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.
Browsing: Jacob Zuma
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.
President Cyril Ramaphosa is hamstrung by politics and the economy is suffering the consequences.
The sorry state of South Africa’s state power utility starkly illustrates just how far the country slipped during former President Jacob Zuma’s scandal-marred rule and the enormity of the task of rebuilding the nation’s stricken finances.
South Africa is looking to spend billions of rand to secure energy from mega-projects on the continent at a time when state power utility Eskom is broke and struggling to supply enough electricity.
Recent evidence splashed across newspaper front pages and televised hearings about bribes and sweetheart deals suggest the rot runs far deeper than most people thought.
President Cyril Ramaphosa has announced major changes to his cabinet that will have a direct bearing on South Africa’s telecommunications and broadcasting industries.