ANC attributes SA’s S&P ratings upgrade to enhanced economic reforms

The African National Congress (ANC) has attributed the decision by the Standard and Poor’s (S&P) Global Ratings to upgrade South Africa’s sovereign credit rating to accelerated economic reforms and the improvement in the performance of some State-Owned Enterprises (SOEs).

This came out during a media briefing of the party’s Economic Transformation Committee on the second day of the three-day National Executive Committee (NEC) meeting in Germiston, east of Johannesburg, on Saturday.

The S&P decision follows the tabling of the Medium-Term Budget Policy Statement (MTBPS) earlier this week.

The ANC says the decision to revise the country’s foreign currency rating from BB minus to BB with a positive outlook reflects the country’s growth prospects.

The African National Congress welcomes the decision by S&P Global Ratings to upgrade South Africa’s sovereign credit ratings following the tabling of the Medium-Term Budget Policy Statement (MTBPS).#ANCAtWork pic.twitter.com/nm71FEFkFO

— ANC – African National Congress (@MYANC) November 15, 2025

After years of hard work to remove the country from grey-listing and spur growth, the S&P Global Rating has upgraded South Africa’s credit rating to positive outlook for the first time in 20 years. The ANC is celebrating saying this is as a result of the progress made so far in the structural reforms it has been championing for years as well as the better-than-expected revenue collection.

ANC NEC member and Deputy Finance Minister David Masondo says their efforts to ease electricity shortages and improve fiscal trajectory is bearing fruit.

”Based on our fiscal credibility, the S&P has come back and say you are doing well in so far as managing your fiscals is concerned and evidence shows that one of the measures used in determining your ability to service your debt is the debt to Gross Domestic Product (GDP). That’s the ratio used to determine your ability to service your debt, and, in the budget, we have shown that our debt to GDP is stabilising. We have realised the primary budget surplus for three years and what that means is that our revenue is higher that our expenditure,” says Masondo.

Related video | ANC NEC briefing:

Buoyed by the country’s positive outlook in almost two decades, the ANC Head of the Economic Transformation Committee Zuko Godlimpi says those who choose to isolate South Africa based on false information like the United States are doing that at their own peril.

Godlimpi says the S&P positive rating reaffirms that the general global public opinion about South Africa is positive and emhasises that anyone who decided to isolate themselves from that global consensus is doing it on their own.

“It has no effect on how the rest of the world views South Africa. Everyone who has come to South Africa knows that there is no genocide in SA. S&P and other rating agencies they work with data concretely gathered on the ground not on social media posting and therefore their opinion is based on the work that they are doing in South Africa. They know that SA is on the positive footing, says Godlimpi.

On the Democratic Alliance’s (DA) call to replace the Broad Based Black Economic Empowerment (BBBEE), Godlimpi says this issue has not made it onto the agenda of their three-day gathering.

Earlier this month, the DA launched what it calls the Economic Inclusion Bill for All to replace the ANC backed BBBEE.

Related video | Democratic Alliance launches bold proposal to scrap BEE | Samkele Maseko reports

It says the BBBEE as envisioned by the ANC has failed to uplift South Africa’s unemployed and impoverished majority.

But steadfast and unyielding, Godlimpi says they remain committed to Black Economic Empowerment as an intervention to make South Africa work for all.

Godlimpi reveals that the ANC has not met the DA regarding whatever they claim is their alternative bill.

“We have not met them about that, and we have no intention of meeting them about that because that’s their own thing it has nothing to do with us. We remain committed to BEE as an unavoidable part of how to make SA work for all of us. If there are efficacy problems with particular instruments of implementing policy, we improve them as we go along. But BEE as a strategic program remains intact it’s not going anywhere, and the NEC is going to sit and discuss DA views that is not going to happen and that is not what is happening inside,” adds Godlimpi.

Other issues up for discussion include the country’s preparedness to host the G20 Leaders’ Summit starting this week, the ANC’s preparations for its mid-term review – the National General Council taking place in three weeks as well as the arrival of over 100 Palestinians in the country on Thursday.

The ANC NEC will end later this afternoon with party President Cyril Ramaphosa expected to give the closing remarks.

Today marks the third and final day of the ordinary #ANCNEC meeting at the Germiston Council Chambers, where the organisation continues to sharpen its mandate to advance renewal, strengthen discipline, and uphold the aspirations of the South African people. At 12 pm, President… pic.twitter.com/nL940ihzBL

— ANC – African National Congress (@MYANC) November 16, 2025