Negative impact of Zuma’s cabinet shuffle: South Africa hits junk status

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Negative impact of Zuma’s cabinet shuffle: South Africa hits junk status

President Zuma’s cabinet reshuffle has caused “radical economic transformation” of a different kind with Standard & Poor’s (S&P) Global announcement that South Africa’s sovereign credit rating has been downgraded to BB+. We might as well use the term “junk status” to describe our government.

Mr Zuma bandies this phrase about, making a sweeping statement, without any clear policy detailing what his radical economic transformation entails. This not only confuses South Africans, but any international would-be investors are surely looking elsewhere to spend their money.

Enough is enough! The African National Congress has clearly lost control of President Zuma, and by default the country, jeopardising any hope of a prosperous economic future.

In line with what the opposition parties said today, the United Democratic Movement will exert even more pressure to have the Speaker of the National Assembly, Ms Baleka Mbete, accede to our call for a special, and urgent, meeting of the House to discuss a motion of no confidence in President Zuma.

2017-04-03T19:20:27+00:00 April 3rd, 2017|2017 Archive, Home, Media statements: UDM, Zumagate|0 Comments

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