Chamber of Mines blames Zuma for S&P downgrade
South African Chamber of Mines CEO Roger Baxter says it’s now up to the African National Congress to remedy the situation.
JOHANNESBURG - The South African Chamber of Mines has blamed President Jacob Zuma for the recent ratings downgrade, saying he has failed to put the country first.
It says business, government and labour have worked extremely hard to maintain the country’s investment grade, and Zuma’s recent reshuffle has proven to be a major setback.
CEO Roger Baxter says it’s now up to the African National Congress (ANC) to remedy the situation.
“There are a number of things that do need to happen. The ANC has to go through its own internal processes of engaging on particular issues. When we have changes like these taking place we going to have to, as a country, work exceptionally hard to make sure that we can try to restore our investment grade, and that’s going to require the president and Cabinet to do their bit to make sure that we can get back on to the investment grade scale.”
Credit rating agency Standard & Poor’s Global Ratings on Monday downgraded South Africa's credit rating to junk status.
Moody's on Monday night also announced that it was placing the country’s sovereign credit rating on review for a downgrade.
(Edited by Zamangwane Shange)