The African National Congress’s decisive win in South Africa’s general election is positive for the nation’s credit as it signals the ruling party will stick to its economic policy, Moody’s Investors Service said.
Jeremy Cronin, the deputy general secretary of the South African Communist Party, said he backs the proposal by the African National Congress to establish a media tribunal because the country’s newspapers are making too many errors.
South Africa’s ruling African National Congress would be “reckless” if it decided to charge Zwelinzima Vavi, the secretary general of the Congress of South African Trade Unions, with ill discipline, the South African Communist Party said in an e-mailed statement today.
Nelson Mandela emerged from 27 years in apartheid jails in 1990 pledging to seize South Africa’s mines and banks. Four years later, his government slashed spending and courted foreign investors, paving the way for the longest period of growth in the country’s history.
South African Finance Minister Pravin Gordhan risks alienating the ruling party’s labor union allies ahead of next year’s elections as he seeks to rein in spending to avoid a possible credit-rating downgrade.
A strike by South African teachers, nurses and other state workers may spread in coming days, eroding an alliance between the ruling African National Congress and labor unions and harming the country’s image with investors.