Looting politicos are being nailed at last. Great, but we need more, pronto
FREE TO READ | Arrest of Bongo et al is heartening, as is the Estina probe’s completion. Let’s hope it’s just the start
The festive season is very nearly upon us. Many South Africans are looking forward to a bit of relaxation after a tough year. Things are not great in our beloved country, as we were reminded by yet another ratings agency on Friday evening.
People like Busisiwe Mkhwebane, the person who currently sits in the chair meant for our public protector, like to disparage the ratings agencies. They forget, or are generally ignorant, that we invited the ratings agencies here so that we can play in the international market. These agencies, with all their faults, play a role that our politicians cannot always play. That role is to see ourselves for what we really are, whether ugly or beautiful, good or bad.
Right now, the red lights are flashing. The economy is tanking and things are not looking very hopeful for the future. Ratings agency S&P Global changed its outlook (https://www.timeslive.co.za/sunday-times/news/2019-11-24-sps-ratings-downgrade-puts-pressure-on-gov-to-gets-its-house-in-order/) on SA’s sovereign credit rating from stable to negative late on Friday, citing ailing growth and the government’s worsening fiscal and debt trajectory. That assessment was predictable if you had listened to finance minister Tito Mboweni’s mini-budget last month...