As the country awaits the coming of ratings agency officials, Deputy President Cyril Ramaphosa confers that the work targeted at stabilizing SA economy has only started.
These comments by the Deputy President was motivated by ratings agency Moody’s decision to maintain a credit rating of two notches above junk status on SA economy.
However, the ratings agency has shifted the point of view from stable to negative.
Moody’s says it reflects that there is a possibility that South Africa is approaching a turning point after several years of ailing growth. After Moody’s, Standard & Poor’s will be the next agency to review the SA economy.
As part of efforts to market the country’s economy, Ramaphosa and other government leaders are heading to Rwanda to attend the World Economic Forum Africa meeting. They intend to sell the idea that the country is still open for foreign investors to explore.
Ramaphosa observed that irrespective of the current economic problems facing the country, SA government and business are still committed to finding solutions.
According to African National Congress’ Zizi Kodwa, this is an indication that the country’s political system is advancing and upgrading to higher levels.
“What they’re talking about at the Constitutional Court and the North Gauteng High Court indicates that we’re beginning to step up and our democracy is strong.”
In the meantime, economist Isaac Matshego has a slightly different opinion as he says that more work needs to be put into the efforts made to attract investors in to the country.
“I do feel that business confidence is low at the moment and a lot has to be done to entice local and international investors to really put money into this economy and expand it.”