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BLACKOUTS have cost South Africa as much as R300bn since 2008, according to economist Dawie Roodt of The Efficient Group, the Sunday Times reported.

Roodt said this figure does not include the recession in the second half of 2009.

In Roodt’s view Eskom’s problems have cost SA as much as 10 percent of potential economic growth.

The latest of Eskom’s troubles was a crack, which caused the collapse of a coal storage silo at the Majuba power station in Mpumalanga last week.

Eskom had to resort to rolling blackouts across the country.

Eskom has been aware of structural problems of the silo which collapsed at its Majuba Power Station since January, said trade union Solidarity.

Solidarity blamed Eskom for not having addressed the issue, accusing the company of negligence.

Fin24 reported last week business confidence in South Africa fell to 88,8 in October, from 89,2 in September, reflecting uncertainty as the economy tries to deal with domestic and global headwinds.

“The challenge to improving business confidence is for the private sector to be convinced that the economy is entering a new era of economic growth,” according to a statement by the South African Chamber of Commerce and Industry (Sacci).

Despite a vulnerable power system, no rolling blackouts are expected over the weekend and next week, Eskom said on Friday. – Fin24