SACU to lose $680 million in revenues

source: Mmegi
Staff Writer

Customs revenues that accrue from member-countries of the Southern African Customs Union (SACU) are projected to drop by an estimated P5.5 billion (US$680 million) this year, it has emerged from Japan’s TICAD IV conference here.

SACU, which groups together Botswana, Lesotho, Swaziland, Namibia and South Africa in the regional trade bloc, will experience the huge decline in customs revenues over the 2008/09 financial year due to the deepening global downturn, South Africa’s Deputy Minister of Foreign Affairs, Sue van der Merwe, said on Sunday.

Speaking at the Tokyo International Conference on African Development (TICAD IV) Ministerial Follow-up Meeting, van der Merwe said a rapid decline of between 8 to 12 percent in customs revenues over the medium-term, SACU members are also experiencing a slowdown in [continue reading]

%d bloggers like this: