
SA’s ratings revival comes with a warning: don’t ignore the ‘uglies’
Fitch’s first upgrade in 21 years caps a remarkable turnaround, but hidden liabilities, weak growth, and structural problems stand between the country and investment-grade status.

Fitch’s first upgrade in 21 years caps a remarkable turnaround, but hidden liabilities, weak growth, and structural problems stand between the country and investment-grade status.

Reserve Bank Governor Lesetja Kganyago says permanently lower inflation, fiscal consolidation, and reduced country risk could cut interest rates and create space for sustainable growth.

The minister’s address to the FSCA conference also touched on regulation, South Africa’s G20 presidency, political tensions over the Budget, and economic growth.