SA has done enough to avoid downgrade - Mkhize

The ANC's Zweli Mkhize says he doesn’t believe SA has deteriorated to the extent that the country deserves a ratings downgrade to junk status.

FILE: ANC Treasurer General Zweli Mkhize. Picture: ANC.

JOHANNESBURG – African National Congress treasurer general Zweli Mkhize says he doesn’t believe South Africa has deteriorated to the extent that the country deserves a ratings downgrade to junk status.

Mkhize was speaking in Sandton ahead of Friday’s decision by global ratings agency Standard & Poor's on whether to downgrade the country.

The assessment will be the third and final by a major ratings agency.

S&P Global currently rates the country at one notch above junk status.

Mkhize says the country has done enough to avoid a downgrade.

“When we met with them, we made our point and plea that we believe the country is actually standing at a threshold of recovery and we don’t believe that a downgrade will be a fair acknowledgement of whatever effort we have made to try and stabilise the economy.”

Earlier he said the way the economy is structured must change.

“If we keep the culture, structure and pattern which our economy is running on, we’ll find in the new democracy administering over the preservation of an apartheid light.”

Mkhize said if inequality is allowed to persist, two nations will be created and that will cause problems.

(Edited by Winnie Theletsane)