South Africa bankrupt because of Socialism or incompetence

Eskom’s electricity tariffs have increased from around 15 cents per kWh in 2002, to about R1.12 per kWh in 2018. That's more than 700% increase in 16 years. The SOE’s debt stands at R420 Billion and growing as more money is needed for maintenance, which was never done. This debt is 60% of South Africa’s GDP. The Rand Dollar exchange is at R14 to the Dollar. 

Denel South Africa's largest manufacturer of defence equipment was unable to pay 4000 employees in December 2018 if they didn't receive a government bailout. No invoices where paid for 120 days, 1 557 unpaid invoices totaling R688 million. The Government Pension fund was used for this bailout and was widely criticized. Once a very profitable entity, now the cause of small business closures. The problem is that these business are small and highly specialized with scares skills, which has now been lost to other countries. 

South African Airways says they will not be filling for bankruptcy but need a government bailout due to a R5.7 Billion loss for 2018. SAA already function on R19.1 Billion government bond guarantees but need an additional R21.7 billion over the next 3 years. Other privately owned Airlines in South Africa had record profits for the same financial year.

Road Accident Fund (RAF) in South Africa is bankrupt, broke, insolvent and it’s being held together by the taxpayer, to the tune of R190 billion even though almost 10% of the fuel levy goes to them. Chair rentals to the price of R1666 is but some of the idiotic mismanagement happening. Government is contemplating closing down RAF, writing of the debt and rebranding it to Road Accident Benefit Scheme (RABS) probably with the same corrupt management.

Passenger Rail Agency of South Africa (PRASA) is bankrupt and owns Government R53 billion. PRASA blew R51 billions on a corrupt deal that left them with trains which weren’t able to run in South Africa railway because they didn’t fit the rails dimensions

South African National Roads Agency Limited (SANRAL) managing the toll roads managed to sink itself R35 billion into debt

Government Employees Medical Scheme (GEMS) – Almost bankrupt with cashflow at 2% by February 2017

South African Broadcasting Commission (SABC) will be functionally insolvent by the end of the month if nothing is done about the public broadcaster's dire financial situation. I guess that means they are bankrupt in a nice way. Much like the UK’s BBC you are forced to pay this license, only certain areas and obviously white suburbs. So chasing away white people to other countries might not have been the best idea since they carry the brand of the load. Also changing all their airtime to cater for black South Africans and isolating the rest of South Africans, not a good business model. Airing constant racial attacks on whites could stop them from watching your station, chasing away sponsorship and creating push back from the paying minority.

South African Postal service has been bankrupt since 2016. The government saved them by creating a SAPO bank to which government grants are being paid. No bank account no money it seems. They also needed a bailout because they where unable to pay personnel and creditors.

So for those of you who believe Socialism is the way to go and that government intervention is needed in everyday living, let this be a lesson. Democracy, Socialism and Communism is brilliant systems for the corrupt.