February 02, 2016.
For Creamer Media in Johannesburg, I’m Sane Dhlamini.
Making headlines:

Finance Minister pledges to avoid downgrade to junk status.

Obasanjo attacks Nigerian governors on misusing government funds.

And, Patricia de Lille says Leaderless ANC in the Western Cape is in disarray.

 

Finance Minister Pravin Gordhan has pledged to defend the country’s credit rating and avoid it being downgraded to junk status, he told a news agency.

Standard & Poor’s changed its South Africa outlook from stable to negative in December on its rating which was one grade above junk status, making the threat of a credit rating downgrade to subinvestment likely.

Gordhan said the consequences of [any] downgrade were well known, both within the Treasury and now within government.

If South Africa was downgraded, the government and its associated organisations would pay more to borrow, making this considerably harder.

The rand would further weaken and funds would flow out of the country’s bond markets.

 

Former Nigerian president Olusegun Obasanjo lambasted governors in his country yesterday, saying they "live like emperors" while diverting public funds for personal gain, a local newspaper has reported.

Speaking at an inaugural conference at Ibadan University in Oyo State, Obasanjo claimed that corruption took root in Nigeria after his administration, draining billions from the nation's economy.

He said the country's leaders were demanding sacrifices from Nigerian citizens to finance their opulent lifestyles.

The former statesman's utterances came just days after he wrote an open letter to the National Assembly leaders, calling them corrupt and lambasting their alleged extravagant wastage of the country's resources.

 

The suspension of Western Cape ANC chairperson, Marius Fransman, and secretary, Faiez Jacobs, which has prompted Luthuli House to send caretakers, is acknowledgement that the party is in disarray in the province, said Western Cape DA leader, Patricia de Lille.

De Lille said the DA noted that the Western Cape ANC had now officially been put under administration by Luthuli House, with Gwede Mantashe announcing that caretakers would be deployed to the Western Cape ANC because it was currently leaderless.

Fransman had been asked to step aside pending investigation of a sexual harassment allegation against him while Jacobs was suspended pending the outcome of an assault case against him.

Also making headlines:

The Premier of the Northern Cape, Sylvia Lucas will lead a high-level meeting with power utility Eskom today following power cuts to five municipalities last week.

And, the presidency said the State of the Nation Address  and the Cabinet lekgotla were expected to focus strongly on the dire state of the economy.

Don’t forget to follow us on Twitter[@PolityZA]
That’s a roundup of news making headlines today