Sacci: 'Load shedding sends bad message to investors'
The South African Chamber of Commerce and Industry CEO, Alan Mukoki, says the latest round of load shedding sends a bad message to investors.
JOHANNESBURG - The South African Chamber of Commerce and Industry (Sacci) says it’s worried about the impact of load shedding on investment.
President Cyril Ramaphosa says the government is aiming for an investment of $100 billion over five years following high unemployment and poor growth figures over the past few years.
However, he said he was shocked on Monday with reports of six Eskom units down and the implementation of stage 4 load shedding.
Sacci CEO Alan Mukoki says the latest round of load shedding sends a bad message to investors.
“People who are thinking of South Africa as a destination for investment, they wonder whether it’s the right destination. So, there a huge impact, which is very negative for the South African economy.”
He says Eskom has now become the problem of all South Africans.
“(And) we have to find a solution for Eskom because the power utility is now becoming a risk that the country itself face because if that thing doesn’t work out... it’s too big to fail. It will collapse and take every else down with it.”
The mining sector and others have already expressed concern about lost production.
Check your area's load shedding schedule here.
(Edited by Zamangwane Shange)