Image credit: Picture: EWN
By BO Staff Writer
Cyril Ramaphosa was catapulted into the Presidency of South Africa (SA) at the beck of a R1 billion slush fund by white monopoly capital (WMC). The CR17 was a response to the candidate of Radical Economic Transformation (RET), Nkosazana Dlamini-Zuma (NDZ). WMC was so scared that it did everything possible to stop NDZ from emerging. Ramaphosa promised to protect the interests of WMC by ensuring that the economy remains neoliberal.
Two years into his Presidency, and having made some of his funders even more wealthy, he is under pressure to deliver even more and faster. Johann Rupert, who complained that Jacob Zuma was not talking to him and wanted him out, just made a whooping R11 billion in one year! The Oppenheimers, who contributed R10 million to the slush fund, also made R6 billion in one year. Add the R1.4 trillion that Ramaphosa gave to his funders through the Independent Power Producers (IPPs), and a disturbing picture of gross state capture emerges.
With all the wealth that the CR17 donors are making, they still want more. They want Ramaphosa to give them Eskom as a priority. It is clear that London and Stellenbosch do not appreciate the fact that Ramaphosa needs to navigate the resistance given by the RET forces led by the African National Congress (ANC) Secretary-General, Ace Magashule.
Many observers have noted that the ongoing loadsheding are part of the scheme to justify the privatization of Eskom.
To force Ramaphosa to act, London and Stellenbosch are using the instruments of blackmail at their disposal such as the World Bank; rating agencies; and local business confidence indexes.
WMC doesn’t want anymore excuses. The militant proxy of the Oppenheimers, Sipho Pityana who is also the President of Business Unity South Africa (BUSA), is frothing at the mouth decrying the slowness of Ramaphosa in surrendering the economy to his bosses. He has even set up a conference to do activism for privatization.
On the other hand, the World Bank has just cut the economic growth projection of SA to below 1% for 2020. It says that this is due to electricity supply concerns.
The South African Chamber of Commerce and Industry (SACCI) told Ramaphosa yesterday that, “South African business confidence slumped to the lowest in 34 years in 2019 as the country faced power cuts, delays in policy implementation, deteriorating public finances”.
The WMC outfit went further to say that this low business confidence means that SA risks losing its only remaining investment-grade credit rating.
All these threats and bullying are meant to put fire on the backside of Ramaphosa to deliver the country to his handlers without delay, as he promised.
The next six months are going to be rough.