South Africa: Change at the top comes at a critical juncture for South Africa’s electricity sector

The signs are not good for South Africa’s economy. The International Monetary Fund (IMF) estimates that GDP grew by only 1.9% in 2013, following a disappointing 2.5% in 2012, and growth of just 0.6% in Q1 2014 has many investors worried. The IMF does not expect the unemployment rate – which does not include the sizeable economically inactive population – to fall below 24% until 2018. A string of damaging strikes, most notably the five-month strike at the platinum mines, has contributed to an annualised fall in mining and quarrying output of nearly 25% in Q1 of this year.