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The South African rand slumped on Monday as investor concerns mounted over a power crisis that prompted President Cyril Ramaphosa to cancel a trip to the World Economic Forum in Davos.
South Africa’s debt-ridden state power utility is recruiting its 14th CEO in a decade, but finding someone who can do the job and wants it will be a tall ask.
Just weeks away from the 15th anniversary of when SA was first subjected to rotational power cuts, the country was hammered on Sunday by the implementation of stage 6 load-shedding. Making matter worse, Eskom has also disclosed that it will be seeking a 32% electricity tariff hike next year. The embattled state power utility’s CEO, Andre de Ruyter, said it was doing everything it could to prevent a “total system collapse”.
Will it help the power crisis or be another vehicle for corruption?