JOHANNESBURG – Organised business is blaming President Jacob Zuma and his changes at Treasury for South Africa’s ratings downgrade by Standard and Poor’s, and another one by Moody’s that could sink the country to official junk status later this week.
Business Unity South Africa has called on the government to “asses urgently” if its current path is serving the best interests of the country
Moody’s has also placed the country on review for a downgrade, following last week’s cabinet reshuffle and the axing of Pravin Gordhan as Finance Minister.
Business Unity South Africa (BUSA) has called on the government to “asses urgently” if its current path is serving the best interests of the country.
BUSA says it will seek urgent meetings with officials in the tripartite alliance, and has already initiated meetings with social partners in labour and civil society to map the way forward.
CEO of Investec and member of the 90-strong CEO initiative, Stephen Koseff was on Power Perspective on Monday night following the S&P announcement.
He said the cabinet changes came after business, labour and government had worked together for 14 months, to try prevent a downgrade, and expressed his disappointment.
Listen to a clip of his interview:
– POWER 987