yt 831 South Africas Ramaphosa pledges to fix economy as election looms 1024x576 - South Africa's Ramaphosa pledges to fix economy as election looms

South Africa’s Ramaphosa pledges to fix economy as election looms

South Africa’s Ramaphosa pledges to fix economy as election looms

CAPE TOWN (Reuters) – South African President Cyril Ramaphosa announced plans on Thursday to split struggling state power giant Eskom into three separate entities, as he sought to convince investors and voters that he will turn around a struggling economy before an election in May. Ramaphosa is balancing efforts to revive an economy burdened by government debt and mismanagement with the need to retain the support of elements in his ruling African National Congress (ANC) and powerful labour unions who oppose reforms that could cost jobs. The ANC is expected to win May’s parliamentary election but analysts say Ramaphosa needs the victory to be resounding if he is to unite a party that has been deeply divided since the ousting of scandal-plagued Jacob Zuma a year ago. “The task before us is formidable,” Ramaphosa said during a televised state of the nation address in parliament that was attended by hundreds of lawmakers and dignitaries. “Above everything else, we must get our economy work…

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