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....


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by NEWSROOM AI

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