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Credit ratings agency, Fitch, says President Cyril Ramaphosa‘s multi-billion dollar plan to turn the economy around will not do enough to lift the country’s sluggish economic growth rate.
Fitch currently rates South Africa’s foreign and local currency debt at sub-investment.
Moody’s is the only major agency to maintain South Africa at investment grade.
Fitch says the rand’s recent plunge will also hinder Ramaphosa’s plan.
The ratings agency says it is concerned about long-term policy ideas which have not been implemented.
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