Chairperson of the African National Congress's (ANC) subcommittee on economic transformation, Enoch Godongwana, says he won’t rule out the possibility of a recession, following credit ratings downgrade to junk status by rating agencies Standard & Poor's as well as Fitch.
On Sunday, the committee held a briefing on the party’s economic transformation discussion document.
That is a possibility at the moment depending on how South Africans respond to this challenge.— Enoch Godongwana, ANC's head of economic transformation
He has refused to comment on a series of alleged WhatsApp messages by ANC allies mocking the credit ratings.
A _Sunday Times _report states that Water and Sanitation Minister Nomvula Mokonyane, told a WhatsApp chat group: “It’s actually better Western investors will pull back and we have an opportunity to bring them back in on our own terms after we have consolidated our relations with Africa and Brics. We must rearrange our foreign debt repayments.”
Godongwana says if it is true, it is a worrying response.
Click below to listen to the full interview…