South Africa downgraded to junk status by S&P

Cape Town – Fin24 reports that ratings agency S&P Global Ratings on Monday downgraded South Africa to sub-investment grade and said a massive Cabinet reshuffle shortly after midnight on Friday has put policy continuity at risk.

The decision follows a Cabinet reshuffle which claimed the jobs of Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas.

The report states that barely 24 hours into his new job as Minister of Finance, Malusi Gigaba clarified two important aspects of his new appointment which represent major shifts from his predecessor. Both aspects of the new Gigaba era should leave South Africans concerned and calling for greater scrutiny than ever before on government, political analyst Daniel Silke earlier wrote on Fin24.

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