Minister Gungubele upbeat about Post Office despite 17 years of plummeting finances

“Sapo has developed an exciting and bankable strategy to transform the entity into a profitable business responding to the demands of this age and time. Granted an opportunity and the required support, Sapo will safely navigate the situation it is going through and become the desired digital services platform,” a statement from the minister read.This despite the entity’s finances plummeting for the past 17 years.

According to the Post Office it last made profits in 2004 and the decline in its revenue started in 2006, about 17 years ago. As part of its financial rescue measures, the Post Office turned to retrenchments last year. In February, it brought down retrenchments from 6,000 to 3,900, but CEO Nomkhita Mona said it was struggling to finance the retrenchments. In the 2023 budget the National Treasury allocated the Post Office R2.4bn.

I’m sure it must be Jan van Riebeeks fault. Definitely not government!

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