Home Economy City of Cape Town: load-shedding cost billions of rand

City of Cape Town: load-shedding cost billions of rand

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The City of Cape Town said that the recent bout of load-shedding cost billions of rand and seriously affected small businesses in the city.

According to the statement, load-shedding affected small businesses in those areas where the entrepreneurs could not afford the costs of investing in a generator.

“Without a doubt, the cost to the economy is real and it is certain to cost billions of rands. In addition, the potential for businesses shedding jobs to keep trading is the intrinsic unquantifiable cost which we need to mitigate wherever possible,” mayoral committee member for economic opportunities and asset management Alderman James Vos said.

Vos also stated that the impact of the load-shedding was felt not only by Cape Town but by other economic hubs of the country.

Economist Dr Azar Jammine clarified that the impact of load-shedding on the economy of the country was between 0.1% and 0.2% of the Gross Domestic Product.

The City’s economy partner GreenCape counted the load-shedding cost as R75mil an hour.

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