South African (SA) Reserve Bank Governor Lesetja Kganyago says rating agencies downgraded the country’s creditworthiness to sub-investment grade based on projections that national debt would exceed 90% of Gross Domestic Product by 2025. He argues that since those assumptions have not materialised, it is time to reassess SA’s credit rating.
Kganyago made the remarks during the virtual SA Tomorrow Investor Conference hosted by the Johannesburg Stock Exchange.
“So, we need a different conversation with the rating agencies. This is where you were in 2017 and 2020 you said this was the trajectory, and this is where we are. And so, you are having this combination now that we are having prudent fiscal and monetary policy, a structural reform policy that is underway that counts for something.”
–ChannelAfrica–
