Zuma playing Russian roulette with country's credit rating --Colin Coleman

South Africa's credit rating has taken a hit with the recent downgrade by S&P to sub-investment level, marking a sad realization of the warning issued by Colin Coleman, Managing Director and Partner at Goldman Sachs Sub-Saharan Africa. In a recent interview with CNBC Africa's Bronwyn Nielsen, Coleman expressed his concerns over President Jacob Zuma's risky moves, likening it to playing Russian roulette with the country's credit rating. The Cabinet reshuffle orchestrated by Zuma was the turning point that led to this downgrade, bringing about dire consequences such as a higher cost of capital, increased inflation, reduced economic growth, fewer job opportunities, and limited economic prospects for South Africans, both individuals and businesses. The impact of this downgrade is significant and sets a worrying precedent for the future of the country's economy. The question now remains whether other rating agencies like Fitch and Moody's will follow suit and the potential implications of further downgrades. Moody's is expected to make an announcement on April 7th, and their decision could determine South Africa's fate in maintaining its investment grade status. Should Moody's also downgrade the country, it would push South Africa further into junk status, exacerbating the economic challenges already faced. Colin Coleman highlighted the urgency of the situation, emphasizing the need for swift and decisive action to prevent further damage to the country's financial standing. The future outlook is uncertain, and the repercussions of these developments are likely to be felt across various sectors of the economy, affecting businesses, individuals, and overall sentiment towards South Africa's financial stability.