Ramaphosa: Govt to unveil plan to shore up Eskom’s finances
President Cyril Ramaphosa has told delegates at the Mining Indaba in Cape Town that the government will not allow Eskom to fail.
JOHANNESBURG - President Cyril Ramaphosa says South Africa will in the coming days unveil a package of measures to shore up state-owned Eskom’s finances and address structural issues facing the struggling power firm.
He told delegates on Tuesday at the Mining Indaba in Cape Town that the government will not allow Eskom to fail.
“The other important infrastructure challenge that you are all concerned about is the security and affordability of energy supply. We have been giving detailed attention to the crisis and challenges that our electricity company, Eskom, is facing.
“Eskom is currently facing some significant operational, financial and structural challenges. Its contribution to the health of our economy is just far too great for it to be allowed to fail.”
Ramaphosa is trying to turn around the ailing company, which supplies more than 90% of South Africa’s power, but it's drowning in R420 billion of debt.
Ramaphosa and Mineral Resource Minister Gwede Mantashe are expected to woo the thousands of delegates and potential investors and promote South Africa as an attractive investment destination.
WATCH LIVE: Ramaphosa addresses Mining Indaba