South Africa is famous for its tortured road to democracy, its world-beating rugby team, its wine and its cultural diversity — but in business and finance circles, the country’s inability to generate enough electricity is seen as its magnum opus. That would be a mistake, though, because the country has a more serious and knotty problem: the collapse of its logistics network.

Snowballing problems at Transnet, the state-owned passenger and freight rail, ports and fuel-pipeline operator, will be more harmful to South Africa and the region in the long-run than the energy crisis. Despite the shocking performance of Eskom, the state-owned power utility, which has left the country reeling from daily hours-long blackouts all year, fixing the railways is more urgent.