President Cyril Ramaphosa says government will soon make announcements regarding the management of Eskom and the plans around the power utility’s debt.
Ramaphosa has been in the United Kingdom where he delivered the keynote address at the Financial Times Africa Summit in London.
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Eskom has been battling crippling debt of more than R400 billion.
Government also plans to restructure the power utility by unbundling it into three separate entities.
Ratings agency Moody’s is expected in November to announce its decision on South Africa’s investment grade status.
Speaking after his address, Ramaphosa said he hopes credit rating agencies and potential investors would welcome government’s plans regarding Eskom.
“We are going to be making announcements of how we are going to deal with that debt in a few days and we hope that Moody’s will take note of what we are seeking to do. We are coming up with a number of ideas, innovative ideas of how we are going to deal with the debt in Eskom, but we also have to deal with the issues of the executive management in Eskom. We will be making announcements in that regard.”
Asked if there will be a lot of new appointments, Ramaphosa responded, “Lots of new appointments indeed. We are also going to strengthen the board, but we are also going to be dealing with the debt collection and I think that Moody’s and others will be very happy with the announcements that we are going to make.”
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