‘Treasury [the new team] doesn’t acknowledge that we have a problem’

Standard & Poor’s has downgraded South Africa's sovereign credit rating to “junk” status.

The rating agency says the decision has been taken on the back of political and institutional uncertainty after President Jacob Zuma announced his Cabinet reshuffle in which Pravin Gordhan was axed.

Arabile Gumede (in for Bruce Whitfield on The Money Show) interviewed KPMG Senior Economist Christie Viljoen.

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

There are many levels to go down. This is not the bottom.

Christie Viljoen, KPMG

There’s no positive comment.

Christie Viljoen, KPMG

Treasury [the new team] doesn’t acknowledge that we have a problem.

Christie Viljoen, KPMG

With this; the pace of job creation will remain too slow.

Christie Viljoen, KPMG

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Article brought to us by Old Mutual.

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