Latest news with #Mazwai
The South African
11-07-2025
- Business
- The South African
How poor are South Africans compared to the rest of the world?
South Africans are significantly poorer than the global average, and the gap continues to grow. According to BusinessTech and Investec Wealth & Investment International, the country's economic stagnation since 2010 has left its people trailing far behind the rest of the world. In 2023, South Africa's Gross Domestic Product (GDP) per capita, adjusted for purchasing power parity (PPP), was $15 194. The global average was $22 850. That's a vast difference of over $7 656 per person. This means that, on average, South Africans are producing and earning far less than the average person globally, about $7 656 (+/-R136 000) less in 2023. The turning point came in 2010, when South Africa's GDP per capita started falling behind global trends. 'You can see a decoupling of South Africa's gross domestic product per capita from the rest of the world in 2010,' Osagyefo Mazwai, an investment strategist at Investec Wealth & Investment International, said as per BusinessTech . Since then, the economy has been bogged down by a toxic mix of rolling power blackouts, corruption, high crime rates, collapsing infrastructure, and questionable foreign policy choices. These factors have combined to drag growth down to a crawl. According to Investec's analysis, the economy is 37% smaller than it could have been if it had kept pace with its emerging-market peers. To close the gap with the global average in the next decade, South Africa would need to grow its GDP per capita by 8% per year, not something easily attained, Mazwai said. That's well above the 5.9% average growth rate for middle-income countries since 1991, and nearly double the global average growth rate of 4.4%. 'You need to be exceptional in your GDP growth outcomes, and even in that environment, you only get back to the global average,' Mazwai added. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
04-07-2025
- Business
- IOL News
How low business confidence affects South Africa's investment and job market
Investec says a stronger fiscal position would have had a positive impact on the broader population. Investec's data shows that, had growth averaged 4.5% since 2010, the unemployment rate would be significantly lower. Stronger business confidence could lead to more investment, better employment figures, and improved outcomes for both households and financial markets. Recent analysis from Investec Wealth & Investment shows that if South Africa's economy had grown in line with its emerging market peers, at 4.5% a year since 2010, nominal gross domestic product (GDP) would now be around R11.5 trillion. Currently, it is at R7.4 trillion, said Osagyefo Mazwai, investment strategist at Investec Wealth & Investment International, in a blog post. Under the higher growth scenario, the National Treasury could have collected a cumulative R5 trillion more in taxes. That would have gone some way toward funding services and reducing the debt-to-GDP ratio, said Mazwai. Investec says a stronger fiscal position would have had a positive impact on the broader population. Investec's data shows that growth has averaged 4.5% since 2010, and the unemployment rate would be significantly lower. GDP per capita, on a purchasing power parity-adjusted basis, would also be much higher. The analysis highlights several underlying drivers of growth, including business confidence, policy consistency, and structural reform. Mazwai points to a statement made by Reserve Bank Governor Lesetja Kganyago in 2019, stating: 'Restoring confidence is the cheapest form of stimulus.' Data from 1994 to 2024 shows a clear relationship between business confidence and economic performance. For example, real GDP growth averaged above 4% during former president Thabo Mbeki's second term, when business confidence was high. During the same period, the unemployment rate dropped from 28% in 2004 to 21% in 2008.
IOL News
01-07-2025
- Entertainment
- IOL News
Rapsody set to honour Nelson Mandela's legacy with special Soweto performance this July
Rapsody is set to hit the streets of Soweto in honour of Nelson Mandela's legacy. Image: Instagram/@rapsody 9th Wonder's first lady, Rapsody, will be coming to South Africa, Soweto, on July 18 for 'UPRISING: A Night Walk Through Memory, Music, and Resistance'. The rapper will be alongside Nomsa Mazwai, with whom she built a long-term friendship and sisterhood. According to the joint post by Mazwai and Rapsody, the night tour will honour the legacy of Nelson Mandela as well as the June 16 Soweto Uprising. The night will include an intimate community dinner and a conversation between Seth Mazibuko, a former student leader and historian who was part of the 1976 march and the youngest student to be imprisoned. Also part of the conversation will be the Grammy-award-winning rapper, with Mazwai moderating the event. 'I remember how much Soweto inspired my 'The Idea of Beautiful' album. You gave me so much inspiration, fueled verses and sonics well beyond that album. 'I'm looking forward to walking the streets of Soweto on July 18 with you and drinking from the fountain of wisdom that is Bra Seth!,' said Rapsody. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading The rapper's relationship with South Africa goes way back, in her own words, the country had a lot of influence on her critically acclaimed 2012 album 'The Idea of Beautiful', which featured Mazwai, Childish Gambino and Ab-Soul, to mention a few. Talking to 'Daily Sun' about her relationship with Rapsody, Mazwai revealed the depth of their sisterhood. 'Rapsody and 9th Wonder sampled three of my songs from my debut SAMAs-winning album, 'Nomisupasta'. We've been friends and sisters ever since,' she said. Additionally, she emphasised Rapsody's involvement with South African history and rich heritage. 'She's been invested in the community of Soweto since her debut album 15 years ago. Now that she has a Grammy, we want to see her and congratulate her,' Mazwai told 'Daily Sun'. The 'Forget Me Not' hitmaker was also involved in another South African inspired album, Kendrick Lamar's 'To Pimp a Butterfly', which was released in 2015. She appeared on a song titled 'Complexion (A Zulu Love). At the time, Kendrick Lamar's visit to Nelson Mandela's prison cell on Robben Island had a huge impact on his album, which inspired themes of racial injustice, self-reflection and cultural history. Given Rapsody's history with South Africa, her involvement in the album, particularly the track, was a no-brainer, as she is known for her introspective and personal lyrics, as well as her soulful, jazzy delivery. Her own music often incorporates elements of hip-hop, R&B and spoken word, showcasing her versatility and lyrical skill. Through her work, Rapsody has established herself as a respected lyricist in the American hip-hop scene and on a global scale.
The South African
19-06-2025
- Business
- The South African
South African economy failing behinds its counterparts
The South Africa economy would be R5-trillion better off if we'd simply kept pace with other emerging countries over the last 15 years. In the last decade and a half, the South African economy has grown at an average of 1% annually. However, other emerging counterparts have grown at 1.4% or higher. This damning data was revealed by Investec's Osagyefo Mazwai. 15 years of lost growth coincides with the South African economy plowing money in State-Owned Entities (SOEs) like Eskom, Transnet and the Post Office. 'It is our proposition that the South African economy is falling behind. Had it followed a more pragmatic approach, focusing on the structural enablers of the economy, the outcomes could be much better for society,' Mazwai said in a Daily Investor report. Likewise, the South African economy displays a stark dislocation in GDP per capita. Proving that, essentially, residents are worse off than they were in 2010. The government has been ineffectual in addressing poverty, unemployment and inequality. And, per capita, the rest of the world is 50% richer than the average South African. With more money to play with, many of the country's crippling debt issues could've been avoided. Image: File As such, Investec compared the South African economy to other emerging markets over the same period. Many emerging nations have been growing at upwards of 4.5% per year. 'Had we grown at 4.5%, our nominal GDP would have been just below R12 trillion. Compared this with the actual number, R7.5 trillion, which is 35% less,' explained Mazwai. This lack of economic growth cost government revenue R800 billion in 2024 alone. And remember that the 2025 Budget impasse squabbled over a mere R75 billion from proposed VAT increases. This is an insignificant amount when one considers how much more growth our emerging-market peers have to play with. In practical terms, Mazwai explains that the missing R5 trillion would have been enough to clear nearly all of the country's national debt. Should SASSA grants be given a re-think in light of this damning data? Image: File As such, finance experts point out that Eskom and Transnet's lacklustre performance is arguably the most significant factor impeding the South African economy. Eskom is R400 billion in debt. Transnet is R140 billion in debt. Likewise, South African Social Security Agency (SASSA) grants cost the fiscus around R265 billion annually. SASSA grants, while well-intentioned, breed an unhealthy dependency on the social welfare system, reducing employment. SASSA grant beneficiaries now number 45% of all residents, and five out of nine provinces have more SASSA recipients than salaried employees. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
17-06-2025
- Entertainment
- IOL News
Thandiswa Mazwai Tiny Desk Concert reaches 1 million views
Thandiswa Mazwai alongside a jazz quartet will be performing music from her albums "Belede" and "Sankofa" at The Lyric Theatre at Johannesburg's Gold Reef City. Image: Armand Hough / Independent Newspapers South African music legend Thandiswa Mazwai's episode on the National Public Radio (NPR) Tiny Desk Concert series has reached 1 million views. Affectionately known as 'King Tha,' she appeared on the popular YouTube show in April 2024. Her episode was listed among the '10 Best Tiny Desk Concerts of 2024'. Mazwai had delivered a spiritual and breathtaking Tiny Desk performance in Washington, D.C., performing her well-known and cherished hits such as 'Nizalwa Ngobani?' and 'Ingoma.' The episode reaching 1 million views comes ahead of her show at The Lyric Theatre at Johannesburg's Gold Reef City. Playing with a Jazz quartet, the icon will be performing music from her albums 'Belede' and 'Sankofa' on Sunday, June 29. Mazwai shared her excitement about performing the body of works. 'It is a special treat for our fans who always ask to see this music live. 'Belede' is of course, a very special album for me and we are also celebrating a year since the release of 'Sankofa'.' 'Belede' is Mazwai's third solo studio album, released in 2016, a collection of reinterpretations of legendary South African Jazz and protest anthems from the 1950s and 1960s. 'Sankofa' is Mazwai's fourth studio album and was released in May 2024. 'Sankofa' is a Ghanaian Twi word that means 'to go back and fetch what has been left behind'. The making of this record embodied that idea. Recorded in Johannesburg, Dakar, and New York, the album combines archival Xhosa samples (which were sourced from the International Library of African Music at Rhodes University), jazz and West African music. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Mazwai shared that 'Within those ancient rhythms and polyrhythms, a common lexicon revealed itself to me and I am excited to share this music with those who have been growing and evolving with me. 'It is about a celebration of the pan-African spirit, healing old wounds, and returning to what honours us." 'Belede' and 'Sankofa' have a strong jazz influence and Mazwai's show will put together a special lineup of musicians to celebrate some of the people who played and the influences that created the music. IOL Entertainment
