Brics agency needed

THE ANC Women’s League (ANCWL) is disappointed but not surprised by the hasty decision taken by Standard and Poor (S&P) to downgrade South Africa into junk status.

The ANCWL has been on record questioning the objectivity of S&P.

Managing director of S&P Mr Konrad Reuss, when speaking in a panel during discussions on the outlook for Africa, at the Deloitte Africa 2017 Outlook Conference, allegedly indicated that among other factors that would impact on a South African institutional assessment by S&P would be a cabinet reshuffle.

The corrupt S&P that was fined around R26 billion over the top grades it gave to subprime-mortgage bonds, has been earnestly waiting to deliver a junk status to South Africa if President Jacob Zuma reshuffled the cabinet.

The country must not be held to ransom by rating agencies that are serving a certain political agenda. S&P is not an apolitical institution and has interests in w ho has to be a cabinet minister. The ANCWL reiterates that S&P undermines the constitutional right of the state president to appoint his cabinet and make changes when he deems necessary.

The ANCWL calls for the government to persuade its Brazil, Russia, India, China (Brics) partners to speedily establish the Brics rating agency. Corrupt agencies like S&P should not be allowed in the country. Meokgo Matuba Secretary-general, ANCWL