Elevated levels of load-shedding in South Africa in 2023 could cost the economy R1.6 trillion in lost economic activity, according to Electricity Minister Kgosientsho Ramokgopa. This is R400 billion more than the previous year.
South Africa’s ongoing load-shedding is expected to cost the country’s economy R400 billion more than last year, according to the Electricity Minister Kgosientsho Ramokgopa.
Business leaders in South Africa have warned President Cyril Ramaphosa that the country’s unemployment rate could rise to 38.1% by 2030 if urgent action is not taken to address the energy, logistics, and crime crises.
The current unemployment rate is already at 32.9%, one of the highest among more than 80 nations tracked by Bloomberg.
Western Cape premier Alan Winde has warned that the province could face even worse load shedding than the rest of South Africa due to delays at the Koeberg Nuclear Power Station.
Load-shedding, the controlled power outages in South Africa, is having a more severe impact on the economy than officially estimated, according to Kevin Lings, chief economist at Stanlib.