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ANC president Cyril Ramaphosa
African National Congress President Cyril Ramaphosa has called for an immediate ceasefire in the war between Israel, the United States and Iran.
The war has also seen leading crude oil producers, including Saudi Arabia, Qatar, Iraq, the United Arab Emirates and Kuwait, in the crosshairs of the heavily armed Iran.
Addressing the 14th Mpumalanga ANC Conference in Mbombela, Ramaphosa says the conflict’s economic impact on South Africa and many other developing economies will last for some time to come.
He told the conference delegates that the rising fuel, food and transport costs will drive up inflation.
High inflation will likely lead to the South African Reserve Bank hiking rates in a bid to keep inflation low.
“That turmoil is going to have, and is already having, an impact on many countries, as well as people in our own country, because it is resulting in a great deal of uncertainty. It is resulting in economic challenges that are impacting us as well. As the war rages, prices of fuel and oil are just shooting through the roof. As the war rages, our own economic measures are going to be affected. For instance, the prices of various things that our people buy, such as food and transport, are going to go up. And as the war rages, inflation, which has been tapering down, will be affected and will soon be rising as well.”
