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The effect of persistent power cuts on SA businesses and consumers was one of the most important themes in coverage of the country’s economic performance in 2023.
This year has been one of Eskom’s worst in terms of generation performance, resulting in South Africans experiencing more load-shedding hours than in the previous five years combined. Load-shedding is estimated to have cost R224bn between 2020 and 2022 and the cost this year is likely to be much higher. By the end of September Eskom had already shed 14,600GWh of energy.
This is more than the combined total of 12,400GWh for the five years from 2018 to 2022.
BusinessLIVE’s top economics stories also reflect the pressure SA businesses and consumers faced because of stagnant economic growth, high interest rates and persistent inflation in categories such as food and energy.
The most-read story focused on a study by economists linked to the Reserve Bank providing evidence that it is possible to achieve lower fuel prices, which have been a major driver of inflation and a burden for consumers.
1. Bank-linked economists have a fix for fuel prices
The government’s spending choices — given weak growth and a constrained fiscal environment — received much attention this year. With an election coming up in 2024, the National Treasury faced opposition to choices that are fiscally prudent but politically unpopular. A fall in tax collections put additional pressure on finance minister Enoch Godongwana as spending pressures are rising.
2. Impose a public sector wage freeze, DA urges Enoch Godongwana
The worsening energy crisis has turned into a political risk for the ANC, whose support drop below 50% at the polls in 2024 for the first time. This, coupled with the economic hardship caused by persistent, high stages of load-shedding, spurred President Cyril Ramaphosa to act, demanding results from ministers and officials charged with resolving the crisis.
3. SA power output drops further as Eskom staggers
SA hosted the 15th Brics summit, which concluded by extending an invitation to six new countries to join the bloc in a move to increase Brics’ clout as a champion of Global South nations.
There was much talk about a proposal for the Brics bloc to create its own currency. The summit also directed central bank heads to investigate local currency trade and payment solutions.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
The top economic reads of 2023
A year of load-shedding and inflation
The effect of persistent power cuts on SA businesses and consumers was one of the most important themes in coverage of the country’s economic performance in 2023.
This year has been one of Eskom’s worst in terms of generation performance, resulting in South Africans experiencing more load-shedding hours than in the previous five years combined. Load-shedding is estimated to have cost R224bn between 2020 and 2022 and the cost this year is likely to be much higher. By the end of September Eskom had already shed 14,600GWh of energy.
This is more than the combined total of 12,400GWh for the five years from 2018 to 2022.
BusinessLIVE’s top economics stories also reflect the pressure SA businesses and consumers faced because of stagnant economic growth, high interest rates and persistent inflation in categories such as food and energy.
The most-read story focused on a study by economists linked to the Reserve Bank providing evidence that it is possible to achieve lower fuel prices, which have been a major driver of inflation and a burden for consumers.
1. Bank-linked economists have a fix for fuel prices
By Thuletho Zwane
The government’s spending choices — given weak growth and a constrained fiscal environment — received much attention this year. With an election coming up in 2024, the National Treasury faced opposition to choices that are fiscally prudent but politically unpopular. A fall in tax collections put additional pressure on finance minister Enoch Godongwana as spending pressures are rising.
2. Impose a public sector wage freeze, DA urges Enoch Godongwana
By Linda Ensor
The worsening energy crisis has turned into a political risk for the ANC, whose support drop below 50% at the polls in 2024 for the first time. This, coupled with the economic hardship caused by persistent, high stages of load-shedding, spurred President Cyril Ramaphosa to act, demanding results from ministers and officials charged with resolving the crisis.
3. SA power output drops further as Eskom staggers
By Nico Gous
4. State may hike public sector pay for votes
By Thuletho Zwane
5. Ramaphosa reads his energy chiefs the riot act
By Hajra Omarjee and Thando Maeko
SA hosted the 15th Brics summit, which concluded by extending an invitation to six new countries to join the bloc in a move to increase Brics’ clout as a champion of Global South nations.
There was much talk about a proposal for the Brics bloc to create its own currency. The summit also directed central bank heads to investigate local currency trade and payment solutions.
6. PODCAST | Is SA ready for a Brics currency?
By Mudiwa Gavaza
7. Finance minister Enoch Godongwana sticks to his fiscal guns
By Alexander Parker
8. Sars sounds alarm on tax take as corporate collections plummet
By Hilary Joffe
9. Concessions on Eskom’s coal-fired plants a bold move, says Sim Tshabalala
By Kabelo Khumalo
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