President Cyril Ramaphosa poured cold water on proposals by his finance minister, Tito Mboweni, that state power utility Eskom sell some of its power plants to help settle its debt.
Browsing: Cyril Ramaphosa
South Africa’s economy was roaring along in 2007 on the back of the global commodities boom when power shortages struck, bringing mines and smelters to a halt.
Government has spent months mostly talking about how to save the debt-stricken state power utility Eskom, spur economic growth and get its shaky finances back on track. Financial realities may force an end to the dithering.
A plan to establish the world’s largest green energy financing initiative is being threshed out in South Africa.
South Africa is in a precarious state and urgent action is needed to stabilise its finances, according to former deputy finance minister Mcebisi Jonas, who will assume the role of MTN Group chairman in December.
Government is intent on ensuring the embattled Eskom becomes a sustainable entity and will consult with its debt holders on any reorganisation, public enterprises minister Pravin Gordhan said.
MTN Group and Shoprite are among South African firms facing a backlash to xenophobic violence in their home country.