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Manuel: White monopoly capital doesn't exist

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Johannesburg - South Africa has neither the economic data nor a good enough relationship with rating agencies to restore the country’s investment grade rating, former finance minister Trevor Manuel said this week at an event held at the Nelson Mandela Foundation about “Mandela’s economic legacy”.

During a brief interview with City Press on the sidelines, Manuel said: “The rating agencies sit with a big suite of data, but they also look to relationships. I don’t think that we have either the data that persuade them or the relationships that convince them.

“Even when Pravin Gordhan was minister of finance, backed by CEOs, the rating agencies gave South Africa the benefit of the doubt ... Even at the time of his appointment after the removal of [former finance minister] Nhlanhla Nene – the rating agencies were asking about the direction of decision making in the country. So, all of these are fundamentally about trust relations.”

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