LUMKILE MONDI: ANC flicks off the switch that would save Eskom
The governing party’s watered-down restructuring plan means SA will remain in an economic crisis
SA is in an economic crisis. At a narrowly defined unemployment level of 29.1%, a negative GDP growth rate of 3.2% in the first quarter and a soaring government debt-to-GDP ratio of 59%, there are no other words for it.
Eskom symbolises how such a crisis manifests in real life. President Cyril Ramaphosa’s announcement in his February state of the nation address that the power utility would be restructured into three entities and a chief restructuring officer (CRO) appointed was well received. In essence, South Africans expected the CRO to at last implement the recommendations of the De Villiers commission of inquiry into SA’s electricity supply. ..
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