‘We all know what sparked that off’, Cyril Ramaphosa says of SA’s fall to junk status
Deputy President Cyril Ramaphosa has‚ for the first time‚ directly blamed his boss, President Jacob Zuma, for the recent decisions by two ratings agencies to downgrade SA to junk status. Without mentioning the name of the President‚ Ramaphosa told the Cosatu central executive committee meeting that the Treasury‚ business and civil society’s efforts to grow the economy had been dealt a "big blow"‚ telling delegates, "we know what sparked that off". "It is therefore critical that we must marshal all our resources and direct all our focus to ensure that our sovereign credit rating does not suffer any further downgrade and it is critical that we work together — and we have been doing so for the past 18 months — to address the immediate obstacles that stand in the way of growing our economy‚" said Ramaphosa: Fitch Ratings‚ the second agency to downgrade SA to junk status‚ announced in April that it took the decision to downgrade the country’s unsecured foreign-currency and local-currency...
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