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SA’s fortunes in Eskom’s hands - Ramaphosa

President Cyril Ramphosa said government would announce further plans in the State of the Nation Address about how it plans to deal with cash-strapped parastatal Eskom.

Picture: EWN.

JOHANNESBURG - President Cyril Ramaphosa said sacrifices would have to be made to prevent the failure of Eskom, warning that if the utility collapsed so would the country's economy.

Ramaphosa was speaking to investors at a Goldman Sachs conference in Westcliff in Johannesburg on Wednesday morning. He assured them that the country would be run differently to stimulate the economy.

It was the first time the president met with investors since the African National Congress’ victory at the polls last week.

“It’s just too important to fail. It holds the fortunes, at an economic level and the social life of our country, in its hands.”

Ramphosa said South Africa couldn’t afford the collapse of the parastatal.

He said government would announce further plans in the State of the Nation Address about how it would deal with the cash-strapped company.

“Labour, private sector and our own communities would have to play a role. Without Eskom, our community stalls.”

In February, Ramaphosa revealed that the utility would split into three entities: generation, transmission and distribution - an announcement that was met with concerns from labour unions.

But Ramaphosa told investors the restructuring of Eskom had subsequently been widely welcomed.

He again gave the assurance that the state-owned company would not be privatised.

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