Despite its racial and economic divide, SA has long been the continent’s jewel, but has managed to show that an African country can be economically stable and have the ingredients to move to developed nation status. Not only had it become a beacon of hope on the continent with the sliding of its peer Nigeria, it had been one of the few African countries with a solid base that helped it consistently remain at investment grade, until March. It is by now common knowledge that the country’s investment rating leaves much to be desired after downgrades by S&P Global Ratings as well as Fitch, leaving the economy on subinvestment grade. All this after a cabinet reshuffle that sent the rand tumbling. Much has been speculated regarding the real effect of the downgrade on the economy, investors and the ordinary man in the street. While some have dismissed the downgrades as nothing other than a collusion by market forces bent on maintaining the economic status quo, some voices of reason have tr...
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