The South African government has a reputation for failing to follow through on its promises.
Ratings agency Fitch says the South African government’s poor reputation for following through on promises means assurances on the energy crisis are having the opposite effect.
And while it is possible for the state of disaster and the appointment of a minister of electricity to strengthen the government’s capacity to respond to the power shortage – A positive credit rating can also signal confidence in the country’s financial management, potentially leading to improved business and consumer sentiment.
“The South African Reserve Bank in January lowered its forecast for economic growth in 2023 to 0.3%, from 1.1% previously.”
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