Gordhan: Ratings agencies could take a dim view on SA

While the African National Congress (ANC) prepares to hold its National Working Committee (NWC) meeting on Monday, global ratings agencies are likely to react this week to President Jacob Zuma's cabinet change.

Zuma’s decision to replace Pravin Gordhan and his deputy Mcebisi Jonas, shocked the markets last week with the Rand falling to a two-year low.

Speaking to Bruce Whitfield on Friday, Gordhan said there is a lot of work to do to inspire confidence in foreign investors.

Asked if a ratings downgrade is likely, Gordhan said he spoke to ratings agencies Moodys and S&P before his sacking.

As we have said to you constantly our numbers, although modest in terms of growth and jobs and so on, those numbers are fine….

Pravin Gordhan, Former Finance Minister

If they feel that the recent events jeopardise that then they will take a dim view of us.

Pravin Gordhan, Former Finance Minister

One of them next week are going to make their official view known.

Pravin Gordhan, Former Finance Minister

Meanwhile newly appointed Finance Minister Malusi Gigaba has assured the public that he will build on the good work done by his predecessors.

Gigaba was speaking at a media briefing on Saturday.

He says Treasury has committed itself to maintaining an investment grade credit rating for South Africa, by all credible ratings agencies globally.

Click below to listen to Bruce Whitfield's full interview with Pravin Gordhan....


Recommended

by NEWSROOM AI
Read More
When insurance claims go wrong

When insurance claims go wrong

Be mindful of what you're disclosing at the time you take out a policy.

'Scrubbing' the atmosphere and other high-tech climate friendly innovations

'Scrubbing' the atmosphere and other high-tech climate friendly innovations

Data ssystems use a great deal of energy and tech providers must start reducing emissions.

The DA to go ahead with its march on Luthuli House on Friday

The DA to go ahead with its march on Luthuli House on Friday

The opposition party is lobbying African National Congress MPs to vote in a motion of no confidence against President Jacob Zuma.

"It would have been nice to receive a phonecall" - Gordhan

"It would have been nice to receive a phonecall" - Gordhan

Former Finance Minister speaks to Bruce Whitfield about how he heard his services were no longer required.

Zuma's Cabinet reshuffle a low blow on SA's poor, says Archbishop Makgoba

Zuma's Cabinet reshuffle a low blow on SA's poor, says Archbishop Makgoba

Archbishop Thabo Makgoba says that poor South Africans stand to lose the most following President Jacob Zuma's Cabinet reshuffle.

Gordhan rubbishes intelligence report and is applauded by Treasury staff

Gordhan rubbishes intelligence report and is applauded by Treasury staff

Former Finance Minister addressed media and Treasury staff at a media briefing following them being removed from his post.

Popular articles
Yves Saint Laurent starts selling designer condoms for R95 a pop

Yves Saint Laurent starts selling designer condoms for R95 a pop

Some things in life just don’t need a “designer” counterpart, reckons branding and advertising expert Andy Rice.