Downgrade a 'damning indictment of Zuma' - Maimane

2017-04-07 17:21
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PICS: All the protest action from across SA

South Africans took to the streets in a mass protest against President Jacob Zuma, while his supporters did the same in his defence.

Johannesburg - South Africa's latest credit ratings downgrade is "another damning indictment of President Jacob Zuma" and his defenders, Democratic Alliance leader Mmusi Maimane said on Friday. 

"This afternoon's downgrade by Fitch Ratings of both South Africa's foreign and local currency credit ratings to 'junk status' is a devastating blow to our economy," he said in a statement. 

He accused Zuma of sabotaging the economy to benefit himself, his family and his friends, the Guptas.

On Monday, Standard & Poor's downgraded South Africa's long-term foreign currency sovereign credit rating to speculative grade or "junk status".

Maimane said the downgrades would affect poor people the most and drive investors away. There would be less money for basic services, and jobs would be lost.

The downgrades follow Zuma's decision last Thursday to reshuffle his Cabinet. He fired five ministers, including finance minister Pravin Gordhan.

Both Fitch and Standard & Poor's cited political instability and economic policy uncertainty in their decisions.

Maimane called on African National Congress MPs to reconsider their "illogical" decision to vote for Zuma during the motion of no confidence scheduled for Tuesday, April 18. 

"There is only one way to get rid of Zuma. Parliament must vote him out," Maimane said. 

Read more on:    da  |  anc  |  mmusi mai­mane  |  johannesburg

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