South Africa's downgrading to junk investment status is not the catastrophe it is made out to be, says Mzwanele Manyi. Manyi, a businessman and former government spokesman, is known for his outspoken views on "white monopoly capital" and the need for "radical economic transformation" expressed on social media. In an interview this week he shared some of his views on the economy, the cabinet reshuffle and an "ailment" he diagnosed as "Guptaphobia". Although acknowledging that junk status was "not good", Manyi said there had been an "overreaction" to the downgrading. "Junk status is not this catastrophic thing that people have defined it [to be]. It's disingenuous to say it will affect the poor. "Yes, it will affect the poor, but it's disingenuous to use that when in South Africa we have a history of not being in junk status but poverty has never come down," he said. Manyi is president of the Progressive Professionals' Forum and believes that fundamental change can be achieved only th...
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