Xhakaza: City of Ekurhuleni's financial outlook showing signs of recovery

JOHANNESBURG - The City of Ekurhuleni said it was making progress in strengthening its financial position, with its current bank balance standing at nearly R1.2 billion.

This marks a significant improvement compared to the same period last financial year, when the municipality had only R600,000 in its accounts.

In recent months, Ekurhuleni has been in the spotlight over its financial troubles, driven by a large revenue shortfall.

READ: Moody's downgrades Ekurhuleni and Tshwane

Speaking at a media briefing in Germiston on Wednesday, Mayor Doctor Xhakaza said the city’s financial outlook is showing signs of recovery.

"Furthermore, our investment balances have seen a remarkable increase, now standing at R672 million, up from R245 million. This turnaround has not gone unnoticed; it has been affirmed by the markets, culminating in a recent improvement in our city's credit rating, which signals renewed investor confidence in Ekurhuleni."