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.
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.
An alliance between the Congress of South African Trade Unions, the ruling African National Congress and the South African Communist Party, cannot convene a summit “for fear of an implosion,” Cosatu General-Secretary Zwelinzima Vavi told reporters in Johannesburg today.
The Congress of South African Trade Unions may withdraw its support for President Jacob Zuma because of mounting corruption, the Sunday Times said, citing leaked documents prepared for a Cosatu meeting at the end of the month.