.40 per dollar, compared with around 17.93 on Friday.

"Our fair-value range is 17.00 to 17.50," the analysts said. "With the currency above this range, we would in general have a rand strengthening bias, and below this, a rand weakening bias."

As South Africa undertakes its yearly review of the Constitution, Parliament is urging members of the public to exercise their democratic right and make submissions on any part of the Constitution they believe should be reviewed, by the May 31 deadline.

Chairpersons of the Constitutional Review Committee Advocate Glynnis Breytenbach and Mtikeni Patrick Sibande have so far received over 200 submissions but are calling for more and are urging the public to submit their views on specific sections of the Constitution that they think should be amended.

Information service, the Parliamentary Monitoring Group, explained that the review process that the Constitutional Review Committee will undertake looks at whether any submissions have sufficient merit to warrant a possible amendment to the Constitution, based on the proposals.

In addition to written submissions, members of the public can also make oral presentations to the committee and should indicate such interest during their submissions.

Enquiries relating to the process and all written submissions can be addressed to:

Adv P Gwebu, Committee Section, PO Box 15, Cape Town, 8000

Enquiries and submissions can also be emailed through to [email protected], or can be made via telephone on 021 403 8257 or 083 709 8395.

Police Minister Senzo Mchunu said on Friday that reports that suggest there is a genocide in South Africa against whites are "totally unfounded and unsubstantiated", cautioning the public about consuming and sharing information on social media platforms, where he says old or recycled news stories are often circulated to create panic.

Mchunu was speaking during a briefing on the release of the Fourth Quarter Crime Statistics, in Pretoria, where he said these "outdated reports" can give the "false impression" that crime is spiralling out of control, when in fact they do not reflect the current reality.

On Wednesday, President Cyril Ramaphosa met with US President Donald Trump, and what began as an upbeat conversation, quickly turned when Trump began grilling Ramaphosa, confronting him with allegations of a white genocide and land grabs.

Ramaphosa made this working trip to the US with the aim of discussing diplomatic, trade and economic relations.

"We have respect for the US as a country, we have respect for the people in that country and for President Trump, but we have no respect for this genocide story - at all," said Mchunu.

He pointed out that South Africa was a democratic State, with many NGOs, NPOs and free media, that would have run headlines locally and abroad if there was such a genocide in the country.

Mchunu welcomed and noted doubts expressed by media houses in the US, the UK and in South Africa, noting that images displayed by Trump, showing many crosses on both sides of a road in KwaZulu Natal, flow from a 2020 case.

He explained that this incident occurred on September 30, 2020, on Hanover farm.

"…it is a sad story of G Rafferty and VL Rafferty - they were sadly murdered by criminals in their home. The incident sparked a very strong protest by the farming community. The crosses symbolised killings on farms over years - they are not graves. Three suspects were arrested and sentenced for their murder, and they are in jail," he added.

He highlighted that this debunked the claim that nothing got done when crime was committed.

He also pointed to a case which occurred three months ago, in which an American pastor was kidnapped in Nelson Mandela Bay.

"…this led to an intensive search by South African Police. The suspects were arrested, and the pastor was freed back to America. Again, law was enforced," he stated.

Mchunu acknowledged that the levels of crime in the country were high, and that the South African Police Service (Saps) was concerned and was intensifying its fight against crime and criminals.

He noted significant decreases in most crime categories this year, compared with the same period in the last financial year from January 1 to March 31, 2024.

All provinces, besides the Northern Cape, recorded decreases in murder incidents. The Northern Cape contributed 2% to the national 4 murder statistics, which Mchunu assured would be addressed with targeted actions.

Among the top 30 police stations for murder, 13 stations registered lower counts, and two stations recorded no change.

Meanwhile, 22 police officers lost their lives, with 10 of those deaths recorded in Gauteng.

Rape increased, with Gauteng and KwaZulu-Natal contributing 19.1% and 19.9% respectively to the national total. Decreases in rape statistics were recorded in Eastern Cape, Gauteng, Limpopo, North West, and the Western Cape.

In this quarter, 4 023 cases of illegal possession of firearms and ammunition were registered, which is a 2.7% increase compared to the same period last year. However, Mchunu said Operation Shanela saw 128 illegal firearms seized and 82 people arrested in the past week.

"We must, however, be clear-eyed about the challenges that remain. During this quarter, sexual offences, including rape and contact sexual offences, along with commercial crime, have shown increases. These are deeply concerning trends that demand renewed focus and urgent intervention," he said.

FARM MURDERS

Meanwhile, he announced that as from this year, when ...

The African National Congress (ANC) said President Cyril Ramaphosa's handling of engagements with US President Donald Trump in the Oval Office, demonstrated "maturity, diplomatic depth, and a steadfast commitment to truth and national dignity", which the party said reflected the values of the party he leads and the country he represents.

Ramaphosa made a working trip to the US with the aim of discussing diplomatic, trade and economic relations, however, what began as an upbeat conversation, quickly turned when Trump began grilling Ramaphosa, confronting him with allegations of a white genocide and land grabs.

ANC national spokesperson Mahlengi Bhengu-Motsiri said the party welcomed the "strategic and high-level" diplomatic engagement between Ramaphosa and Trump.

"The discussions focused on deepening trade and investment cooperation, exploring new frontiers for partnership, and advancing dialogue on global development and shared prosperity," she said.

While aspects of Trump's public posture during the engagement may have reflected a confrontational tone, and at times, a reluctance to abandon previously stated misconceptions, Ramaphosa remained "calm, focused and unwavering", the ANC said.

Bhengu-Motsiri said Ramaphosa used the platform not only to champion South Africa's economic interests, but to also "confront and dispel harmful misinformation, notably the false and inflammatory narrative of a so-called white genocide."

She pointed to Ramaphosa's clarity and composure, as he acknowledged crime, which he explained was a by-product of inequality and historical injustice, and not racially motivated persecution.

"This intervention was essential to defending the truth and preserving the dignity of our democratic order," Bhengu-Motsiri added.

The ANC commended Ramaphosa for his "principled leadership".

"His conduct was in keeping with the proud diplomatic tradition of President Nelson Mandela and President Oliver Tambo who taught us that dialogue must be used not to flatter power, but to advance justice, truth, and human dignity.

"This engagement stands as a victory for reason over rhetoric, diplomacy over division, and truth over propaganda," said Bhengu-Motsiri.

Meanwhile, uMkhonto weSizwe Party national spokesperson Nhlamulo Ndhlela said Ramaphosa deliberately chose to have his trip to the US on dates coinciding with the Phala Phala case and the Budget speech.

"On Monday was the Phala Phala case in court, he was absent, Wednesday we had the Budget vote he was absent," he said.

He further claimed that the trip was facilitated to have discussions around Elon Musk's Starlink.

"…what is Johann Rupert doing there? Again, this is just a clear demonstration that this has nothing to do with diplomacy. This is a President that came to the US clapping hands and more than anything else just a posture of subservience," Ndhlela said.

He was not confident that engagements between Ramaphosa and Trump would be successful and said issues of genocide and the Expropriation Act were not properly addressed.

South Africa will need to slash spending if its tax agency does not meet its revenue collection target this year, Finance Minister Enoch Godongwana said on Thursday, as the government focuses on keeping rising debt under control.

Godongwana was speaking after making only minor adjustments to the government's spending plans and deficit projections in a third budget presented to lawmakers on Wednesday.

His two previous attempts were scuppered by disagreements within the ruling coalition - chiefly over now abandoned plans to raise value-added tax - that had rattled investors' confidence in Africa's most developed economy.

Speaking to Reuters in an online interview, Godongwana said the government did not expect to overshoot on spending.

He said if the South African Revenue Service raises more than its target of over R1.9-trillion in the fiscal year that ends in March 2026, there will be no need for R20-billion in additional taxes pencilled in for the 2026/27 fiscal year.

But if that target is not met, "we will have to cut expenditure substantially," he said.

Godongwana said the higher debt peak of 77.4% of gross domestic product that featured in his new budget reflected weaker economic growth forecasts rather than extra borrowing.

Debt would peak this year, he maintained, saying doubters predicting further slippage were wrong.

Financial officials will decide in July, after the South African Reserve Bank signs off its accounts, whether to draw on gains in its Gold and Foreign Exchange Contingency Reserve Account, which it started tapping last year to limit borrowing.

Godongwana said friction within the coalition government over the budget had, meanwhile, eased.

"That noise has been exhausted. Everyone now understands we have to get on with the work," he said.

South Africans expressed dismay on Thursday at how US President Donald Trump's false claims of a white genocide-dominated a conversation with President Cyril Ramaphosa, and many wondered if his trip to Washington was worth the trouble.

Ramaphosa included popular white South African golfers in his delegation and he had hoped talks with Trump in the White House on Wednesday would reset relations with the United States, which have nosedived since the US leader took office in January.

But Trump spent most of the conversation confronting his visitor with false claims that South Africa's white minority farmers are being systematically murdered and having their land seized.

"He didn't get Zelenskyed. That's what we have to hang onto (He) did not get personally insulted by the world's most horrible duo of playground bullies," Rebecca Davis of the national Daily Maverick wrote.

At a February White House meeting, Trump and Vice President JD Vance berated Ukrainian President Volodymyr Zelenskiy, calling him ungrateful for US military aid, and Zelenskiy heatedly tried to argue his case.

For some, though, Ramaphosa's cool composure raised the question of what was achieved by his having subjected himself to the onslaught.

"I don't think it was the right call. I don't think we need to explain ourselves to USA," 40-year-old Sobelo Motha, a member of a trade union, said on the streets of Johannesburg.

"We ... we know there's no white genocide. So for me, it was pointless exercise."

The South African president arrived prepared for an aggressive reception given actions in recent months by Trump, who has cancelled aid to South Africa, offered refuge to white minority Afrikaners, expelled the country's ambassador and criticised its genocide court case against Israel.

But throughout, Trump wanted only to discuss the treatment of white South Africans, playing a video and leafing through articles that he said proved his allegations.

Foreign ministry spokesperson Chrispin Phiri defended Ramaphosa's handling of the encounter, saying it was important that the two leaders engaged.

"It's not in the president's (Ramaphosa's) nature to be combative. (He) looks at issues calmly, matter-of-factly. I think that's what we expect of our presidents," he told Reuters.

FRINGE GROUPS IN SOUTH AFRICA

Three decades after the end of apartheid in South Africa, some fringe groups lament the loss of white power that democracy brought and point to persistent economic crisis and corruption.

Wider disillusion - not just among white South Africans - over the state of the country cost Nelson Mandela's legacy party its majority in last year's election.

White South Africans make up less than 8% of the population and are still the most affluent group, controlling three-quarters of private land. While South Africa has one of the highest murder rates in the world - about 20 000 a year - most victims are Black.

Data collected by white farmers themselves does not support the notion of a genocide. Afrikaner farmers' union TLU-SA has counted 1 363 white farmers murdered since 1990, or an average of 40 a year - far less than 1% of total murders.

South Africa's richest man, Johann Rupert, owner of Richemont group that owns brands like Cartier, was at the White House meeting and told Trump crime was a problem "across the board".

Still, for more than a decade, global far-right chatrooms have been circulating the notion that whites are persecuted, views that appear to have influenced Trump, a large number of Republican politicians and his ally, South African-born Elon Musk.

"I think the misinformation campaign by various right-wing groups and various Afrikaner groups was extremely successful," white South African writer Pieter du Toit told Reuters.

"They have been feeding the idea of white victimhood into the right-wing ecosystem in the United States for years."

Back home, though, most white South Africans take a more nuanced view.

"In its entirety, the violent crime in South Africa shou...

Lobby group AfriForum on Wednesday filed an application in the North Gauteng High Court in Pretoria to challenge the constitutionality of the controversial Expropriation Act.

The Bill signed by President Cyril Ramaphosa earlier this year has been met with criticism from some opposition parties and civil society and has been the catalyst for US President Donald Trump's decision to terminate all United States Agency for International Development aid to South Africa.

AfriForum head of public relations Ernst van Zyl maintained that the Act, and the notice of its signing published in the government gazette a month later, contained "serious flaws and is a real threat to the constitutional right to private property in South Africa".

Van Zyl welcomed Trump's spotlight on the "threat" the Act posed to private property rights in South Africa.

Last week, the Trump administration welcomed 59 white South Africans, as the first batch of Afrikaners to be granted "refugee status" by Trump, supported by the belief that they had been persecuted and amid claims of genocide.

"AfriForum's court case, in which we will test the constitutionality of this Act, is our most important local battle in this fight," said Van Zyl.

AfriForum argued that certain sections and provisions of the Act contained inherent contradictions.

Alternatively, AfriForum seeks an order that those specific provisions be declared unconstitutional.

"Central to AfriForum's arguments is that Section 12(3) of the Act, which provides for the expropriation of property at nil compensation, opens the real possibility of the abuse of public power in that every expropriating authority, including mismanaged local authorities, is given the power to expropriate at nil compensation," he said.

AfriForum also argued that the Act allows a property owner to be deprived of their property while the matter of its expropriation is fought over in court - a process that it says can take many years.

Van Zyl claimed that the African National Congress's top brass had for years now emphasised that the intention of the Expropriation Act is to enable expropriation without compensation and that "nil compensation" means "no compensation".

"We have heard them highlight their objectives, and we believe them," he said.

South Africa's inflation rose marginally in April due to higher food prices but remained below the central bank's target range, statistics agency data showed on Wednesday.

Headline consumer inflation stood at 2.8% year-on-year last month compared with 2.7% in March, while in month-on-month terms, inflation was at 0.3% in April from 0.4% in March.

Economists polled by Reuters had forecast annual inflation would remain steady at 2.7%, below the central bank's 3% to 6% target range.

South African Reserve Bank Governor Lesetja Kganyago has for years stressed his preference for a lower inflation target, saying it is needed to make the economy more competitive.

The next monetary policy announcement by the central bank is scheduled for May 29.

It kept its main lending rate unchanged in March after three consecutive cuts, citing risks from US President Donald Trump's global trade war and local budget disagreements.

Annual inflation for food and non-alcoholic beverages increased to 4.0% in April, the highest annual rate since September last year, Statistics South Africa said.

President Cyril Ramaphosa heads to the White House on Wednesday on a perilous mission to persuade a hostile Donald Trump to make deals with his country rather than scold and punish it as he has done since the start of his second term.

Attacking South Africa's land reform law aimed at redressing the injustices of apartheid and its genocide court case against Israel, Trump has cancelled aid to the country, expelled its ambassador and offered refuge to white minority Afrikaners based on racial discrimination claims Pretoria says are unfounded.

"Whether we like it or not, we are joined at the hip and we need to be talking to them," Ramaphosa said on South African state television before flying to Washington to meet President Trump.

The stakes are high for South Africa. The United States is its second-biggest trading partner after China, and the aid cut has already resulted in a drop in testing for HIV patients.

Ramaphosa goes into his meetings with Trump, scheduled to start at 1530 GMT, bearing offers of trade deals and investment opportunities, and accompanied by ministers, luxury goods tycoon Johann Rupert and champion golfers Ernie Els and Retief Goosen.

On Trump's side will be Vice President JD Vance, South African-born billionaire Elon Musk -- who has accused Ramaphosa of pursuing anti-white policies, which he denies -- and senior figures from the US government.

Responding to speculation in South Africa that a shouting match similar to the clash between Trump and Ukraine's Volodymyr Zelenskiy on February 28 was a risk, Ramaphosa's spokesperson said "Zelenskiy-style treatment" was not expected.

"The issues are different, the leaders are different," he told News24, a leading South African website.

GOLF CONNECTIONS

South African billionaire Rupert, founder of the Richemont luxury goods group that owns brands like Cartier and an important investor in his home country, helped bring about Ramaphosa's meeting with Trump, South African media reported.

Els, a former world number one golfer and four-times major champion, also played a part, according to the reports.

Both men have played golf with Trump. Neither responded to requests for comment.

Ramaphosa will offer Trump a broad trade deal, as well as specific deals such as duty-free access for Musk's Tesla electric vehicles in exchange for the firm building charging stations, and potential licensing for Musk's Starlink company.

Agriculture Minister John Steenhuisen, who is in Ramaphosa's delegation, said he was focused on securing and expanding South African farmers' duty-free access to the US market under the African Growth and Opportunity Act (AGOA).

AGOA is at risk from Trump's tariff regime, which is currently suspended but would hit South Africa with a 30% duty if enacted.

For his part, Trump is likely to demand that US companies are exempted from "racial requirements", a White House official said.

South Africa has laws to compel businesses to hire and promote Black South Africans, including a requirement for large companies in some sectors, such as mining and telecoms, to have a 30% equity stake held by disadvantaged groups.

Ramaphosa is unlikely to agree to weaken such rules, which are core to his government's aspiration to restore racial justice after centuries of colonialism and apartheid.

APARTHEID LEGACY

"There are political problems here that lie at the heart of the breakdown in the relationship," said Joshua Meservey, senior fellow at conservative US think tank the Hudson Institute, cautioning that deal-making may not be enough to overcome them.

Trump has accused South Africa of seizing land from white farmers and of fuelling disproportionate violence against white landowners with "hateful rhetoric and government actions".

Pretoria says these claims are inaccurate and "fail to recognise South Africa's profound and painful history".

Crime statistics show no evidence that white people are disproportionately targeted. A land reform law allows judicial challenges to any e...

Deputy President Paul Mashatile on Tuesday expressed confidence in South Africa and France strengthening their economic links and encouraging closer cooperation, as his trip to the European country saw him meet with South African and French businesspeople.

Mashatile left for his working visit to France on Monday, with the aim of strengthening relations between the two countries and mobilising investment, this as President Cyril Ramaphosa undertakes a working visit to the US to improve relations between both countries.

Mashatile was speaking during a roundtable breakfast dialogue hosted by business federation MEDEF International in Paris, where he announced that the South African government was committed to spending more than R940-billion on infrastructure over the next three years.

He said this funding would revitalise South Africa's roads and bridges, build dams and waterways, modernise the ports and airports, and power the country's economy.

"Moreover, investors have an opportunity to collaborate with the South African government by investing in infrastructure such as ports, rail, electricity, and manufacturing to improve local value-addition and boost trade under the African Continental Free Trade Area," he said.

He also touched on the EU-SA Summit, which took place in Cape Town in March, where there was an announcement of the EU investment package of around R90-billion to support investment projects in South Africa.

In addition, Mashatile met with Group CEO of global investment firm Meridiam and chairman of the Global Long-Term Infrastructure Investors Association Thierry Deau.

Meridiam specialises in public infrastructure, with assets under management over €12-billion.

It focuses on long-term investments in transport, energy, social infrastructure, and environmental projects, with a commitment to sustainable development and inclusive growth.

During the meeting, Mashatile and Deau discussed the importance of collaboration between various stakeholders, including infrastructure investors, policymakers, and academia, as being crucial for promoting responsible and long-term private capital deployment in public infrastructure.