It’s reaching boiling point, with reports that the state-owned logistics operator is costing the economy R1bn a day.
Last week, the Durban Chamber of Commerce and Industry called on Public Enterprises Minister Pravin Gordhan to remove Transnet CEO Portia Derby and other key executives, claiming their lack of service delivery is sabotaging business.
This was followed by a joint statement from Transnet and the Minerals Council emphasising their efforts to solve the rail and ports issues that had throttled miners’ ability to get their commodities to port. The Minerals Council estimates inefficiencies at Transnet may have cost the country R150 billion in lost sales in 2022. That figure has clearly risen in 2023.Lost coal sales due to Transnet inefficiencies amounted to 22Mt in 2022, a figure that will rise to about 30Mt in 2023, according to the Gain Group. Forex losses amounted to R88 billion in the coal sector alone in 2022, with a further R174 billion in foregone economic activity.
The taxpayer is required to underwrite these losses and Transnet’s loan book – with no clear evidence of sustainable recovery.Last week’s letter from the Durban chamber is indicative of the rising frustration with the slow progress at Transnet, with words like “sabotage” being used to characterise senior management at the rail and ports operator.
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