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Labour and business say they have high expectations of newly elected President Cyril Ramaphosa with top on the list being to urgently turn around the economy.
The Banking Association wants Ramaphosa to make the averting of a further credit rating downgrade a priority.
The association’s managing director Cas Coovadia says downgrades would mean the state would have to pay more interest on its loans, and less funds would be available for social development.
“We need to send out the message that despite the position we are in that we are going to get back to fiscal discipline, we are going to watch expenditure, watch corruption, wasteful expenditure all of which making our fiscal position difficult.”
