President Cyril Ramaphosa has decided to skip the international World Economic Forum (WEF) in Davos, Switzerland, to deal with the domestic national power crisis. South Africa was recently plunged into stage 6 load shedding, pushing up the frequency and length of rolling blackouts, impacting economic growth and causing frustration among citizens. Financial services company BNP Paribas predicts that energy insecurity in the country will worsen, slowing economic growth, with power outages increasing to 200 days in 2023. Intellidex analyst Peter Attard Montalto also warns that load shedding may reach stage 7 or higher by the middle of the year. During load shedding, Ramaphosa has been accused in the past of not staying in the country. During the latter part of last year, when concluding presidential meetings with US president Joe Biden, Ramaphosa rushed back to South Africa as public outcry intensified. The World Economic Forum (WEF) is a Swiss non-profit organization that holds an annual meeting in Davos, Switzerland, bringing together political leaders, business executives, and experts to discuss pressing global issues.
SOURCE: BUSINESSTECH
