Ramaphosa pours cold water on Eskom sale

‘South Africa is not inherently in the business of selling power stations’, Ramaphosa says.
The sale of Eskom’s generating facilities could raise enough money to clear its debt according to Finance Minister Tito Mboweni but the proposal is being shrugged off by Ramaphosa. Image: Waldo Swiegers, Bloomberg

South African President Cyril Ramaphosa poured cold water on proposals by his Finance Minister Tito Mboweni that state power utility Eskom sell some of its power plants to help settle its debt.

“South Africa is not inherently in the business of selling power stations,” Ramaphosa told lawmakers in Cape Town on Thursday. Eskom’s new plants were its “crown jewels” and should be retained, while the old ones were unlikely to find buyers, he said.

In a policy paper published in August, Mboweni suggested that the sale of Eskom’s generating facilities could raise R450 billion($30 billion), which equates to its entire debt.

© 2019 Bloomberg L.P.

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Well, that implies only one thing, they will have to bring in the governor of the Reserve Bank of Zimbabwe to show them how to finance this thing.

This Ramaphosa guy is part of the problem. All talk and no action.

He’s not only part of the problem.
He’s the head of the problem.

Eskom’s new plants are it’s crown jewels.

Clearly the government can’t tell it’s assets from its liabilities.

These plants are nightmares

this is a common problem with the Another National Crisis party, the guy that wants the job the most is usually the guy that bings the least to the table, if there is a table that is, the previous guy really did his best to steal EVERYTHING in sight.

Nah they are in the business of building plants that does not work.

So, Ramaphosa, your plan is to continue stealing from free market enterprise taxpayers to fund the anc’s historic and ongoing theft of soe’s working capital and the anc’s continuing and meme fest incompetent economic and management skills?

Figures, you probably hold your communist union’s vote in higher regard and of greater value to your cadres elitist, capitalist high lifestyle, not forgetting the billions you spend on free electricity and other sevices stolen by your more common and indolent cadres and voting fodder!

yes. They were re-elected on the basis of past performance. Why would you change if re-elected?

Haha, the new plants are crown jewels…that made me laugh.

Crown jewels that already don’ worry, are half a decade late and 100% over budget at least.

Selling the power stations is an indirect way to fire the 20 000 excess Eskom workers.

The trade unions backed CR against Zuma, to our benefit, and they cannot be sidelined now by CR. A conundrum.

However, the unions have major political influence, with no accountability to the electorate. The unions need to show backbone and start their own workers party.

Cyril should rather have said: the ANC or as it should be known, the largest employment agency in SA, will not sell it’s parasite parastatals as the new buyer may discover that a lot of the folks employed by same actually get paid a lot and deliver so little it wouldn’t fill a thimble. the ANC/Employment agency enjoys its position as lead snouter on trough and does not want to surrender this position to anyone as they would then have to actually do some target based work…

The ANC cannot sell the power stations as this would lead to information being uncovered that could well lead to their prosecution. Contracts with Hitachi which funds the ANC would come under severe scrutiny and they cannot let this happen, no matter what the cost is. They are holding on to the ownership of the power stations not for the reasons stated but rather to protect themselves. This has to be the real reason because there is absolutely no way these loss making projects can ever be seen as “Crown Jewels”. Time for us to look behind the talk and see the real devious reasons for the ANC’ s words and actions.

End of comments.





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