[LISTEN] ETC says scrapping e-tolls could be devastating for the economy

The company contracted by Sanral to collect e-tolls Electronic Tolling Collections says scrapping e-tolls would be devastating to the province’s development and the country’s economy.

This week Transport Minister Blade Nzimande confirmed "extensive discussions" are under way as the African National Congress (ANC) in Gauteng seeks to scrap the system.

READ: Conference has taken a firm decision to scrap e-tolls - Panyaza Lesufi

Nzimande has made it clear that a decision to scrap e-tolls has not been made.

Gushwell Brooks, standing in for Karima Brown, spoke to the ETC's Chief Project Officer, Coenie Vermaak to get his take on the matter.

What we understand today is that Sanral borrowed initially about R22.5 billion through bonds to finance the construction of the Gauteng Freeway Improvement Project...effectively what will happen when the project gets scrapped is there is no income and that will breach certain governance within Sanrals agreements with the lenders and immediately the R22.5 billion that became in total around R40 billion that we are aware of will become payable virtually immediately...

Coenie Vermaak, Chief Project Officer at ETC

...that will drive the economy even further south and possible risk a further downgrade.

Coenie Vermaak, Chief Project Officer at ETC

Click on the link below to listen to the full conversation...


Recommended

by NEWSROOM AI
Read More
[LISTEN] We respect the independence of the Reserve Bank - ANC

[LISTEN] We respect the independence of the Reserve Bank - ANC

The African National Congress explains why it has retracted an earlier statement on the repo rate.

What is behind Cosatu's decline in membership?

What is behind Cosatu's decline in membership?

The labour federation is said to have lost more than 300 000 members in the past three years.

'Less motorists are paying e-tolls since ANC Gauteng announcement'

'Less motorists are paying e-tolls since ANC Gauteng announcement'

The Gauteng Open Road Tolling Project says the comments by the ANC have had a significant impact on payments.

[LISTEN] Conference has taken a firm decision to scrap e-tolls - Panyaza Lesufi

[LISTEN] Conference has taken a firm decision to scrap e-tolls - Panyaza Lesufi

The newly elected deputy chairperson of the ANC in Gauteng joined Karima to discuss the provincial leadership's key priorities.

Maimane to fight petrol hike, says ANC is using it to fund e-tolls

Maimane to fight petrol hike, says ANC is using it to fund e-tolls

From Wednesday, motorists are paying up 82 cents more for a litre of petrol while diesel has gone up 85 cents.

Motorists who default on paying for E-tolls in danger of losing their license

Motorists who default on paying for E-tolls in danger of losing their license

Thousands are in danger of losing their licenses, should the law relating to the amended AARTO Amendment Bill come into effect.

Popular articles
'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

'Some weed plants with high levels of chemicals have been linked to psychosis'

'Some weed plants with high levels of chemicals have been linked to psychosis'

Naked Scientist, Chris Smith shares his insights on some of the risks associated with smoking marijuana.

How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

DStv Premium on a downward spiral, warns tech guru

DStv Premium on a downward spiral, warns tech guru

DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.

ANC Tshwane gives mayor ultimatum on non-compliant buildings

ANC Tshwane gives mayor ultimatum on non-compliant buildings

ANC in Tshwane has given the Executive mayor Solly Msimanga 48 hours to produce occupation certificates for three buildings.

[LISTEN] 'Lesufi has been attacking Afrikaans schools since 2014'

[LISTEN] 'Lesufi has been attacking Afrikaans schools since 2014'

The Freedom Front Plus says the Gauteng Education MEC has flouted school language policies and is destroying Afrikaans.

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

What does Citadel’s famed disciple of contrarian, deep-value investing Dr Adrian Saville hope for (and fear) about money?