Electricity minister Kgosientsho Ramokgopa says South Africa will lose 850,000 jobs due to load shedding.
Electricity minister Kgosientsho Ramokgopa says the economic impact of load shedding will result in significant layoffs in South Africa, with hundreds of thousands of workers already sidelined., the minister admitted that Eskom is set to surpass its R30 billion budget to burn diesel on Open Cycle Gas Turbines this year.
The South African Reserve Bank said that one unmet stage of demand results R300 million loss to the economy per day – at stage 6 this can move closer to R1 billion a day. The SARB estimates that load shedding will wipe two percentage points from GDP in 2023, and it has posited that it is adding around 0.5 percentage points to inflation..
“We have a choice of saving the additional billions to run the OCGTs and save the South African economy, or we choose not to spend those billions and allow the economy to collapse,” he said.He also acknowledged that farmers have been heavily affected by load shedding, with many having to use generators to continue their operations.
He added that one major retailer told him that it had to spend R500 million due to load shedding. Various financial reports from large companies tell of groups losing billions of rands to load shedding through lost operating hours as well at mitigation costs., Head of Information and Marketing at FNB Agribusiness, said that South Africans will likely to continue to spend higher prices on food, with businesses continuing to feel the effects of load shedding.
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