SA business leaders have mounted a co-ordinated push to restore the coveted investment-grade credit rating, making what Sim Tshabalala described as “strong, detailed and fact-based arguments in favour of an upgrade” in a recent meeting with ratings agencies.
The comments by Tshabalala, a Soweto-raised business leader who is emerging as one of the most high-profile advocates pressing the case that Africa pays inflated costs for capital, come as the worst-case scenarios outlined by the likes of Moody’s, Fitch and S&P Global fail to play out since SA tumbled into junk territory in 2017.
The SA delegation — backed by the influence of Business Leadership SA, a group representing CEOs of the country’s biggest companies — argued that public finances were improving. They pointed to two main signs: consecutive years of primary budget surpluses and a debt-to-GDP ratio that was turning out better than expected.
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