The ANC said that all stakeholders should use the latest credit downgrade by Moody’s to urgently work to “alter our economic trajectory”.
On Friday Moody’s Investors Service downgraded South Africa’s rating to Baa3 on Friday, and assigned a negative outlook.
Moody’s also downgraded the government’s senior unsecured short-term program rating to (P)P-3 from (P)P-2. The rating actions conclude the review for downgrade that commenced on April 3.
In a statement on Saturday, ANC spokesperson Zizi Kodwa said that “the ANC calls on government, the private sector and organized labour to use this latest downgrade as a catalyst for greater urgency in working to alter our economic trajectory and boost confidence in our economy.”
“In particular, we call on the social partners to work together to expand private sector investment in the local economy, continue to maintain the stable labour relations environment, remain focused on government’s program of fiscal consolidation and strengthen governance in the State Owned Companies and state institutions in general,” he said.
Kodwa said for its part, the ANC remained committed to transparency and inclusivity in the process of assessing and, if necessary, reviewing policy towards the organisation’s 4th National Policy Conference and 54th National Conference scheduled for June and December 2017 respectively.
“We have confidence that where any uncertainty or ambiguities still remain in terms of the ANC’s policy framework, these will be settled decisively by these important gatherings of our people,” he said
“We are confident also that the outcomes of these gatherings will result in an improved investment climate and should trigger a positive review in the coming months,” Kodwa said.
