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The Citizen
a day ago
- Business
- The Citizen
Gauteng pays R5.44 billion e-toll debt amid budget constraints
The gantries of the controversial Gauteng freeway improvement project (e-toll) gantries were disconnected in April 2024. Outa – the Organisation Undoing Tax Abuse – hold a protest against e-tolls on the N1 highway in Johannesburg, 26 October 2018. Picture: Tracy Lee Stark Gauteng Finance MEC Lebogang Maile says that R3.8 billion was paid towards the e-toll debt last year, and an additional R5.4 billion will be paid on Monday. Maile briefed the media on Sunday about the substantial e-toll debt incurred when tolling was scrapped. E-tolls scrapped The gantries of the controversial Gauteng freeway improvement project (e-toll) gantries were disconnected in April 2024, after the National Treasury agreed to cover 70% of the debt, while the province took responsibility for the remaining 30%. ALSO READ: Sanral reports nearly R29bn in expected credit losses from toll debtors The total debt owed by the Gauteng government amounted to R15.9 billion, including accrued interest. Second payment Maile said that on 30 September 2024, the Gauteng Provincial Government made the first instalment, amounting to R3.8 billion. He said this instalment consisted of R3.2 billion historical debt and the maintenance portion of R546 million. 'Today, we wish to announce that tomorrow, the 30th of June 2025, the Gauteng Provincial Government will honour the province's obligation by paying the second instalment towards the e-tolls debt as disclosed in the 2025 Medium Term Expenditure Framework (MTEF). 'The amount due on the 30th of June 2025, based on the Memorandum of Agreement, is R3.377 billion in terms of historical debt. This is the amount that we will be paying to the National Treasury tomorrow as a second instalment as part of our 30 percent contribution,' Maile said. WATCH: Lebogang Maile speaking about the E-Toll debt [WATCH] Gauteng MEC for Finance Lebogang Maile says an amount of R5.76 billion will be paid tomorrow for the e-toll debt and towards SANRAL freeway upgrades. June 29, 2025 Road maintenance Maile added that over R2 billion will also be channelled towards road maintenance and over R3 billion for the actual debt. 'With regards to the financing of Sanral's Gauteng freeway projects, the current outstanding amount is R3.559 billion. ALSO READ: Gauteng pays first R3bn of whopping R12.9bn debt 'In addition to the e-toll payment, tomorrow, the Gauteng Provincial Government will also transfer an amount of R2.099 billion as part of the contribution towards the backlog of rehabilitation to restore the GFIP 1 freeways to an acceptable condition before Sanral resumes its obligations for all future maintenance funded by the national fiscus,' Maile said. Money better used Maile said Gauteng could have used that money to build additional schools, hospitals and roads and added that if the province was not paying this R5.4 billion, it could, for example, be announcing that it is 'giving R2 billion to deal with all the potholes, R1 billion to deal with the robots'. 'The repayment does have an impact on service delivery because it means we have limited resources'. Fiscal environment The MEC said the provincial government is implementing various measures and reforms to ensure the sustainability of our fiscal environment. These include active debt management strategies, spending restraint, improving compliance with rules and regulations in supply chain management, as well as revenue enhancement. 'Our Revenue Enhancement Strategy is already been actualised. Provincial departments are implementing various strategies to enhance revenue collection, anchored on a strategy that is underpinned by the following five principles: Accelerating the completion of interventions that have already started. Optimising the existing revenue sources. Enhancing revenue collection processes and systems to increase efficiency, cost effectiveness, and eliminate leakages. Identifying potential new revenue sources that have not been explored. The use of alternative funding and implementation models to achieve more value. Maintenance In terms of the MoA, Maile said Sanral cannot use the funds it receives from the province for any purpose other than the nine projects that are financed by the province. He said the R4.1 billion will be used for the following maintenance, upgrades and capacity expansion projects on 185 kilometres on the N1, N3, N12, N14 and R21: 14th Avenue to Buccleuch Golden Highway to 14 th Avenue Buccleuch to Brakfontein Brakfontein to Scientia Heidelberg Rd to Geldenhuys Geldenhuys to Buccleuch Uncle Charlies to Elands Gillooly's to Tom Jones Olifantsfontein to Hans Strydom 'These freeways are vital for facilitating efficient transportation and supporting economic activity by providing high-speed, controlled-access routes for vehicles in the broader Gauteng City Region,' Maile said Sanral In addition to settling this debt, the Gauteng Provincial Government has also made a commitment to contribute towards the rehabilitation of nine projects that Sanral is undertaking. 'These projects, part of the Gauteng Freeway Improvement Project I (GFIP I) are aimed at the amelioration of the Gauteng freeway network, and will cost the provincial government a total of R4.1 billion,' Maile said. ALSO READ: 'R6 billion in the red'; Gauteng could face bankruptcy by 2025 amid e-tolls debt
The South African
23-06-2025
- Business
- The South African
How rich are South Africa's 7 billionaires this week?
It's comparatively 'easy' to make money – when you have money to start with. Compound interest is indeed the eighth wonder of the world! As they say, the rich get richer, while the poor stay, well, poor. Money makes money – and these seven South African men have made a lot of it over the years. And by a lot, we mean a LOT ! According to Forbes' real-time tracking of billionaires, Johann Rupert and his family are the richest in South Africa, with a net worth of $13.7 billion. The Ruperts are followed by diamond magnate Nicky Oppenheimer, who boasts a net worth of $10.4 billion. They are followed by Koos Bekker, Patrice Motsepe, Michiel Le Roux, Jannie Mouton and Christo Wiese. South Africa's seven dollar billionaires all made their money in different ways – from luxury goods, diamonds, mining, media, banking and retail. Last week, Rupert was the big 'loser' as his net worth dropped by $300 million (R5.4 billion). Oppenheimer, Motsepe, Mouton and Wiese all lost $100 million (R1.8 billion) to their net worths. Cumulatively, South Africa's seven dollar billionaires are worth $36.7 billion (R663 billion). Meanwhile, in terms of the overall world list, South Africa-born Elon Musk remains the world's richest person with a reported $409 billion. Below, the list of the top seven richest South Africans in the world as of 23 June 2025. Rank Name Last week This week Source 183 Johann Rupert & family $14bn $13.7bn Luxury goods 271 Nicky Oppenheimer & family $10.5bn $10.4bn Diamonds 1 049 Koos Bekker $3.6bn $3.6bn Media, investments 1 174 Patrice Motsepe $3.3bn $3.2bn Mining 1 506 Michiel Le Roux $2.5bn $2.5bn Banking 2 056 Jannie Mouton & family $1.8bn $1.7bn Retail 2 149 Christo Wiese $1.7bn $1.6bn Financial services TOTAL $37.4bn $36.7bn 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
05-05-2025
- Business
- IOL News
Cape Town's ambitious rollout of the largest public transport infrastructure project
A new MyCiTi bus stop has been proposed along the Parklands and Camps Bay routes. Image: File Parklands and Camps Bay residents have been invited by the City of Cape Town to comment on new proposed MyCiTi stops, which fall in line with a bid to tackle Cape Town's traffic congestion. A new MyCiTi bus stop has been proposed along the Parklands and Camps Bay routes. The city said that this follows an assessment of various public requests to make it easier to access the bus along existing MyCiTi routes. The proposed stop in Parklands would be on Tryall West (northbound and southbound), where the closest intersection is West Coast Road and Tryall Road. Meanwhile, in Camps Bay, the proposed stop would be on Argyle (eastbound and westbound), with the closest intersection being on Argyle Street and Lincoln Road. The city is making a big push into using the MyCiTi to tackle the traffic congestion headache facing drivers in Cape Town. Mayco Member for Urban Mobility, Rob Quintas, said the city is currently undertaking the rollout of the largest public transport infrastructure project in the country. 'We have set aside R5.4 billion for the rollout of the MyCiTi bus service in the medium-term to connect Mitchells Plain and Khayelitsha with Wynberg and Claremont; as well as R88 million for the refurbishment and replacement of the current MyCiTi fleet; R397 million for upgrading public transport interchanges in Bellville, Happy Valley, Macassar, Makhaza, Retreat, and Westlake; and R153 million for formalising MyCiTi bus stops on existing routes and rebuilding damaged stations,' he said. 'The implementation of the second phase of the MyCiTi bus service to connect communities from the metro-south east with Wynberg and Claremont is the biggest life-changing investment in public transport since the implementation of passenger rail many decades ago. 'It is a mammoth project and we are tackling it incrementally,' Quintas said. Here is a look at the route stops in Parklands. Image: MyCiTi / Screenshot He explained that Phase 2A arises from the city's Integrated Public Transport Network (IPTN) plan, which envisages a continued phased implementation approach of MyCiTi services across the entire city. 'This is part of a commitment to redressing spatial inequality and implementing quality integrated public transport for the benefit of all residents and the local economy,' Quintas said. He shared that for more information on the new routes and stops, as well as the upgrades to the public transport interchanges, road and station infrastructure, residents should visit: Here is a look at the proposed stop in Camps Bay. Image: MyCiTi/Screenshot As for the aforementioned stops in Parklands and Camps Bay, the public is invited to submit their written comments/objections with motivation from April 10 to May 13, 2025, via the following channels: Email [email protected] and quote reference number MC0012/25 (Parklands) or MC0011/25 (Camps Bay) Submit your comment or objection via and quote reference number MC0012/25 for Parklands and MC0011/25 for Camps Bay The city added that objections would be considered before a final decision is reached. The city's Public Participation Unit will assist those who cannot read or write, live with disabilities, or are from disadvantaged groups and are unable to submit written comments. [email protected]
Mail & Guardian
30-04-2025
- Business
- Mail & Guardian
The future of ownership and learning
How tokenization and blockchain will reshape our world Last month, Microsoft revealed plans to invest an additional R5.4 billion (approximately $297 million) to expand its AI and cloud infrastructure in South Africa. This investment includes funding for technical certification exams for 50,000 individuals, aiming to enhance digital skills in high-demand areas such as AI, cybersecurity, and cloud computing. This initiative builds upon the company's earlier commitment, announced in January 2025, to train one million South Africans in AI and cybersecurity skills by 2026, targeting a broad audience, including companies, government entities, and the youth, providing them with skilling opportunities and industry-recognized certifications. President Cyril Ramaphosa welcomed Microsoft's investment, highlighting it as a vote of confidence in our economy and a significant step towards positioning the country as a leader in AI innovation. An era defined by exponential technologies, fuelled by artificial intelligence This is one of many examples that indicates how rapidly the landscape of knowledge, skills, and ownership is being reshaped by artificial intelligence, challenging traditional ideas about who controls information, how it is acquired, and who benefits from it. In an era defined by exponential technologies, AI, robotics, 3D printing, blockchain, crypto, and the metaverse, the pace of change is no longer linear. It's accelerating exponentially. As these forces converge, they are reshaping every aspect of our lives, from how we work and connect, to how we learn and own. Two powerful, underappreciated breakthroughs at the heart of this transformation are tokenization and blockchain-based certification. Together, they are setting the foundation for a future where ownership of physical and intellectual property is democratized and education is verifiable, portable, and truly borderless. Tokenizing the physical world Imagine a future where ownership of real-world assets such as art, property, vehicles, even intellectual property, can be divided into digital tokens. Each token represents a fractional share that can be easily bought, sold, or traded globally. Tokenization makes assets liquid, accessible, and programmable. It allows a teenager in Nairobi to invest in a commercial property in New York, a retiree in Cape Town to own a piece of a Picasso, or a start-up founder to raise funds without giving up full control. Beyond access, tokenized assets bring transparency and efficiency. Transactions are faster, intermediaries are reduced, and records are immutable, all secured on the blockchain. This is not science fiction, it's happening now. And it signals a fundamental shift: ownership is becoming democratized and decentralized. BlackRock, one of the largest investment firms in the world, predicts that RWA's (Real World Assets) will soon become a $10 Trillion industry. Certifying skills in a trust-less world At the same time, another revolution is unfolding in education. As learning becomes increasingly digital and decentralized, traditional certifications are struggling to keep pace. Fake degrees, unverifiable skills, and fragmented learning journeys are creating massive friction. Enter blockchain-based certification…. By anchoring educational achievements, degrees, diplomas, skills badges on an immutable blockchain, individuals can own, display, and verify their credentials anywhere in the world, instantly. This approach will eliminate fraud and empower lifelong learning. It levels the playing field for talent globally, whether you learned at a university or through self-paced online courses. Just as NFTs proved that a digital asset can have indisputable ownership and value, blockchain certifications (soul-bound NFT's) prove that knowledge, too, can be owned, verified, and trusted in the digital economy. A New era of digital empowerment The convergence of tokenization and blockchain certification points toward a broader truth: We are entering an age where value, in all its forms, can be digitized, democratized, and distributed globally. This seismic shift is about more than finance or education. It's about empowerment. It's about enabling billions of people who were previously excluded from traditional systems of ownership, of learning, of recognition, to finally participate on a global stage. In this future, your portfolio might include fractions of skyscrapers, song royalties, and sports teams. Your résumé might be a wallet address with immutable proof of every skill you've ever mastered. Your educational journey will be as dynamic, borderless, and verifiable as your ambitions demand. The technology is ready. The future is calling. The only question that remains: How will you own your value, and how will you prove your genius to the world? Explore the future at Singularity South Africa Summit 2025 These groundbreaking ideas and more will be explored in depth at the Singularity South Africa Summit 2025, in collaboration with Old Mutual and metaverse partner UBU (formerly Africarare), taking place in Johannesburg in October this year. Bringing together some of the world's foremost thought leaders in blockchain, AI, education, and finance, the summit will dive deep into how exponential technologies are reshaping ownership, learning, and opportunity on a global scale. Join us as we #FutureproofAfrica and build the foundation for a digitally empowered, decentralized future. To visit the UBU metaverse, go to
