S.Africa’s Ramaphosa vows “drastic” steps to save state companies

South Africa’s president said on Monday he would take “drastic” steps if needed to prevent foundering state-owned companies from failing,…

South Africa’s president said on Monday he would take “drastic” steps if needed to prevent foundering state-owned companies from failing, as the government appointed an independent adviser to manage the country’s passenger rail firm.

Cash-strapped and heavily indebted, state companies including South African Airways (SAA), power utility Eskom, defence firm Denel and Passenger Rail Agency South Africa (Prasa) have become a major headache for President Cyril Ramaphosa as he seeks to reverse years of stagnant growth.

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