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Ramaphosa: Work has just begun to stabilise economy

S&P will be the next agency to review SA after Moody’s adjusted the outlook from stable to negative.

FILE: Deputy President Cyril Ramaphosa. Picture: GCIS.

JOHANNESBURG - As officials from ratings agencies prepare to make their way to the country, Deputy President Cyril Ramaphosa says the work has only just begun to stabilise the economy.

His comments follows Moody's decision to maintain South Africa's credit rating two notches above junk status. The ratings agency has, however, adjusted the outlook from stable to negative.

The ratings agency says it reflects the view that South Africa is likely approaching a turning point after several years of ailing growth.

LISTEN: What would it mean for SA to reach 'junk' status?

Standard & Poor's will be the next agency to review the country.

Ramaphosa and other government leaders are heading to Rwanda for the World Economic Forum Africa meeting, with a message that the country is still open for foreign investment.

He says despite the current economic problems, government and business remain determined to find solutions.

The African National Congress' Zizi Kodwa says this is an indication of the country's maturing political system.

"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."

Meanwhile, economist Isaac Matshego says more needs to be done to attract investors. "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."

National Treasury says the National Development Plan will remain the pillar of the country's economic growth.

Additional reporting by Mia Lindeque.

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