JOHANNESBURG - With the elections now largely behind us, investors’ focus will shift to President Cyril Ramaphosa’s ability and political will in addressing issues of concern, namely: the composition of the Cabinet to be announced on May 28, transforming the economy with the promised policy reform and resolving the problem that Eskom poses to South Africa.
This announcement will test whether Ramaphosa is confident enough in his position to reduce the size of the Cabinet, as well as whether he is able to withstand pressure from opposing ANC factions in appointing Cabinet members. These include, among the many challenges addressing the country's structural economic issues, removing red tape for small and medium enterprises in terms of registering businesses and seeking financing, as well as unbundling Eskom and restoring its financial health.
If he is successful, we could potentially see these areas creating jobs again, which in turn would allow more workers to move from the public sector to the private sector, and government to reduce its wage bill. But, these sectors are energy intense and therefore fixing Eskom capacity is objective No. 1.However, while Mboweni’s Budget speech sent the right signals in terms of the wage bill, it failed to adequately address South Africa's other major concern: Eskom.
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