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SA loses investment grade (IG) status on anticipated unfavourable policy shifts

04 April 2017

Although Standard and Poor’s Global Ratings (S&P) was scheduled to release a ratings review on SA on 2 June 2017, recent changes to the country’s executive leadership have, in its view, brought policy continuity into question.

Cabinet reshuffle: how it impacts you

03 April 2017

“Don’t get distracted, focus on the fundamentals”, says Mokgatla Madisha, Head of Fixed Interest at Sanlam Investment Management. The political situation in South Africa has been fluid for quite some time so the events of last week are not all that surprising. They serve merely to distract government and business from focusing on the real issues we need to solve if South African is to deliver the kind of growth that is going to reduce unemployment and poverty, he says.

Ashburton Investments comment on cabinet reshuffle

03 April 2017

Finance minister Pravin Gordhan and his deputy have been removed in a broad based cabinet reshuffle. They will be replaced by Malusi Gigaba the incumbent home affairs minister, and Sfiso Buthelezi who currently serves on the joint portfolio committee on finance. Mr Gigaba has a mixed record and is (apparently) a known Gupta associate. Mr Buthelezi has previously served as an economic advisor to Mr Zuma and as a previous chairman of the PRASA board.

Cabinet reshuffle

31 March 2017

There has been speculation for a while of a possible cabinet reshuffle. Key ministries that would be targeted by this impending reshuffle would include National Treasury. These rumours have now been confirmed, with Minister Pravin Gordhan and his deputy, Mcebisi Jonas, being removed from their positions. Of course there were other changes - affecting almost a third of our cabinet - but these are less relevant to financial markets, albeit not necessarily for our country over the long term. This time there was no façade of a possible alternative position at the BRICS bank, so this was in effect not a “re-deployment”. The message was not subtle and there were no nuances. The message was clear - the President simply wanted them gone.

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