Ramaphosa scandal adds risk to policy outlook – Fitch - The ANC faces further reputational damage, but broad policy continuity is the most likely scenario, the ratings agency said
in relation to the origin of the money stolen from his farm in February 2020 and the clandestine efforts to recover it.
The parliamentary vote will now be held just days before the ANC’s conference, where Ramaphosa is set to go up against the so-called radical economic transformation faction. When Fitch affirmed South Africa’s BB- rating last month, the ratings agency stated that the party could lose its majority in 2024. But it does not not expect that this would lead to immediate changes in economic policy, because the ANC would probably remain in government in alliance with smaller parties.
“Should the government respond to the scandal by raising public spending beyond our expectations, resulting in a sustained widening of the fiscal deficit that points to a sharper rise in the government debt/GDP trajectory, this could lead to re-emergence of downward pressure on the rating.”
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