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Ramaphosa Cancels Davos Trip Amid Energy Crisis, BER To Release Inflation Survey

SOUTH AFRICA
  • President Cyril Ramaphosa cancelled his visit to the World Economic Forum in Davos and returned home to deal with the ongoing energy crisis. He will hold meetings with political leaders, the national energy crisis committee, and the Eskom board, as the state-owned power utility continues to implement Stage 6 load-shedding until further notice.
  • In a note released this morning, the Bureau for Economic Research warned that rolling blackouts, at the current "extreme levels," are the most serious risk to economic growth, while the recent electricity tariff hikes were "way above projected consumer inflation" and would amplify price pressures. The BER will publish its Inflation Expectation Survey later today.
  • The Johannesburg High Court may rule on President Ramaphos's bid to interdict his appearance in a private prosecution attempt by his predecessor Jacob Zuma.
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