SIKONATHI MANTSHANTSHA: SA's path to First World status is wide open
The lootocrats are on the back foot. One by one, they are falling. They have already lost the most influential of their foot soldiers
So we have come full circle. We have arrived at the place where we started. This time, though, we’re right in the middle of a long, head-first descent. Back in October 1994, when it all began, SA was ranked Baa3 on the Moody’s ratings scale of creditworthiness. On the same day, Standard & Poor’s had us on BB. Both had a stable outlook. We were far from perfect. In the name of politics, people had for years been slaughtering one another in Gauteng’s East Rand (now Ekurhuleni) and the countryside in KwaZulu Natal. But things were looking up. Though Fitch Ratings did not rate SA until February 1998, when it put us on a BB rating with a positive watch, we were on the ascendancy. Nelson Mandela was breathing fresh air into the gloom that was Africa’s curse of former liberation fighters turning into autocrats. His successor as president in the party had been elected unopposed and had already been running the country, while the elder statesman ceremonially enjoyed tea and biscuits with for...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.