The rating agencies and economists have made it plain that, in order to avoid a potentially devastating downgrade of its sovereign credit rating within months, South Africa urgently needs to do several things.The government must demonstrate that it is capable of meeting the Budget targets outlined by Finance Minister Pravin Gordhan.It must show real progress in overhauling and turning around cash-guzzling state-owned enterprises, including South African Airways.Crucially, it must create policy certainty to encourage investment and kick-start economic growth, which has slowed to just over 0.5%.This means redrafting the anti-business Mineral and Petroleum Resources Development Amendment Bill, slashing red tape stifling business, creating incentives for new investment and carrying out labour reforms.In addition, the government needs to demonstrate that the current political turmoil around President Jacob Zuma is not distracting it from carrying out these urgent reforms,This is a tall order, particularly when one considers that Standard & Poor's, which takes the dimmest view of South Africa's prospects and rates the country's debt at one notch above sub-investment grade, or "junk", is expected to deliver its assessment in June.Given the pressure on Pretoria, it defies belief that Mineral Resources Minister Mosebenzi Zwane has unilaterally released a revised draft of the Mining Charter containing several unexpected changes. His department is also sticking to a rigid interpretation of the provision that 26% of ownership of mining firms must remain in black hands, even when the beneficiaries sell their stake, that has been fiercely contested by the Chamber of Mines.Zwane has defended his actions, saying the release of the charter is merely aimed at encouraging "robust debate".BEE is essential in mining, and the economy generally, but surely in the current climate the aim should be first to attract investment before attempting to keep dividing the diminishing pie...