South African Rand Takes a Knock Amid Unemployment and Low Mining Output

South African Rand Takes a Knock Amid Unemployment and Low Mining Output

  • South Africa's currency dropped recently against the American dollar after unemployment shot up
  • The weakening of the rand was worsened by low mining input in March
  • South Africans bemoaned the weakened currency, and many blamed the ANC for the economic downturn

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Tebogo Mokwena, Briefly News's current affairs journalist, covered current affairs relating to the economy, finance, banks, and state-owned enterprises during his seven years at Daily Sun and Vutivi Business News.

The South African rand took a knock because of unemployment and low mining output
Mzansi blames the ANC for the rand weakening. Images: RapidEye and Motortion. Images are used for illustration only.
Source: Getty Images

JOHANNESBURG— South Africans blame the African National Congress for the state of their economy after the rand took a knock.

Rand loses strength against the dollar

According to SABC News, the currency was affected after the unemployment rate, which now stands at 32.9%, was announced this week. After local mining output fell in March, the rand also stood weaker than the dollar.

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Netizens point fingers at ANC

Discussing the economy on Facebook, South Africans blamed the ANC for the way things are in South Africa.

Lungisiwe Senokwane said:

"The only South Africa with a good economy was the one given to the ANC. Things were going okay until Zuma stepped in. Then things started going crazy and became crazier after Cyril took over. South Africa's greatest problem is its citizens, especially those who keep the ANC in power."

Kleinboy Pelego said:

"It looks like the economy is taking another hit. Rising unemployment and falling mining output are not exactly signs of a thriving economy. Tough times are ahead."

Morgan Govender said:

"Change all this on the 29th by voting out the cANCer party."

Mzwakhe Dlamini said:

"Unemployment rate increases but Panyaza employed 450,000 people including youth and veterans. Vote wisely. This country needs new leadership, not crooks who use state resources to keep them in power."

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South Africa’s unemployment crisis: 8.2 million without jobs

Russel Russel said:

"This is happening under our favourite guy, Ramaphosa, and he wants to sign the NHI Bill but cannot address the issue of unemployment."

South African economy grew by 0.1%

Briefly News also reported that the country's economy grew by a sluggish 0.1% in March, but other sectors shrank.

Due to economic activities, sectors like agriculture, forestry, and fisheries decreased by 9.7%. Many in the country doubted the government could turn things around.

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Source: Briefly News

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