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....

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Michael Jordaan (ex FNB CEO, ex Chair of Mxit) bares his soul about money

Michael Jordaan (ex FNB CEO, ex Chair of Mxit) bares his soul about money

The Money Show's Bruce Whitfield interviews Rain Director Michael Jordaan about his money beliefs and history.

50 inventions that created the modern economy

50 inventions that created the modern economy

Economist Tim Harford discusses his book “50 Things That Made the Modern Economy”.

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
Mduduzi Manana resigns

Mduduzi Manana resigns

President Jacob Zuma has confirmed that he accepted Manana's resignation and thanked him for his contribution during his term in office.

Alopecia androgenetica is the most common form of pattern baldness - Hair doctor

Alopecia androgenetica is the most common form of pattern baldness - Hair doctor

Dr Kevin Alexandra of the Hair loss clinic explains why you may lose your hair and what treatment you can follow for hair loss.

Good sugar vs bad sugar

Good sugar vs bad sugar

David Katz also known as Mr. Active and Phemelo Motene discuss which sugar you should avoid and which sugar you should consume.

An expert guide on 'hotwifing' and 'cuckolding' in the bedroom

An expert guide on 'hotwifing' and 'cuckolding' in the bedroom

Clinical sexologist Dr Eve shares insights into sexual fetishes and how partners negotiate them in their bedroom and relationship.

Big supermarkets to be policed on food hygiene standards

Big supermarkets to be policed on food hygiene standards

JP Smith, Mayco member for Safety and Security, explains some of the measures in place to ensure food hygiene in big supermarkets.

[Watch] John Maytham shuts down victim shamer on air

[Watch] John Maytham shuts down victim shamer on air

A caller wanted to know what the alleged victim had done in order for Grace Mugabe to assault her.

WC Health Dept responds to Diphtheria outbreak

WC Health Dept responds to Diphtheria outbreak

Dr John Sonnenberg voiced his concern that communication in the Helderberg area following the outbreak could have happened sooner.

Cape officials to harvest 500 million litres of new water a day

Cape officials to harvest 500 million litres of new water a day

Mayor of Cape Town speaks to CapeTalk's Kieno Kammies about plans to provide more water amidst the ongoing drought.