What a week it has been for South African citizens.
The past 7 days South Africa experienced tremors, not only of the seismic kind, that left civil society and the general citizenry shaken, perturbed and anxious.
Last week South Africa’s sitting president, President Jacob Zuma, made drastic changes to his cabinet, removing the Minister of Finance, Pravin Gordhan and his deputy, Mcebisi Jonas.
In a press conference following his removal as Deputy Minister in charge of the Treasury, Jonas mentioned that without political support Treasury was vulnerable and the turnover of Treasury leadership in the past few months showed that there was a challenge in this regard.
The effects of the cabinet reshuffle are yet to be felt by the NGO sector but Community Chest Chief Executive Officer, Lorenzo Davids notes that the new appointments are being made at a time of great division within the body politic and a worrying state of the economy.
"Whilst we seek to believe that the best of intentions are behind this reshuffle, statements made by leading politicians and economists have indicated that this recent reshuffle will diminish the ability of our government to execute its social mandate, and will reduce trust in the legitimacy of key democratic institutions,” said Davids.
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Following the recent Cabinet reshuffle, Standard & Poor Global downgraded South Africa to junk status.
Moody’s Investor Services decided to delay doing a credit rating giving the South African rand a slight reprieve.
In the article Junk Status Is Like an Iceberg: Either Go Around or Go Down, business strategist, Jude Lasarow, explains what the term “junk status” means and how this downgrade in our crediting rating will affect the country’s economy.
“Certain spending can't be put on hold and they always increase in costs. South Africa is facing congestion and structural issues that are only going to get worse, expanding roads, more electricity demands, with existing costs like paying government wages, 17 million people's grants and tons of other commitments will still need to be funded somehow. Therefore, the prime lending rates will have to rise because government will need more money,” Lasarow explains.
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SANGONeT upcoming event:
SANGONeT, in partnership with Microsoft South Africa Philanthropy, would like to invite NGOs that are based in Mahikeng to join the Modern NGO event on 20 April 2017. For more information, refer here.
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