South Africa Market Report


Commonly referred to as the “Gupta family” the brothers


migrated to South Africa in the early 1990’s where they built a business empire spanning newspapers, cable television, uranium and coal mines. Tey were able to take control of large sectors of the economy under Jacob Zuma's watch. Teir unfettered access to power became known as "state capture." Te Commission published the fifth and final part of its findings in June 2022 and ultimately found that state capture had indeed taken place in South Africa, ‘on an extensive scale.’ Several former and present political leaders were also implicated


in large-scale corruption during Zuma’s administration including Cyril Ramaphosa. Cyril Ramaphosa served as Zuma deputy for four years from May 2014 before succeeding him in February 2018. As he was sworn as President Ramaphosa pledged to create jobs and grow the economy for the prosperity of all South Africans. “A new era has dawned in our country. A brighter day is


rising upon South Africa and upon our beloved continent, Africa.” Ramaphosa concluded in his inaugural speech. He has vowed to tackle corruption but was himself called


before the Zondo commission in 2021. Testifying before the inquiry he said that he had chosen to "remain but resist" rather than resign as deputy president. Meanwhile, South Africa has been facing an ongoing energy crisis. In 2022, electricity cuts, known as load shedding, averaged eight hours per day, costing 2-3 per cent of GDP growth to the economy. Te South African state-owned electricity company, Eskom, is battling a legacy of neglect, mismanagement and state capture.


TOURISM South Africa is a popular tourist destination known for its diverse natural landscapes, wildlife, and cultural experiences. Major tourist attractions in South Africa include the Kruger National Park, Table Mountain, the Cape Winelands, and the Garden Route which runs from Mossel Bay in the Western Cape to Storms River in the Eastern Cape. Te country is also known for its vibrant cities such as Cape Town, Johannesburg, and Durban. Overall the tourism industry is witnessing a gradual resurgence,


after it faced unprecedented challenges during COVID-19.Tourist arrivals in South Africa demonstrated a positive trend, with im- provements in the numbers recorded from month to month during the period spanning 2021 to 2023. In December 2023, 3.5 million travellers were recorded at South African ports of


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Major tourist attractions in South Africa include the Kruger National Park, Table Mountain, the Cape Winelands, and the Garden Route which runs from Mossel Bay in the Western Cape to Storms River in the Eastern Cape. Te country is also known for its vibrant cities such as Cape Town, Johannesburg, and Durban.


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