Finance minister Enoch Godongwana, will table the Medium-Term Budget Policy Statement in Parliament on 26 October 2022, which will likely headline Eskom’s financial future.
When finance minister, Enoch Godongwana, delivers his Medium-Term Budget Policy Statement towards the end of the month, he will need to focus on policies that accelerate real economic growth and address the financial future of Eskom, say wealth management specialists at Citadel.
From an investment perspective, Citadel’s chief investment officer, George Herman, urges Godongwana to address the Eskom situation. “We would appreciate any guidance the finance minister can give in terms of the intention to de-leverage the Eskom balance sheet. I think and hope that is going to be a core focus of the 2022 MTBPS,” said Herman.
Coleman stressed that the budget also needs to address the “festering sore” that includes unemployment, lawlessness, corruption, public mismanagement, and the country’s structural low-growth issue.Intellidex chair, Stuart Theobald said that South Africans know that the country is deeply rooted in an energy crisis, but may not understand the staggering challenge that lies ahead of it.
“Solar photovoltaic and onshore wind is now much cheaper than fossil fuel production, but you need storage to even out supply capacity. Based on current global capital costs for different types of technologies, we need to invest R1.8 trillion to R3 trillion to build that capacity, depending on technology spread,” he said.
Presenting at the Africa Renewable Energy Investment Summit in September, Eskom chief executive officer Andre de Ruyter outlined the group’s strategy to tackle the new generation problem, emphasising a strong focus on renewables as the way forward.
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