Accelerate Cape Town CEO Ryan Ravens says that the South African economy still has a lot of work to do to repair the country's outlook.
This comes after Standard & Poor (S&P) decided to keep its rating for South Africa unchanged, with a negative outlook last week.
Ravens warns that, although the country has managed to avoid junk status, government and business need to commit to turning around the economy over the next six months.
"Whilst we can all breathe a collective sigh of relief, it's certainly not a cause for celebration."
He explains that ratings agencies don't determine the state of an economy; instead, they comment on its viability from an investment perspective.
According to Ravens, South Africa can only grow its economy if it sees its targets through, including job creation and fiscal discipline.
"We've dodged the bullet in the short term, but it's definitely a temporary reprieve so that we can get some the initiative on track [to ensure commitment.]— Ryan Ravens, CEO of Accelerate Cape Town
Fitch Ratings is the next ratings agency expected to make its announcement on South Africa's status this Wednesday.
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