ANC must act to remedy our decay

Your headline in Thursday’s paper – We’ re in the dark – referring to the loan of R33 billion China provided Eskom which no doubt has strings attached, and that government acted as guarantor.

Eskom’s future as it is structured is likely to go from one crisis to another.

Repayment of the interest on its debt totals R40 million a day, it is overstaffed with slothful and incompetent workers and it has little chance of recovering billions it is owed by municipalities.

It is rumoured that the government pension fund has invested heavily in a rescue attempt to keep Eskom from collapse. In the process, it has jeopardised the future well-being of its members.

Privatising the utility is the only way of returning it into a going concern. The history of our SOEs tells of dismal failure.

News last week reveals that staff of Prasa, who have also been bailed out with a loan from China, have been on a looting spree, which eventually becomes a problem for Treasury who are already having to cope with our burgeoning sovereign debt soon to reach 60% of our GDP.

We are paying the price of the Zuma years which will also burden future generations, and the ANC offer no vision and is unable to act decisively to remedy our decay. Ted O’Connor, Albertskroon

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