South Africa is facing a crucial year both politically and economically: The upcoming election will see the ANC attempt to consolidate gains made since President Cyril Ramaphosa’s appointment to office, while the country attempts to avoid a downgrade of its sovereign credit rating to sub-investment grade.
Economist at Nascence Advisory and Research, Xhanti Payi, said the crisis at Eskom had nothing to do with the structure of the state-owned enterprise: “The real reason we got here is because of people stealing. It has bled billions. Eskom exists to provide power, and we have to ask whether its survival is even necessary?”
Director and chief economist at Econometrix Dr Azar Jammine said the mention of strategic equity partners for state-owned enterprises in Finance Minister Tito Mboweni’s budget speech was encouraging: “ are starting to realise that they have to start doing something. The crucial work now is to set the path for faster economic growth from 2021, the potential is there.”
“I think we may be able to avoid a downgrade at the end of March, but there is a possibility of a change in outlook by Moody’s from stable to negative,” she said. Professor Tinyiko Maluleke of the Centre for the Advancement of Scholarship at the University of Pretoria added that the country’s main opposition parties could not claim to be outside of the system of patronage that afflicted South Africa’s political landscape.
However, she worried that media coverage of the EFF had “exaggerated its importance and given them a patina of respectability. They are fascist, racist and violent and anti our Constitution. We better act fast, as populism is gaining ground globally.”
The only potential for an improvement of SA’s economy depends on people voting wisely on 8 May... otherwise, we’ll follow Zimbabwe and Venezuela, if not worse.
ANC is the biggest threat to the economy, jobs, personal wealth and just about everything else. Ramaposa the man running the failed Eskom ' war room ' is dishonest enough to believe he deserves to run the country.
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