As South Africa’s lights go out, finance minister starts selling Eskom to the market

By Patrick Smith, Ray Mwareya

Posted on Friday, 24 February 2023 10:48
South Africa's Finance Minister Enoch Godongwana speaks during his 2023 budget speech in Cape Town, South Africa, February 22, 2023. REUTERS/Shelley Christians

In a week of unprecedented power cuts, Finance Minister Enoch Godongwana has agreed to pay off about $14bn of the debts owed by Eskom, South Africa’s ailing state electricity company – but at an ideological price.

Reading the 2023 to 2024 budget to parliament in Cape Town on 22 February, Godongwana said the Treasury’s help to pay off Eskom’s debts was contingent on it bringing in private companies to operate its generating plants and power transmission networks.