Sandton, South Africa – President Cyril Ramaphosa led a delegation of South African officials at the Investment Conference on Thursday, where the country’s unstable electricity grid took center stage as they sought to woo investors. Ramaphosa pointed to years of under-investment, mismanagement, and corruption in the electricity sector as the root causes of the grid’s poor performance.
This is not the first time Ramaphosa has admitted that the unreliable electricity supply in South Africa weakens business and consumer confidence, tarnishing international perceptions about the country. He reiterated that the ripple effect of the electricity crisis was another blow to investment sentiment.
“We announced an energy action plan in July last year [2022]. The energy action plan presents a clear path to reduce the severity and frequency of load shedding,” Ramaphosa said, highlighting the government’s efforts to address the issue.
Ramaphosa also expressed his belief that the appointment of an electricity minister would help expedite the implementation of the energy action plan. Notably, Kgosientsho Ramokgopa, in his recent assessment of the ailing power stations, called for a focus on improving the existing coal-fired fleet, a sentiment echoed by Ramaphosa during the conference.
Ramaphosa emphasized that reforms in the electricity sector would be crucial in attracting private investment. The unstable electricity grid remains a pressing issue for South Africa, and addressing it is essential for the country’s economic growth and development.
The discussions at the Investment Conference shed light on the challenges facing South Africa’s electricity sector and the urgent need for reforms to restore stability and confidence among investors. As the government continues its efforts to address the issue, stakeholders are hopeful for positive changes that will contribute to a more reliable electricity supply and foster a conducive environment for investment in the country.
Overall, the Investment Conference provided a platform for President Ramaphosa and other South African officials to highlight the importance of the energy action plan and the need for reforms in the electricity sector to attract private investment and propel the country’s economic growth. The outcomes of the conference are eagerly awaited as South Africa strives to overcome the challenges in its electricity sector and create a favorable investment climate.
Join us as we kick off South Africa Investment Conference 2023. We look forward to a day filled with investment opportunities as we aim to grow the SA economy.#SAIC2023 #InvestSA pic.twitter.com/432nHhivVo
— SAInvestmentConference (@SAInvestmentCo) April 13, 2023
[Watch Live] The 5th South African Investment Conference #SAIC2023 at the Sandton Convention Centre #InvestSA https://t.co/zkAwqBcvvY
— South African Government (@GovernmentZA) April 13, 2023
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