The chairman of Eskom resigned from his post after the power utility resumed rolling blackouts earlier than expected in 2020.
Jabu Mabuza tendered his resignation on Friday and “apologised for Eskom’s inability” to meet a commitment it made to President Cyril Ramaphosa to avoid power cuts until 13 January, the presidency said in a statement.
South Africa “will soon announce a reconfigured Eskom board with the appropriate mix of electricity industry, engineering and corporate governance experience”, the presidency said.
The debt-laden power utility, described by Goldman Sachs Group as the biggest threat to South Africa’s economy, put the country at risk of a second recession in as many years after it implemented the most severe power cuts to date in December. GDP growth likely slowed to 0.4% in 2019 and will expand less than 1% this year, the World Bank said. — Reported by Andre Janse van Vuuren, (c) 2020 Bloomberg LP