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State Of Disaster Declared, Ramaphosa To Appoint Electricity Minister
- South Africa's President Cyril Ramaphosa used his State of the Nation Address to outline measures to address the ongoing energy crisis. The leader declared a national state of disaster in order to cut red tape and facilitate spending on new generation capacity. He also announced that the Cabinet will be expanded through the appointment of a new Minister of Electricity, who will oversee the electricity crisis response.
- The decision to appoint a new minister responsible for handling the energy crisis has come under criticism amid concerns that the new official's remit might overlap with the jurisdictions of Energy Minister and Public Enterprises Minister. Meanwhile, the main opposition Democratic Alliance and trade union Solidarity vowed to take legal action against the state of disaster declaration.
- The ruling African National Congress will hold a media briefing on yesterday's SONA at 11:00SAST/09:00GMT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.