South African President Cyril Ramaphosa has decided to annul his participation in the World Economic Forum (WEF), planned to take place from 16 to 20 January in Davos, Switzerland, due to the electricity crisis concerning the country.
This was announced in a tweet by presidential spokesperson Vincent Magwenya, who said that a series of meetings had been programmed to find a solution to the problem. In the same context, Ramaphosa intends to bring together the leaders of political parties represented in Parliament, the Eskom board, and the National Energy Crisis Commission (NECCOM).
South African citizens and businesses have been protesting about the power cuts, which have risen to level 6 out of 8, especially as the state-owned electricity company Eskom is set to increase its tariffs by more than 18% from next April.
The power shortage has seriously impacted investor confidence and business output in 2022. As a result, economic growth forecasts have been revised downwards.