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CAPE TOWN - The Banking Association of South Africa says the appointment of the new board of directors by deputy president Cyril Ramaphosa is one of the opportunities to place the country back on track for economic growth and job creation.

"The new board, under the leadership of the newly-appointed Chairperson, Jabu Mabuza, must move quickly to strengthen the executive team at Eskom, get rid of those in the team under investigation for corrupt activities, address the “going concern” crisis and enable the organisation to play the critical role it must to enable economic growth," a statement issued on behalf of BASA read.

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BASA hopes that the new board which is led by the newly-appointed chairperson, Jabu Mabuza, will move quickly to strengthen the executive team at Eskom, get rid of those in the team under investigation for corrupt activities.

The association also said the new board should "address the "going concern" crisis and enable the organisation to play the critical role it must to enable economic growth".

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The country's future

"If South Africa is to position itself as "open for business" at next week’s World Economic Forum in Davos, the government will need to provide clarity on what immediate actions it plans to take to re-establish both domestic and international confidence in South Africa as an investment destination," BASA added.

BASA described Ramaphosa's decision as a positive development and wishes the new Eskom board well in the significant tasks ahead.

Energy expert and fundi of all things Eskom-related, Chris Yelland said, “The fact that we have a new board is a positive sign but now there needs to be short, medium and long-term strategies and plans to draw up".

He added that it could even take up to a decade before the state power utility is out of the red.

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