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The markets will be fine as long as Cyril Ramaphosa remains president - analyst

Bruce Whitfield interviews Dr Adrian Saville, CEO of Cannon Asset Managers, and professor Chris Malikane of the University of Witwatersrand, on the upcoming Moody's ratings review of South Africa.

ANC President Cyril Ramaphosa addresses supporters in Soweto during the party's Gauteng leg of the campaign trail. Picture: @MYANC/Twitter.

CAPE TOWN - South Africa should have been downgraded a long time ago, according to analysts.

In an interview with The Money Show's Bruce Whitfield, Dr Adrian Saville, CEO of Cannon Asset Managers, said South Africa had been "cut a lot of slack".

His comments came ahead of ratings agency Moody's ratings review of South Africa on Friday.

"Capital markets have priced South Africa as if we’ve been taken into sub-investment grade…. They’ve been pricing us that way for some time."

He added: "We're in a difficult economic circumstance and it doesn't look like it's going to improve."

Whitfield also spoke to Chris Malikane, associate professor of economics at the University of Witwatersrand.

Malikane agreed the country should have already been downgraded by Moody's and added ratings agencies were more concerned about the politics of the country, namely the upcoming elections.

"President Ramaphosa has announced bold policy statements that most of his predecessors had no political courage to do. Rating agencies would not want to upset the path he is taking."

He believes the markets will do well as long as the ANC wins the 2019 election and Ramaphosa remains the president of South Africa.

"As long as the president remains Cyril Ramaphosa, the markets will be fine."

Listen to the audio for more.

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