Its truly shocking that Fitch and Moodys have downgraded us a futrher two notches which puts us on the same level as Uganda!
After all we are miles ahead of the backward Uganda. We are one of the richest mineral reserve areas in the world and our mining methods are sought after by many countries round the world.
Yes of course rating agencies look ahead and the government has been somewhat slow to redress the deficit of the various state run enterprises and seem afraid of the trade unions. Privateisation has gone very slowly and yes graft has not been addressed vigorously enough .
On the positive side the government has never failed, on payment of international loans to date yet!
The down grades have not yet put the Rand into a tailspin yet as our platinum group metals and gold are trending upwards. Another good outcome would be we cannot borrow willy-nilly anymore thus getting us into further trouble. The government is also to blame by playing the racial reverse card and favoring black at any cost over white knowledgeable people. Lets prove we are one and solve this problem!
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