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
How to delegate (and why you must, whether you like it or not)

How to delegate (and why you must, whether you like it or not)

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

Where to invest? Property vs 'a small business' vs 'an investment fund'...

Where to invest? Property vs 'a small business' vs 'an investment fund'...

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

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
LISTEN: Gerrie Nel on why he's persuing prosecution against Duduzane Zuma

LISTEN: Gerrie Nel on why he's persuing prosecution against Duduzane Zuma

AfriForum will prosecute Duduzane Zuma after NPA declined to do so in 2015 following a 2014 accident where a woman died.

How we invented the modern concept of sleep

How we invented the modern concept of sleep

Dr Bodhisattva Kar reveals how industrial capitalism influenced the world's current sleep patterns.

Hassen Adams (he brought Burger King and Dunkin’ Donuts to SA) talks money

Hassen Adams (he brought Burger King and Dunkin’ Donuts to SA) talks money

The Money Show’s Bruce Whitfield interviews Adams about his attitude to money (hopes and fears, successes and failures, etc.).

Kloof Street residents living in fear as crime multiplies

Kloof Street residents living in fear as crime multiplies

A Cape Town man was stabbed to death on Saturday while trying to assist two women who were being mugged on Kloof street.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.