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Ramaphosa’s Energy Plans Meet Mixed Reception

SOUTH AFRICA
  • As suspected, yesterday President Ramaphosa unveiled plans to ‘unleash’ the private sector on domestic power generation. The key tenet of the plans involves any private firm being allowed to build power plants of any size without a license, and then selling excess power generated onto the national grid. A plan for Eskom debt will also be announced by the government by October.
  • The plans have been generally well received, however Ramaphosa has been criticised for no clear execution plan or hard deadlines by which South Africans can expect an improvement in load-shedding pressures.
  • Business Day reports that thousands of SARS workers have returned to their desks during wage negotiations despite a representative union rejecting a $4mln wage rise package which would have equated to a 1.3% pay rise. Closed branches are now around 30 from 50 earlier this week.
  • News24 reports that businesses are to reject government’s calls for a new social compact that would tie firms to investment and employment targets while restricting retrenchment. The government intended use the new social compact to cut red tape, improve the economy, and mop up state-owned companies. Nonetheless, business groups noted previous social compacts with the government had delivered very little.
  • Daily Maverick writes further on Ramaphosa’s hostile reception in KZN this weekend, writing that the ANC is entering a proxy war surrounding the party’s step-aside rule. There is now an aggressive push to have the step aside rule thrown out, which would allow for many of Ramaphosa’s political opponents including Zweli Mkhize, Ace Magashule and Zandile Gumede to run for office.
  • Leading Indicator data dropped to 124.7 from 126.7, equalling the late 2021 reading which was the lowest since the COVID dip in 2020.
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