S.A's new Finance Minister responds to ratings downgrade

South Africa's Finance Minister, Malusi Gigaba, has reaffirmed his dedication to driving radical economic transformation despite facing tight budget constraints. During a press briefing at the Treasury, Gigaba addressed the recent actions of ratings agencies, particularly in light of S&P's decision to downgrade South Africa's foreign currency rating to junk status. Moody's has also placed the country's foreign rating on review, voicing concerns about the impact of the recent cabinet reshuffle on government spending and debt management. Despite these challenges, Gigaba remains optimistic about South Africa's growth prospects and the potential for inclusive economic development within the current constraints. Gigaba emphasized the possibility of achieving growth for all, stating that it is attainable through strategic policy choices and influencing perceptions positively. He acknowledged the importance of leveraging the expertise of his predecessors, including former finance ministers Pravin Gordhan and their deputies, to navigate the country towards sustainable economic growth. While open to receiving advice and assistance from past leaders, Gigaba firmly asserted his administration's capability to address the existing challenges and drive the economy forward.