Gigaba now faces stark economic realities - financial expert

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

Cape Town - New Minister of Finance Malusi Gigaba now faces the stark realities of South Africa's economic situation, according to Ian Matthews, head of business development at independent investment bank and corporate finance advisory firm Bravura.

He was reacting to Gigaba's comments after Standard & Poor's downgrade of SA’s long-term foreign currency rating to sub-investment "junk status" on Monday evening. The ratings agency said the massive Cabinet reshuffle shortly after midnight on Friday has put policy continuity at risk.

Gigaba admitted that the downgrade will impact private investment, but said he will not be distracted by "external issues" in the quest to radically transform the SA economy so that "it works for all South Africans". In his view, this includes enabling SA to rely on its own resources and for government to live "within its means".

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
14.11
+0.2%
Rand - Pound
19.83
+0.2%
Rand - Euro
17.05
+0.0%
Rand - Aus dollar
10.88
+0.4%
Rand - Yen
0.13
+0.1%
Gold
1,815.57
+0.0%
Silver
26.92
-0.3%
Palladium
2,877.78
+0.6%
Platinum
1,216.46
+0.2%
Brent Crude
69.32
+1.1%
Top 40
59,982
-2.5%
All Share
65,831
-2.4%
Resource 10
69,010
-3.7%
Industrial 25
82,339
-1.7%
Financial 15
12,436
-1.6%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 1423 votes
No, I did not.
52% - 3563 votes
My landlord refused
28% - 1893 votes
Vote