Ramaphosa Seeks $110 Billion of Capital for Nation in Crisis
- South Africa is facing almost 12 hours of daily power outages
- Economy likely entered a technical recession in March quarter
Cyril Ramaphosa during the South Africa Investment Conference in Johannesburg, South Africa, on April 13.
Photographer: Waldo Swiegers/BloombergSouth African President Cyril Ramaphosa set a target of attracting 2 trillion rand ($110 billion) of new investment in the next five years, as executives pleaded with his government to urgently address the nation’s energy crisis, fix crumbling infrastructure and end rampant crime.
Ramaphosa issued his latest appeal on Thursday as companies struggle with hours of daily blackouts and the inability to transport everything from coal to citrus fruit, with criminals meeting little resistance to their stealing equipment and damaging infrastructure. The energy crisis alone is robbing the economy of as much as 899 million rand a day, according to the nation’s central bank.