Media release

Government notes announcement by credit rating agency S&P Global Ratings

04 June 2016

4 June 2016

Government has noted the decision by credit rating agency S&P Global Ratings (S&P) to affirm South Africa's credit ratings. Acting Director-General of GCIS, Donald Liphoko said; “Although S&P has affirmed South Africa’s investment rating, government wants to reiterate that concerns raised by the ratings agency are being addressed through various government programmes and policies such as the National Development and Nine-Point Plans. Government is committed to cutting R25-billion spending over the next three years to ensure we implement the National Development Plan which aims to achieve socio-economic growth and development.”

Despite the global headwinds, the implementation of the Nine-Point Plan is yielding progress for the country’s economic programme.  South Africa has recently seen improvements in economic growth and employment in the following sectors on energy, infrastructure development, agriculture and agro-processing, mineral beneficiation, a higher impact Industrial Policy Action Plan, small business development and encouraging private sector investment amongst others. International investors and multinationals continue to affirm the attractiveness of South Africa as an investment destination with new and additional investments into the country.

“S&P’s announcement must be seen as motivation to further improve the economic climate of our country. We will continue to have robust engagements with business leaders as well as labour in efforts to sustain progress to move South Africa towards a sounder economic level,” said Liphoko.

Donald Liphoko (Acting Director General)
Cell: 082 901 0766

Issued by Government Communication and Information System

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