The decision by Standard and Poor’s to downgrade South Africa to junk status is not surprising but gravely concerning in the face of South Africa’s sluggish economic growth and high unemployment.
The rating agency says the decision has been taken on the back of political and institutional uncertainty.
Mr Zuma has actively pursued a downgrade against all sound advice and warnings; and last week with his rogue cabinet reshuffle he put in the final nail into our economic coffin.
On the back of this downgrade by Standard and Poor’s, Mr Zuma must resign.
The so-called reshuffle was nothing but a pure political purge with its sight set on capturing National Treasury to loot the public purse; and the consequences for South Africa is a hard hitting downgrade to junk status.
South Africa is in crisis and this crisis is not an event but a systematic process which traces its genesis to Polokwane 2007.
Mr Zuma is not fit for purpose, he must just once in his life do what is in the best interests of South Africa and resign. We can ill-afford continuing with this rogue man masquerading as President.
This downgrade was actively engineered by Mr Zuma because of his hard headed attitude and arrogant approach to rational thought about what is good for South Africa.
The economy is bleeding and the poorest of the poor will bear the brutal brunt of this downgrade which could have and should have been avoided.
For further information please contact:
Mkhuleko Hlengwa, MP
IFP Spokesperson on Finance
071 111 0539