Fitch downgrades South Africa's credit rating to junk status

Posted April 09, 2017

Following violence that have trailed protests against President Jacob Zuma in South Africa, some protesters in downtown Johannesburg have been fired rubber bullets by the police.

Patriotism and courage ruled the day, as more people spoke out against Jacob Zuma's presidency following last week's cabinet reshuffle, as well as the sacking of Ministers Pravin Gordhan and Mncebisi Jonas.

Shortly after the protests got under way, ratings agency Fitch announced that it too had downgraded South Africa to junk status. S&P had issued its downgrade on South Africa in an unscheduled review on Monday. Zuma and the Guptas deny the allegations.

Some protesters carried signs reading "Fire Zuma" while others said they felt the ruling class were more concerned about enriching themselves than dealing with high unemployment, a slowing economy and stubborn racial inequality.

On April 7, protesters took to the streets in South Africa to protest Zuma's regime, reports News24.

Nobel Peace laureate Archbishop Emeritus Desmond Tutu and his wife Leah joined anti-Zuma protesters in Hermanus near Cape Town. "The time to act is now". It will be followed by another March to the Union Buildings next week which will be led by opposition parties.

"The irony is I did the same thing in 1976 when I was a student".

In the capital, Pretoria (also known as Tshwane), thousands of protesters marched to the government headquarters, the Union Buildings.

Another example of Zuma's corruption occurred in March of 2016.

Most pressing in light of the protests is Zuma's firing of Gordhan.

Residents from Port Alfred gathered outside the Magistrate's Court, all as part of driving the message home that "Zuma must go".

But the party has lost popularity in recent years and slipped to 55 percent of the vote in last year's local elections - its worst ever result. "Cape Town came to a standstill today". The post read, "The laws of our country protect the right of those who would not like to participate in protest action".

The ANC also staged its own rallies.

"Let them wait for 2019 and we will take them on, but the ones that want to remove it undemocratically, MKMVA will rise up to the occasion".

The rand was steady against the dollar in early trade on Friday. "It is unclear who will win out. but we are clearly moving downhill".

Sipho Pityana, national convener of the campaign, said Zuma had "disgraced" the office of the president.

Fitch said better governance would be one of the factors that could prompt ratings agencies to rethink its position on South Africa.

But supporters of Mr Zuma also held demonstrations around the country.

"It's not simply a question of his removal".

"There is a battle for the soul of the ANC", Cheeseman said. She wore a South African flag bandana.