• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
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
NEXT ON FIN24X

PPI quickens to 8.2%

48 minutes ago

 
 
 

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

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

SAPS waited too long to complain about ad - DA

The DA has told a public hearing that the SA Police Service was "hopelessly out of time" to lodge a complaint against its election advert.

 
 

Latest elections multimedia

13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why

Money Clinic

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