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G I G A BA R EM A I NS C O N FI D E N T A F T E R D OW N G R A D E “Changing a certain individual won’t cause a credit downgrade…” Malusi Gigaba, then Finance Minister designate, said in response to the possible effects of the cabinet reshuffle announced on 31st March. Shortly after, S&P credit rating agency cut the country’s long-term foreign currency rating from BB+ to BBB(junk status) citing “the heightened political and institutional uncertainties that have arisen from the recent changes in executive leadership” as the principal cause. “I’m not saying it’s easy to get out of a rating downgrade, yet I remain confident. Ultimately what these rating reviews underline is that we need to ignite the country’s growth engine. When I walked into the office on Friday they had already made their decision,” Gigaba responded a day later.

“The executive changes initiated by President Zuma have put at risk fiscal and growth outcomes. We must now recognise the crisis we are in. This sovereign downgrade will lead to a steep erosion of already poor levels of investor confidence.” Cas Coovadia, MD of the Banking Association of South Africa

are African and female. “We want to move beyond the minority control of our economic assets towards democratic, inclusive and equitable economic relations of control and ownership. “We want to see more opportunities being provided for local producers to sell their products so that our hardpressed economy can grow. “We want to see more Black-owned companies benefiting from government’s R500bn procurement budget, so that we can further grow Black business and entrepreneurship. “We want to see more young people becoming entrepreneurs and obtaining support from government and the private sector. We want to see more black people becoming farmers or industrialists. “We want to see more Black people owning companies that are listed on the Johannesburg Stock exchange. “We also want to see an improvement in the implementation of the affirmative action policy especially within the private sector.” President Jacob Zuma addressing the Chris Hani wreath-laying ceremony, 10th April 2017

ZU MA : “ WE WANT TO MOVE BE YOND THE MINORIT Y C ONTROL OF ECONOMIC ASSE TS” “The ANC government defines Radical Socio-Economic Transformation to mean the fundamental change in the structure, systems, institutions and patterns of ownership, management and control of the economy in favour of all South Africans, especially the poor, the majority of whom

Banker SA Quotes_Q2_2017

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Proof Reader 06/05/2017

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African Banker, Quarter 2, 2017  

While economic and political turbulences swirl around them, this issue shows how African bankers are not only surviving, but in many cases,...

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