Busa hails recent progress into state capture, upgrade of SA’s rating outlook

Busa says the country has taken positive strides and this will help in restoring confidence.

Former Transnet Group CEO, Siyabonga Gama (third from left), and his co-accused appear in the Palm Ridge Magistrates Court on 27 May 2022 following their arrest on the same day. Picture: Nkosikhona Duma/Eyewitness News

JOHANNESBURG - Business Unity South Africa (Busa) says the country has taken a few key steps forward over the past week, including the arrest of critical players allegedly involved in state capture.

Five suspects appeared in a Johannesburg court on Friday in connection with fraud and money-laundering at Transnet.

They're accused of siphoning money from the parastatal to entities controlled by the Gupta family.

Busa says the country has taken positive strides and this will help in restoring confidence.

It's also noted the announcement by S&P Global that's upgraded South Africa to a positive sovereign rating outlook, although still leaving the grading in sub-investment status.

It says this is evidence that rating agencies will recognise positive interventions by government that begin to address the serious structural issues in the economy.