The rand has weakened against the dollar, pressured by persistent foreign off-loading of South African bonds and shares, as well as poor economic growth prospects for the year. Offshore accounts have sold local debt and stocks consistently for three straight weeks, while data showed the economy in the third quarter grew at its slowest pace since the 2009 recession, dragged down by strikes.
In other news, I spotted this sign yesterday here in Ibadan, Nigeria near Felele in Challenge. The Molete crowd will now get their own Shoprite. South African investments are common in Nigeria now boosting jobs here. MTN is another company boosting Nigeria in telecommunications. Good service there.
