Saturday, June 25 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Jun 20
Week of Jun 13
Week of Jun 06
Week of May 30
Week of May 23
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Economy needs urgent surgery, says Ackerman

    May 18, 2022 - Dieketseng Maleke


      PICK n Pay chairman Gareth Ackerman said yesterday the economy needed urgent surgery as he called for the government to urgently sort out its energy policy issues while harnessing the capability of the private sector to aid the recovery.

      This as South Africa has been plunged into repeated load shedding by power utility Eskom, knocking the bottom line of businesses, and hitting the economy.

      Speaking during the presentation of the Pick n Pay company results for the 52 weeks ended February 27, 2022, Ackerman said it was only through trusted partnership that the economy would recover.

      “The constant focus on issues other than growing the economy is resulting in a smaller cake to share amongst a growing population. We need to grow the economy and start with fixing the fundamentals,” he said.

      Ackerman said accelerating the economy would require extraordinary focus and rapid implementation of reforms which the government had already committed to.

      “Our government needs to harness the energy and capability of the private sector, without fear or mistrust,” he said.

      Ackerman said a major impact on jobs was the lack of sufficient electrical power.

      “The amount of red tape, policy obstacles and legal hoops standing in the way of alternative power generation needs to end,” he said.

      He said that according to the Anglo American Platinum CEO, South Africa was one of only four countries in the world that could generate more renewable energy than it needed.

      “What an opportunity we are squandering,” Ackerman said. “This requires urgent policy attention.”

      Furthermore, the government’s extended public works programme needed to work on cleaning up pollution and repairing potholes and other key infrastructure in our towns and cities with immediate effect, he said, adding that apart from the impact on the economy and the environment, this failure impacted job creation.

      On Environmental, Social, and Governance (ESG) Ackerman said ESG was embedded in Pick n Pay’s values of business efficiency.

      “Doing good is good business, and consumer sovereignty. We embarked on what is now called ESG in the 1980s, long before it was fashionable or important. ESG matters to long term sustainability – and must work alongside economic and financial factors to reduce, not increase costs,” he said.

      Ackerman said artificial intelligence was being used by investor rating agencies to review company disclosures.

      “Our 2022 ESG reporting will include an extended list of ESG indicators that are suitable for AI recognition. Our record of social involvement spans over half a century and reaches across the nation,” he said.

      Pick n Pay spend with Small, Medium and Micro Enterprises (SMMEs) in product and services purchases during the last financial year was R4.3 billion. Nearly 30 percent of the group’s suppliers were small businesses.

      “We have increased our investment in black-owned SMMEs with a particular focus on building our black women-owned supplier base,” he said.



    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.