Politically, power generation is an even more fraught issue, subject to heated debate in government and the making or breaking of political careers.
South Africa is at a turning point as the world moves into the post-Covid-19 age and electricity is a huge factor. Economic growth will return over the next 12 months, but the continued electricity crisis will constrain that growth.That growth could be negative if our national credit rating is pushed even lower – and the impact on our economy could have long-lasting if not permanent negative effects.
We can’t ignore the current drag on the real economy but if we do not push forward with the existing opportunities, we are very likely to cripple future entrepreneurs and job growth for a decade or more.Part of that is ending the cycle of tender failure which has blighted South Africa. The current subject of debate – the RMIPPPP – should not go the same way as a nuclear tender in the last decade.
Failure to deliver on all the preferred bidder projects in the RMIPPPP could very well mean a downgrade. A downgrade from BB- takes South Africa from a weak position on the markets to nigh on junk status. South Africa is different to most of its African peers. It’s economy is bigger, richer and more developed. But a collapsing credit rating risks our future. A rising cost of borrowing will drive down the ability of government to invest in the future.
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