> ## Content Index > Fetch the complete content index at: https://www.blackexecutivebrief.com/llms.txt > Use this file to discover other available public pages before exploring further. # South African Reserve Bank Delays Jibar Cessation To May 2027 Pending Legacy Contract Law - URL: https://www.blackexecutivebrief.com/south-african-reserve-bank-delays-jibar-cessation-to-may-2027-pending-legacy-contract-law/ - Published: 2026-11-03T16:38:43.000Z - Updated: 2026-11-03T18:52:02.000Z - Description: The South African Reserve Bank moved Jibar's cessation from 31 December 2026 to 31 May 2027, giving lawmakers five more months to fix tough legacy contracts. The Black Executive Journal — Daily Edition - Author: BEB Editors - Tags: The Pulse BEJ Intelligence · Companies in this story BEJ Intelligence [Financial Sector Conduct Authority](https://desk.blackexecutivebrief.com/company/financial-sector-conduct-authority?ref=blackexecutivebrief.com) Regulator · Pretoria, South Africa · Led by Unathi Kamlana (Commissioner) **10**SEC filings, 90 days**9**news items, 30 days #### Latest SEC filings - [Rafael Holdings, Inc. (RFL)](https://www.sec.gov/Archives/edgar/data/1713863/000121390026113659/0001213900-26-113659-index.htm?ref=blackexecutivebrief.com)10-K · filed by another company, names this one · Oct 29, 2026 - [Regenlab USA Inc. 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SARB moves to open SA’s payment system](https://www.news24.com/business/opinion/opinion-no-bank-required-sarb-moves-to-open-sas-payment-system-20261026-0862?ref=blackexecutivebrief.com)News24 · Oct 26, 2026 [Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/south-african-reserve-bank?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets BEJ Intelligence [Bank of Ghana](https://desk.blackexecutivebrief.com/company/bank-of-ghana?ref=blackexecutivebrief.com) Central bank · Accra, Ghana **0**SEC filings, 90 days**73**news items, 30 days #### In the news - [BoG warns public of 20 unlicensed digital credit services providers](https://www.myjoyonline.com/bog-warns-public-of-20-unlicensed-digital-credit-services-providers/?ref=blackexecutivebrief.com)MyJoyOnline · Nov 3, 2026 - [Queen Máxima to engage Bank of Ghana on financial health](https://www.modernghana.com/news/1541732/queen-mxima-to-engage-bank-of-ghana-on-financial.amp?ref=blackexecutivebrief.com)Modern Ghana · Nov 3, 2026 - [Bank of Ghana Prepares Stablecoin Rules to Protect Cedi](https://newsghana.com.gh/bank-of-ghana-prepares-stablecoin-rules-to-protect-cedi/?ref=blackexecutivebrief.com)News Ghana · Nov 3, 2026 - [Bank of Ghana blacklists 20: See the loan apps you must stop using](https://www.graphic.com.gh/business/business-news/bank-of-ghana-blacklists-20-see-the-loan-apps-you-must-stop-using.html?ref=blackexecutivebrief.com)Graphic Online · Nov 3, 2026 [Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/bank-of-ghana?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets ## KEY TAKEAWAYS - **The** [**South African Reserve Bank**](https://desk.blackexecutivebrief.com/company/south-african-reserve-bank?ref=blackexecutivebrief.com) **moved the Jibar cessation date to 31 May 2027** from 31 December 2026\. All Jibar tenors stop being published after that date ([South African Reserve Bank — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com)). - **The five-month extension exists because the legislative fix for "tough legacy contracts" may not be in force by year-end.** The SARB says the direction of the reform is unchanged ([South African Reserve Bank — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com)). - **Term ZARONIA will become available for specific cases**, and the SARB will use it to set **Synthetic Jibar** for hard-to-amend contracts ([South African Reserve Bank — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com)). - **US job openings were little changed at 7.5 million in September.** Quits rose to **3.4 million**, and August openings were revised up by **111,000** ([Bureau of Labor Statistics — Nov 3, 2026](https://www.bls.gov/news.release/jolts.nr0.htm?ref=blackexecutivebrief.com)). - **US factory orders rose 1.8% to $677.2 billion in September**, a third straight monthly gain, led by transportation equipment at **+4.6%** ([US Census Bureau — Nov 3, 2026](https://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf?ref=blackexecutivebrief.com)). - [**Bank of Ghana**](https://desk.blackexecutivebrief.com/company/bank-of-ghana?ref=blackexecutivebrief.com) **Governor Johnson Pandit Asiama said the central bank is developing a Stablecoin Directive** to set out which stablecoin activities are permitted in Ghana ([Bank of Ghana — Nov 2, 2026](https://www.bog.gov.gh/speeches/goodwill-message-by-governor-dr-johnson-pandit-asiama-at-the-africa-virtual-assets-summit-avas/?ref=blackexecutivebrief.com)). - **CDB President Daniel Best told the Commonwealth Women's Forum that SheTrades Caribbean now counts more than 3,000 women entrepreneurs** across 19 borrowing member countries ([Caribbean Development Bank — Nov 3, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-president-calls-commonwealth-partners-support-womens-economic-leadership-resources-and-results?ref=blackexecutivebrief.com)). --- # STORIES THAT MATTER --- ## SOUTH AFRICA — South African Reserve Bank Moves Jibar Cessation Date To 31 May 2027 The **South African Reserve Bank (SARB)** has pushed back the end of the **Johannesburg Interbank Average Rate (Jibar)** from **31 December 2026** to **31 May 2027**. Every Jibar tenor will stop being published after the new date. The Nov 3 release replaces the cessation date the SARB announced on 3 December 2025 ([South African Reserve Bank — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com)). The reason is legislative. Market participants need a legal solution for **"tough legacy contracts"** to be in place well before Jibar goes dark. These are multi-party agreements, often embedded in complex transactions, where getting every party to consent to a new reference rate is close to impossible. The SARB said it is uncertain whether the legislative process, and the steps needed to make it work in practice, will be finished before 31 December 2026\. It has therefore extended the transition by **five months** ([South African Reserve Bank — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com)). The central bank was explicit that this is a delay, not a reversal. "The extension does not change the direction of the reform programme," the SARB said. It expects market participants to reduce their reliance on Jibar, keep their transition programmes moving, use the extra time to clear outstanding contractual, system and operational work, and **increase their use of ZARONIA** in financial contracts ([South African Reserve Bank — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com)). The **"no new Jibar" initiative** began on **1 May 2026**, after which new contracts were expected to move off the old benchmark ([South African Reserve Bank — Apr 22, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-tax?ref=blackexecutivebrief.com)). The replacement framework is also taking shape. In **April 2026** the Market Practitioners Group (MPG) appointed **FTSE Russell** as administrator of **Term ZARONIA**, a forward-looking term rate built on activity in the ZARONIA overnight index swap market. The prototype has been through a six-month observation period, and Term ZARONIA will now be available for specific cases, which the SARB "will define shortly." The SARB plans to use Term ZARONIA to calculate **Synthetic Jibar**, one of the designated replacement benchmarks for tough legacy contracts. ZARONIA remains the preferred successor rate, and the SARB, the MPG and the [**Financial Sector Conduct Authority**](https://desk.blackexecutivebrief.com/company/financial-sector-conduct-authority?ref=blackexecutivebrief.com) will continue to support the transition ([South African Reserve Bank — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com)). The reform dates back to **2018**, when the SARB set out to bring South Africa's reference rates in line with the International Organization of Securities Commissions' Principles for Financial Benchmarks. ZARONIA was designated the preferred successor in **2022** ([South African Reserve Bank — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com)). ### Why It Matters Jibar underpins a large share of floating-rate lending, corporate bonds and interest-rate swaps in Africa's most developed financial market. The new date gives CFOs, treasurers and borrowers five more months to make their debt documents ready for the change, not five more months to wait. Companies with Jibar-linked facilities, including property developers, infrastructure sponsors and mid-market firms with bank term loans, should check now which contracts have fallback language and which will depend on Synthetic Jibar. Pricing on new facilities should already reference ZARONIA. Diaspora investors holding South African floating-rate notes should ask issuers how coupons will be set after 31 May 2027. --- ## UNITED STATES — Job Openings Hold At 7.5 Million As Factory Orders Rise 1.8 Percent US job openings were **little changed at 7.5 million** in September, a rate of **4.5%**, the Bureau of Labor Statistics reported. State and local government outside education added **104,000** openings. Hires held at **5.4 million**, a rate of 3.4%, with accommodation and food services adding **158,000** hires ([Bureau of Labor Statistics — Nov 3, 2026](https://www.bls.gov/news.release/jolts.nr0.htm?ref=blackexecutivebrief.com)). Workers grew more willing to move. **Quits rose to 3.4 million**, a rate of 2.1%, and are up **375,000** over the year. Layoffs and discharges held at **1.6 million**, or 1.0%, with health care and social assistance cutting layoffs by **70,000**. Revisions were large: August openings were revised up by **111,000 to 7.2 million**, and August layoffs up by **127,000 to 1.8 million** ([Bureau of Labor Statistics — Nov 3, 2026](https://www.bls.gov/news.release/jolts.nr0.htm?ref=blackexecutivebrief.com)). Factory data released the same morning pointed in the same direction. **New orders for manufactured goods rose 1.8% to $677.2 billion** in September, a third consecutive monthly increase, after 0.3% growth in August. Shipments rose **1.3% to $668.5 billion**, and unfilled orders climbed **0.9% to $1,623.8 billion**, up in 26 of the last 27 months. Durable goods orders rose **1.9% to $345.7 billion**, led by transportation equipment, up **4.6% to $119.9 billion**. Shipments of petroleum and coal products rose **5.2% to $75.0 billion** ([US Census Bureau — Nov 3, 2026](https://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf?ref=blackexecutivebrief.com)). Inventories rose **0.4% to $976.0 billion**, and the inventories-to-shipments ratio slipped to **1.46** from 1.47 ([US Census Bureau — Nov 3, 2026](https://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf?ref=blackexecutivebrief.com)). ### Why It Matters Rising quits mean workers are more confident and wage competition is building, especially in hospitality and food service, where many Black-owned operators employ. Executives should budget for retention costs in Q1\. Strong order books and a $1.6 trillion backlog give suppliers in transportation and industrial supply chains room to negotiate pricing and terms. October JOLTS data is due on **Dec 1** ([Bureau of Labor Statistics — Nov 3, 2026](https://www.bls.gov/news.release/jolts.nr0.htm?ref=blackexecutivebrief.com)). --- ## GHANA — Bank Of Ghana Develops Stablecoin Directive For Virtual Asset Market **Bank of Ghana Governor Johnson Pandit Asiama** told the **Africa Virtual Assets Summit** in Accra that the central bank is developing a **Stablecoin Directive** to set clear requirements for stablecoin activities in Ghana ([Bank of Ghana — Nov 2, 2026](https://www.bog.gov.gh/speeches/goodwill-message-by-governor-dr-johnson-pandit-asiama-at-the-africa-virtual-assets-summit-avas/?ref=blackexecutivebrief.com)). The directive will spell out which stablecoin activities are permitted and on what conditions. The governor framed it as a question of **monetary sovereignty**. Widespread use of tokens pegged to foreign currencies, usually the US dollar, could weaken the cedi's role at home and make monetary policy less effective. He also set out what the technology could do if regulated: **cheaper diaspora remittances**, faster settlement of trade under the **African Continental Free Trade Area**, and tokenised trade receivables that could help small exporters get financing sooner ([Bank of Ghana — Nov 2, 2026](https://www.bog.gov.gh/speeches/goodwill-message-by-governor-dr-johnson-pandit-asiama-at-the-africa-virtual-assets-summit-avas/?ref=blackexecutivebrief.com)). The directive will sit under the **Virtual Asset Service Providers Act, 2025 (Act 1154)**. Asiama described the Act as a milestone that still needs to be turned into workable rules, and said regulation should be proportionate to the risk of each activity. He gave no publication date for the directive ([Bank of Ghana — Nov 2, 2026](https://www.bog.gov.gh/speeches/goodwill-message-by-governor-dr-johnson-pandit-asiama-at-the-africa-virtual-assets-summit-avas/?ref=blackexecutivebrief.com)). ### Why It Matters Ghana is drawing a line between dollar-pegged tokens used as a parallel currency, which it will restrict, and tokenised payments and receivables that support remittances and trade, which it wants to encourage. Fintech founders building remittance corridors or trade-finance products for Ghana should design for licensing under Act 1154 now. Diaspora senders should expect regulated, cedi-settled token rails rather than unlicensed dollar wallets. --- ## CARIBBEAN — Caribbean Development Bank Calls For Financing Of Women's Enterprise At Commonwealth Forum **Caribbean Development Bank President Daniel Best** urged Commonwealth governments, investors and development partners to turn gender-equality commitments into **financing, opportunity and measurable results**. He gave the keynote at the Commonwealth Women's Forum during CHOGM 2026 in Antigua and Barbuda ([Caribbean Development Bank — Nov 3, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-president-calls-commonwealth-partners-support-womens-economic-leadership-resources-and-results?ref=blackexecutivebrief.com)). Best set out three priorities. The first is connecting women's enterprise with capital and markets. The second is investing in care, safety, accessibility, skills and technology. The third is making **ownership and leadership** the goal. Through the **SheTrades Caribbean Hub**, run with the International Trade Centre, the CDB has built a network of **more than 3,000 women entrepreneurs** across its **19 borrowing member countries** in three years. The SheTrades Caribbean UK Trade Mission generated **almost US$500,000 in immediate trade**, with the potential to more than double ([Caribbean Development Bank — Nov 3, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-president-calls-commonwealth-partners-support-womens-economic-leadership-resources-and-results?ref=blackexecutivebrief.com)). The CDB says it is using partnerships and innovative finance to expand lending capacity. It is also channelling liquidity to small businesses through local institutions and opening procurement and global value chains to women-led firms. The Women's Forum is one of five CHOGM forums supported through a regional technical-assistance package worth about **US$747,487** ([Caribbean Development Bank — Nov 3, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-president-calls-commonwealth-partners-support-womens-economic-leadership-resources-and-results?ref=blackexecutivebrief.com)). "Every investment matters. Every barrier removed matters. Every commitment honoured matters," Best said ([Caribbean Development Bank — Nov 3, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-president-calls-commonwealth-partners-support-womens-economic-leadership-resources-and-results?ref=blackexecutivebrief.com)). ### Why It Matters The CDB is pointing to a concrete figure, nearly US$500,000 in immediate UK trade, rather than only stating policy goals. Women-led Caribbean exporters can use SheTrades and local intermediary lenders to reach UK buyers and CDB-backed credit lines. Diaspora distributors in the UK should treat the trade-mission pipeline as a channel for sourcing. --- ## SOURCES - [South African Reserve Bank — SARB revises Jibar cessation date to 31 May 2027 — Nov 3, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-date?ref=blackexecutivebrief.com) - [South African Reserve Bank — Tax white paper and key updates supporting the Jibar transition — Apr 22, 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2026/jibar-tax?ref=blackexecutivebrief.com) - [Bureau of Labor Statistics — Job Openings and Labor Turnover, September 2026 — Nov 3, 2026](https://www.bls.gov/news.release/jolts.nr0.htm?ref=blackexecutivebrief.com) - [US Census Bureau — Manufacturers' Shipments, Inventories and Orders, September 2026 — Nov 3, 2026](https://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf?ref=blackexecutivebrief.com) - [Bank of Ghana — Goodwill Message by Governor Dr Johnson Pandit Asiama at the Africa Virtual Assets Summit — Nov 2, 2026](https://www.bog.gov.gh/speeches/goodwill-message-by-governor-dr-johnson-pandit-asiama-at-the-africa-virtual-assets-summit-avas/?ref=blackexecutivebrief.com) - [Caribbean Development Bank — CDB President Calls on Commonwealth Partners to Support Women's Economic Leadership — Nov 3, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-president-calls-commonwealth-partners-support-womens-economic-leadership-resources-and-results?ref=blackexecutivebrief.com) - [Caribbean Development Bank — CDB Invests in Commonwealth Platforms to Advance Investment, Inclusion and Resilience in Small States — Nov 2, 2026](https://www.caribank.org/newsroom/news-and-events/cdb-invests-commonwealth-platforms-advance-investment-inclusion-and-resilience-small-states?ref=blackexecutivebrief.com) *Disclaimer: This report is for informational purposes only and does not constitute financial advice. Consult a licensed advisor before making investment decisions.*