Former Reserve Bank governor and current ANC NEC member Tito Mboweni says South Africa’s reputation has been tarnished internationally following recent political disturbances.
Speaking to ANC-aligned Sasco students in Cape Town on Friday, he said more leaders needed to understand South Africa’s current economic situation, and what being downgraded to junk status meant for poor people.
Mboweni said that in 2008 the country celebrated when it reached investment-grade status — only to be downgraded to junk in less than a decade.
ENCA reports that without mentioning individuals, Mboweni said the current crop of leaders lacked basic values.
Mboweni also said comments by some ANC members that junk status wasn’t all bad were worrying.
He said those who spoke on behalf of the ANC needed to be informed of the true impact it would have on the poorest of the poor.