The country’s unstable electricity grid was placed in the centrefold as team South Africa tried to woo investors.
President Cyril Ramaphosa led a delegation of South African officials in Sandton at the Investment Conference on Thursday.
Ramaphosa said years of under-investment, mismanagement, and corruption in the electricity sector were to blame for the grid’s poor performance.
It’s not the first time Ramaphosa admitted that the unreliable electricity supply weakens business and consumer confidence, tainting international perceptions about the country.
Ramaphosa reiterated that the ripple effect 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 believes the appointment of the electricity minister will help speed up the implementation of the plan.
Kgosientsho Ramokgopa’s recent assessment of the ailing power stations saw him call for a focus on improving the existing coal-fired fleet.
Ramaphosa used the conference to echo these sentiments.
He said reforms in the electricity sector would help draw private investment.
-EWN
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