South Africans are expected to face major food shortages in the wake of days of violent unrest across two key provinces, as rioters upend supply chains by looting supermarkets and torching goods trucks.
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The rand was hovering around three-month lows in early trade on Wednesday, as the country prepared for what could be another day of unrest linked in part to anger over poverty and economic inequality.
Protesters clashed with police in several areas of South Africa and looters ransacked shopping malls on Tuesday as frustrations over poverty and inequality boiled over into the country’s worst unrest in years.
Violent protests have dealt a body blow to South Africa’s efforts to rebuild the economy in the wake of the coronavirus pandemic and pose the sternest test yet to President Cyril Ramaphosa’s authority.
President Cyril Ramaphosa pleaded for calm following days of protests that were triggered by last week’s incarceration of his predecessor and have claimed 10 lives, forced businesses to shut and weakened the rand.
Some of South Africa’s largest companies were forced to halt operations as violence erupted in parts of the country, with rioters torching trucks and looting stores.
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South Africa’s spy agency is beefing up its economic intelligence unit so it can play a proactive role in supporting the nation’s companies as they expand beyond their home base.