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....


This article first appeared on 702 : Gordhan: Ratings agencies could take a dim view on SA


Recommended

by NEWSROOM AI
Read More
How to build a business that will survive constant technological change

How to build a business that will survive constant technological change

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

How to pay up to 45% less tax (and save the SA economy while you’re at it)

How to pay up to 45% less tax (and save the SA economy while you’re at it)

The Money Show’s Bruce Whitfield interviews Darryn Faulds, a fund manager at Grovest Group.

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
News24 exposes how big SA corporates are funding fake news

News24 exposes how big SA corporates are funding fake news

A News24 investigation has exposed how some of South Africa's biggest companies have been advertising on fake news websites.

Zille open to renaming Robben Island swim after 'nation-builder' Theo Yach

Zille open to renaming Robben Island swim after 'nation-builder' Theo Yach

Premier Helen Zille describes Yach as one of the most generous, warm, open-hearted and community-driven people she's ever known.

[Watch] SA choir stuns with isiZulu cover of Ed Sheeran’s ‘Shape of You’

[Watch] SA choir stuns with isiZulu cover of Ed Sheeran’s ‘Shape of You’

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone Viral'.

[WATCH] Man exposes people selling stolen goods on Facebook

[WATCH] Man exposes people selling stolen goods on Facebook

Anton Fourie says he used his phone to record the interaction to create awareness of what is going on in the community.

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Cheryl Zondi is testifying against Pastor Timothy Omotoso who is accused of rape and human trafficking in his Durban church.

Funny Cape fashionista Nadia Jaftha making waves with her mom

Funny Cape fashionista Nadia Jaftha making waves with her mom

Fashion blogger Nadia Jaftha takes fans through her serious love of style, as well as her silly moments with sidekick mom, Nawal.