Ramaphosa promises investment drive to tackle ailing economy

The governing party’s January 8 statement sets the tone for its activities and programmes for the year but what about South Africa’s ailing economy? Courtesy #DStv403

JOHANNESBURG - The governing party’s January 8 statement sets the tone for its activities and programmes for the year but what about South Africa’s ailing economy?

ANC President Cyril Ramaphosa says to achieve a greater pace of economic growth the party will step up its investment drive.

But one major threat in the way is the country’s embattled power utility Eskom.

Another promise from the ANC about the embattled Eskom, which is seen as the largest threat to the economy.

READ: Ramaphosa vows to restore reliable power supply

Already this week the World Bank cut South Africa’ GDP forecast to below one percent for 2020 citing electricity supply concerns

“We must accelerate the introduction of new electricity generation by private companies. We must also find new sources of energy such as gas and intermediate energy that we so need right now,” said President Cyril Ramaphosa.

Ramaphosa said South Africans that Eskom won’t be privatized

Political analyst, Prince Mashele says he doesn’t see how this will be achieved.

“Employment statistics that come from Stats SA tell us all the time that unemployment in South Africa is rising. It’s not the other way around. So we know that there’ll be more unemployment in 2020, simply because the indicators are there,” said Mashele.

Source
eNCA