Gigaba: SA can regain investment grade rating

Finance Minister Malusi Gigaba says Treasury needs to engage with other ministries to ensure policy certainty.

FILE: Finance Minister Malusi Gigaba. Picture: Kgothatso Mogale/EWN

JOHANNESBURG - Finance Minister Malusi Gigaba says South Africa can regain its investment grade rating, without compromising on promises to transform the economy for the benefit of black people.

He says Treasury needs to engage with other ministries to ensure policy certainty.

Gigaba is currently speaking at the World Economic Forum Africa meeting in Durban.

The economy suffered two credit ratings downgrades to junk status last month after President Jacob Zuma sacked former finance minister Pravin Gordhan.

Since his appointment as Gordhan’s successor, Gigaba has vowed to radically transform the economy for the benefit of the black majority, which remains economically marginalised more than two decades after the end of apartheid.

The finance minister has repeated his message that he will not change South Africa's spending patterns and will not increase the level of debt.

He also says that the only way for the government to properly increase its revenues is to make sure the economy grows strongly.

Gigaba talked up inclusive growth and hardly mentioned radical economic transformation at all.

Gigaba also says it's important to provide policy stability for investors.

Earlier on Wednesday President Zuma also spoke at the event.

He said the fact he was booed by Cosatu members at the federation's May Day rally on Monday proves South Africa is not a dictatorship.

He also said he's not worried about the political situation and that recent developments show the country's democracy is maturing.