As part of his ongoing response to the COVID-19, President Ramaphosa announced on April 21 that the South African Government was launching a further R500 billion (approximately $26.3 billion) social and economic stimulus package – the biggest ever once-off stimulus injection in South African history. The President described this giant stimulus as constituting the second
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South Africa’s Economic Response to the Covid-19 Pandemic (Part II)
On 6 April, 2020, we published an article outlining South Africa’s initial economic response in support of its already ailing economy against the adverse economic effects of the coronavirus pandemic. Two weeks have passed since we first published that article, and we think it is prudent to provide this follow-up, outlining the latest developments in…
COVID-19: Which South African Businesses Can Continue Operations During the Extended Nation-wide Lockdown?
The Department of Trade, Industry and Competition (the “DITC”) has issued guidelines for companies performing essential services to continue operations during the extended lockdown period, in accordance with the Disaster Management Act, 2002 (Act No. 57 of 2002) (the “Act”).
The guidelines provide as follows:
- Only essential service providers registered in terms of the Companies
…
Audio and Key Takeaways Re: Covington’s Ability to Help Respond to the COVID-19 Pandemic in Africa
As a complement to our March 26, 2020 blog “Covington’s Ability to Help Respond to the COVID-19 Pandemic in Africa,” you may access the audio of our briefing call here.
Key takeaways from the briefing can be accessed here.
With African governments increasingly taking strong actions to impede the spread of the COVID-19 virus,…
South Africa’s Economic Response to the Covid-19 Pandemic
South Africa did not record the first case of Covid-19 in Africa, but it now has the highest number of reported cases on the continent.
Having had the benefit of watching governments respond to the outbreak of the pandemic in Asia, Europe and the United States, President Cyril Ramaphosa on March 15, 2020, with only…
COVID-19: Which South African Businesses Can Operate During the Nation-wide Lockdown?
The Minister of Trade, Industry and Competition, Ebrahim Patel, has announced that all businesses permitted to provide ‘essential services’ during the national lockdown period in South Africa must first seek approval from the Department of Trade, Industry and Competition (the “DTIC”). If obtained, the approval enables a business to operate during the mandatory lockdown period…
Covington’s Ability to Help Respond to the COVID-19 Pandemic in Africa
With African governments increasingly taking strong actions to impede the spread of the COVID-19 virus – including in a number of jurisdictions, imposing full lockdowns – we are able to provide assistance to our clients, financial institutions, developmental finance organizations, companies and organizations on the continent. We are available to get on a call at…
Coronavirus: Potential Implications for Africa
The Coronavirus (hereinafter “COVID-19”) is upending lives around the world—equally in developed and developing countries. Some are already affected by the deadly impact of COVID-19 (e.g. China, Italy, and France), while others’ lives have been altered due to efforts taken to “flatten the curve,” to ensure hospital systems are not overrun with patients…
Top Issues to Watch in Africa in 2020
Commencement of the AfCFTA. The landmark African Continental Free Trade Area (AfCFTA) is slated to go into force on July 1, 2020. When fully implemented, the trade agreement will eliminate tariff and non-tariff barriers, and substantially increase intra-regional trade to volumes worth over $3.3 trillion. Twenty-nine countries have deposited their instruments of ratification, and Eritrea…
Articulating the Business Case for Investing in Compliance Programs
In our experience, compliance professionals spend a significant amount of time and resources focusing on the “how” – designing, implementing, sustaining, and improving effective compliance programs. This focus is no doubt warranted given recent emphasis by enforcement authorities on the need for corporates to test the effectiveness of their compliance programs. However, we believe it…