ANC President Cyril Ramaphosa is on yet another begging mission to London in an effort to prevent the bankrupt South Africa’s “economic downfall” which in truth is caused by mismanagement, corruption and downright blatant ransacking of the treasury by the ANC, the darling of The West. How will new UK PM Boris Johnson react?
The visit is a result of the recent appointment only the Presidential Economic Advisory Council, which is apparently composed of experts and recommended that the ANC go begging abroad.
With municipalities that are technically bankrupt due to their debt burden to Eskom, and the power provider’s operating loss of R21 billion, as well as a debt burden of R430 billion, investors are unlikely to risk investing in South Africa.
With Moody’s as the only rating agency that has not yet downgraded SA to junk status, Ramaphosa’s should be doomed to failure, but one never knows the power of a black skin. One only has to look at the history of handouts received by despotic dictator Mugabe over decades, despite blatant abuse of power.
Ramaphosa’s promise two years ago for investors to invest billions in South Africa was a gimmick that led to nothing, and his new mission will be full of promises, but nothing will happen.