Economics
Strike Over Job Losses Compounds South Africa Blackout Woes
- South Africa to announce additional Eskom measures Thursday
- Economic disruption bad news for Ramaphosa as election looms
This article is for subscribers only.
South Africa’s biggest labor group staged a nationwide protest against job losses Wednesday, the latest setback for an economy reeling from four days of rolling power cuts. The rand fell the most against the dollar among major currencies.
The double blow comes at a terrible time for President Cyril Ramaphosa, who is gearing up to contest elections in May, seeking to lure $100 billion in new investment and trying to retain the nation’s sole investment-grade credit rating. The stayaway was called by the 1.6-million-member Congress of South African Trade Unions, which backs the ruling African National Congress.