South Africa faces possible ratings downgrade due to stage 6 load shedding; the strikes at the power utility are also expected to lead to further unrest; South Africa is still grappling with mandatory vaccinations; and the Gupta’s vast money-laundering network has been exposed.
Economists have warned that South Africa’s stage 6 load shedding is likely to stamp out any green shoots for the economy and could ultimately lead to more credit ratings downgrades. Old Mutual Wealth Investment strategist Izak Odendaal said the severity of stage 6 load shedding would have a proportional effect on its impact, with outages of a week or more meaning a downgrade is more likely.
The union, representing the majority of parliament’s workforce, said it is a ‘unilateral and draconian top-down decision’. [The latest Zondo Report shows the Gupta family relied on a vast international money laundering network that criminals accessed with the South African authorities doing nothing as a result of ignorance or intent. The family’s enterprises used the networks to capture key state entities with kickbacks facilitated through the laundering companies.
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