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With only 709 confirmed coronavirus cases as of March 25, South Africa may be lagging a few weeks behind the outbreaks now unfolding in Europe and North America. But when the pandemic does eventually hit the country, it will hit hard. With high rates of people living with HIV or tuberculosis, much
South Africa’s newest budget review paints a bleak picture for the country’s economy over the next three years. The budget plan for the 2020 fiscal year, unveiled Feb. 26, projects economic growth over the next three years of just 0.9 percent, 1.3 percent and 1.6 percent, respectively – and this
In his annual state of the nation address, South African President Cyril Ramaphosa called for a number of new measures to improve the country's embattled economy and electricity grid, including allowing big power-consuming companies, such as mining firms, to build their own power generation capacity, Reuters reported Feb. 14.
Despite its many internal problems, South Africa remains a continental power and regional hegemon in southern Africa. Yet years of corruption and mismanagement have sapped its clout. With tepid economic growth forecast for the years ahead, the country's leaders are struggling to spark growth while grappling with the economy's systemic deficiencies.
South African President Cyril Ramaphosa has voiced his support for the development of private power generation amid growing anger from large businesses over the country's unreliable electricity supply, Reuters reported Jan. 15.
South Africa's IHS Markit purchasing managers' index plummeted to a 14-month low of 47.6 in November 2019, Bloomberg reported Jan. 6. The drop came as Eskom, the country's state-owned utility monopoly, briefly reintroduced blackouts over the weekend.
State utilities giant Eskom has demanded that mining companies reduce their electricity consumption as part of its biggest-ever forced power cuts, bringing South Africa's lucrative platinum, gold and diamond operations into a screeching halt.
South Africa's public utility monopoly, Eskom, has implemented a new round of partial interruptions to its power supply, known as load shedding, after a breakdown in more than 25 percent of its generating capacity, Fin24 reported Dec. 5.
South African authorities have arrested former African National Congress legislator and State Security Minister Bongani Bongo on bribery accusations involving state-owned power monopoly Eskom, News24 reported Nov. 21.
South Africa is facing dangerously low electricity supply after the failure of several power-generating units over the past weekend, according to utility monopoly Eskom, Fin 24 reported Nov. 6. To maintain supply, the company has implemented high-cost emergency power generation measures.
The South African Finance Ministry will have fewer funds to spend on health, education and infrastructure initiatives due to slow economic growth, costly bailouts for state-owned enterprises and smaller-than-expected tax revenue, according to Finance Minister Tito Mboweni, Fin24 reported Oct. 30.