SA would be growing closer to 2% a year without power cuts: Sarb

South Africa’s central bank estimates that the country’s economy would grow at closer to 2% a year over 2023-25 in the absence of scheduled power cuts implemented by struggling state utility Eskom, Governor Lesetja Kganyago said on Friday.

Kganyago made the comments during an address at an annual general meeting of shareholders of the South African Reserve Bank (Sarb).

The Sarb’s forecasts from last week’s monetary policy meeting show the central bank expects the South African economy will grow 0.4% in 2023, 1.0% in 2024 and 1.1% in 2025.