S&P: SA making little progress in economic reform

S&P Global Ratings said SA is making little progress in turning around the economy as political wrangling delays the implementation of reforms.

Finance Minister Pravin Gordhan and Deputy Minister Mcebisi Jonas going to Parliament. Picture: GCIS.

JOHANNESBURG – South Africa is making little progress in turning around the economy as political wrangling delays the implementation of reforms, raising the risk of a credit downgrade to sub-investment grade, S&P Global Ratings said on Thursday.

“If things deteriorate further it becomes difficult to continue believing that government can implement the things they say want to do, that they can turn around the economic situation,” said Gardner Rusike, the associate director for S&P global ratings.