'It’s not about competence! It’s about whether Gigaba is captured'

The ratings agencies Standard & Poor’s and Fitch have downgraded South Africa’s status to junk, citing concerns about possible changes in policy following the sacking of former Finance Minister Pravin Gordhan.

Moody’s will soon make its decision.

The Money Show’s Bruce Whitfield interviewed Econometrix Chief Economist Dr Azar Jammine.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

The markets are adopting a wait-and-see attitude… they still carry a lot of scepticism about Malusi Gigaba…

Dr Azar Jammine, Econometrix

Gigaba did himself a huge disservice on his first day.

Dr Azar Jammine, Econometrix

I don’t think there’s one litmus test. It’s going to take place over an entire year, or more. The big test will be the Budget next year.

Dr Azar Jammine, Econometrix

What he’s going to have to try and prove is that he is determined to fight corruption. Because there’s a suspicion that he has been put in that position to pass a number of deals that is unsavoury.

Dr Azar Jammine, Econometrix

The big suspicion is that it’s not just about competence. It’s about whether he’s captured.

Dr Azar Jammine, Econometrix

The price of gold has shot up and that is good for our current account.

Dr Azar Jammine, Econometrix

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Article brought to us by Old Mutual.

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