Eleven South African ministers have resigned as President Thabo Mbeki prepares to leave office, the government announced on 23 of August 2008 as reported by the CNN International. The resignations, which include Finance Minister Trevor Manuel and Defense Minister Mosiuoa Lekota, will take effect on Thursday when Mbeki steps down from office, a government statement said. "All the ministers have expressed their availability to assist the incoming administration in the hand-over process and any other assistance that might be sought from them," the statement said. Mbeki's successor -- most likely African National Congress deputy president, Kgalema Motlanthe -- will be sworn into office on Thursday. Three deputy ministers have also tendered their resignations, a government statement said.

This is now a major concern of African countries since South Africa is an African giant and has boasted some steady growth in all sectors. Crisis in South Africa could bring most African countries down and urgent measures should be put in place to ensure that stability and sobriety remains in this country. Both Mbeki and Zuma’s front should make decisions which are objective and not emotional as this might impact negatively on the country.

 

South Africa's ANC Picks  Mbeki’s Successor

 

The African National Congress (ANC) party has named Kgalema Motlanthe as South Africa's president after Thabo Mbeki announced his resignation. Motlanthe, considered a key ANC strategist, was involved in the struggle to end white minority rule, is to serve as head of state until national elections are held in seven months' time. "Motlanthe will be the president, not interim, he will be the president of the republic until the election," spokesman for the ANC parliamentary caucus KK Khumalo said after a meeting between the ANC and lawmakers.

 

20th World’s Largest Diamond Discovered In Lesotho

 

A 494-carat diamond, believed to be among the largest in the world, has been found at the Letseng mine in Lesotho by Gem Diamonds, a London-listed mining firm. Natural Resources Minister Monyane Moleleki has says that the stone of exceptional quality has been sent to Antwerp, Belgium for auction. Last year, a 603-carat stone, The Lesotho Promise, was uncovered at the same mine and sold for $12.3 million. “This recovery adds more to the chapter of excellence for this mine internationally,” said a visibly elated Moleleki. The Letseng Diamond Mine is 30 percent owned by the government of Lesotho and 70 percent by a private company, Gem Diamonds.

 

World Bank's Chad Oil Hits a Snag

 

An oil pipeline deal between the World Bank and Chad has been cancelled after a dispute with the government over failed pledges to use profits to tackle poverty. The bank said that Chad had also failed to use revenues on health and education. According to Michel Wormser, World Bank's director of operations for Africa, the arrangements that underpinned the bank's involvement in the Chad-Cameroon pipeline project were not working. "The bank therefore concluded that it could not continue to support this project under these circumstances." he said. Chad has paid the outstanding balance of $65.7m (£37m) under a $140m loan agreement, after talks with the government of President Idriss Deby. The pipeline was seen as a test case for how Africa's oil wealth could benefit the poor if spent properly. The central African country is expected to earn about $1.4bn in oil revenues this year.

 

Nakumatt Among Top Global Retailers

 

Leading local supermarket chain Nakumatt Holdings has been ranked 25th in the just released Planet Retail Africa and Middle East top 30 retailers' 2007 overall rankings. It has retail banner sales of US$350million for the year 2007. On the African rankings, Nakumatt Holdings has entered the top ten Africa retailers' league at position nine. Shoprite, a South African retail giant with 1,254 branches, continues to lead the 2007 Top 30 rankings owing to strong results for its African retail formats. In its AME rankings, Nakumatt Holdings beat Abu Dhabi Co-op of UAE, Germany's Metro Group South Africa's Fruit & Veg City, Farm and Al Sadhan both from Saudi Arabia.

 

Nakumatt Holdings has continued to maintain the slot it achieved in the 2006 ranking despite stiff competition from South African and Gulf region retail players. Planet Retail is the leading provider of intelligence on the global retail and foodservice industries, monitoring more than 5,000 "banner" operations as well as market developments in 211 countries.