In case you were wondering what those jets were doing flying over the Cape Town CBD yesterday, it’s SONA time.

Today, at around 7PM, President Cyril Ramaphosa will deliver his State of the Nation address, which is expected to last around 90 minutes or so.

It’s his second of the year, with the first taking place back in February, in case you’re wondering where the past 12 months have gone.

Whether or not Ramaphosa’s speech kicks off on time depends on what kind of shenanigans the EFF get up to, and whether or not they’re keen to top last year’s security slapping incident.

Admit it, that’s mainly why you bother to tune in at all.

Also, for those who want to get to grips with the road closures in and around Cape Town, head here.

The EFF’s antics are still less cringeworthy than the utterly atrocious Red Carpet pre-game coverage, which should fill the gap between 5PM and 6:30PM, with the State Ceremony (all the jets and gun salutes and brass bands) then leading us to the 7PM speech.

So, once he does get down to business, what should we look out for in Ramaphosa’s speech? Here are five points via BusinessTech:

1. A rescue plan for the state power utility

Ramaphosa’s office has said he’ll announce new measures to ease the crisis Eskom Holdings SOC Ltd, which supplies most of South Africa’s electricity, has wracked up more than $30 billion in debt and is at risk of insolvency…

Ramaphosa could elaborate on plans announced in his last keynote address in February to split Eskom into generation, distribution and transmission units under a state holding company – a measure that’s been opposed by labor unions [sic] that fear it will lead to privatization and job losses.

2. Support for the national airline

South African Airways also has its back to the wall – it last made a profit eight years ago and needs to come up with R12.7 billion to pay off debt that matures this year and another R4 billion to keep flying into 2020.

The carrier will be looking to Ramaphosa for reassurances that the government will provide it with the backing it needs to raise new loans.

For a full state of affairs with regards to our State Owned Enterprises, check in here.

3. A strategy to revive economic growth

Africa’s most industrialized economy contracted an annualized 3.2% in the first quarter, dealing a blow to Ramaphosa’s efforts to halve a 28% unemployment rate.

The president may reveal what’s being done to reduce red tape and other hindrances to growth and investment as the government targets a top-50 position in the World Bank’s ease-of-doing-business rankings within three years…

There could also be announcements on relaxing visa requirements to attract more tourists, and an indication of the government’s latest thinking on the possible sale of state assets.

4. A way forward on land restitution

The ruling party’s decision in December 2017 to change the constitution to make it easier for the government to take land without paying for it has rattled investors and farmers.

Since then, lawmakers and a government advisory panel have been wrestling with how to implement the decision in a manner that addresses racially skewed ownership patterns without derailing the economy.

Ramaphosa may release the panel’s findings and give some idea as to how the process of land restitution will unfold.

Going by what he had to say to Goldman Sachs last month, Ramaphosa’s not too keen on spooking international investors.

5. Certainty on the role of the central bank

Ace Magashule, the secretary-general of the ruling party, caused shock waves in financial markets this month when he announced that the central bank’s mandate should be changed to ensure it does more to foster economic growth and create jobs.

Ramaphosa repudiated those comments and put the ruling party’s plans to nationalize the central bank on hold, saying they weren’t feasible at this stage.

The president could provide further reassurances that the bank’s independence is sacrosanct and it will remain focused on fighting inflation.

Yes, he should do that, and he should also re-examine Ace’s seemingly unchecked powers, as evident by the crooks that were just nominated to chairperson positions on the ANC parliamentary committee.

As promised, it’s live stream time.

This one will bring you all of the ‘action’ from the Red Carpet, and starts from 3PM:

If that doesn’t carry you through to Ramaphosa’s speech, the Parliament of the Republic of South Africa’s YouTube channel will have a feed on their ‘Live Streams’ section.

[source:businesstech]