Moody’s announced last week South Africa had been placed on review for a downgrade, but stated that officials would visit the country this week to determine if government can help turn the economy around.
Finance Minister Pravin Gordhan has visited the US and UK to try and convince investors that South Africa is still a safe place to invest.
Financial advisor Paul Roelofse said a downgrade to junks status would devastate all South Africans.
“We’re going to have to live with high inflation, weaker rand and certainly a higher interest rate into the future.”
