• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

ANC told to ignore ratings advice - report

Dec 06 2012 12:25 Sapa

(Supplied)

Related Articles

Solidarity warns ANC over mining tax

SA mining loses out despite tax regime

ANC study rejects mines grab - report

ANC moots mining wealth fund to curb rand

ANC mulls resources rent tax

Minister urges acceptance of higher tax

 

Johannesburg - The ANC will ignore ratings company advice and will call for an increase in mining taxes, Business Day reported the party's economic policy head as saying.

In the report on Thursday, Enoch Godongwana said the party must ensure that the lives of poor black South Africans improve, or risk giving an opportunity for populist leaders to stir up social unrest and erode the ANC's dominance.

"Unless we do some radical transformation, we'll create fertile ground for an uncontrollable revolution," Godongwana said.

Moody's Investor Service and Standard & Poor's have downgraded South Africa's debt, citing slower economic growth, after the worst mining strikes since the end of apartheid and political pressure to raise spending.

"We're kind of in a Catch-22 situation because there are people who listen to Moody's, and when we go out there and raise money it becomes expensive," Godongwana said.

"We may take a hit. We've got to make a choice: do we please Standard and Poor's and Moody's, or do we deal with the kind of constituencies we are facing? We're walking that tightrope."

While Godongwana ruled out the ANC conference agreeing to any form of mine nationalisation, he said increased taxes on mining were possible.

 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

anc  |  enoch godongwana  |  sa economy  |  mining tax

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
18 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

10 most expensive cars In the world

This is car porn at its best!

 
 

Luxury living

5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!
What to expect inside a royal nursery

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...