Downgrade both good and challenging for SA tourism - experts

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Cape Town – While the weaker rand is good for inbound tourism this is vastly offset by the negative impact the S&P downgrade will have on the cost of local funding, inflation and restrictive economic growth.

This is the opinion expressed by Tsogo Sun CEO Marcel von Aulock on Tuesday. He added that the vast majority of the hotel infrastructure in SA survives off of domestic business and leisure travel.
 
"While the weaker rand is good for inbound tourism this is vastly offset by the negative impact this downgrade will have. It's a bad thing for the tourism industry and South Africa as a whole," he said.
 
South Africa's ratings downgrade by S&P could simultaneously be good and challenging for the local tourism industry, according to Enver Duminy, CEO of Cape Town Tourism.

The ratings agency downgraded SA's foreign currency essentially to junk status, mentioning last Friday's Cabinet reshuffle as one if its concerns.

Support independent journalism
Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
14.82
-0.2%
Rand - Pound
20.26
-0.3%
Rand - Euro
17.38
-0.2%
Rand - Aus dollar
10.72
-0.0%
Rand - Yen
0.14
-0.4%
Gold
1,775.68
+0.7%
Silver
22.57
+1.3%
Palladium
1,913.22
+1.2%
Platinum
960.74
+5.0%
Brent Crude
73.92
-1.9%
Top 40
56,086
+1.5%
All Share
62,362
+1.5%
Resource 10
55,821
+1.3%
Industrial 25
80,767
+2.0%
Financial 15
13,883
+1.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
What potential restrictions on unvaccinated South Africans may make the biggest difference to public health, the economy?
Please select an option Oops! Something went wrong, please try again later.
Results
Limited access to restaurants and bars
11% - 83 votes
Limited access to shopping centres
16% - 125 votes
Limited access to live events, including sport matches and festivals
26% - 198 votes
Workplace vaccine mandates
48% - 368 votes
Vote