Pioneer Foods is one of the first victims of Jacob Zuma’s cabinet reshuffle that led to the downgrade of the country’s economy to junk status.
An agreement that was almost finalized was suspended due to economic uncertainty in the country.
Pioneer Foods have placed six capital investments on ice until there is assurance of the country’s economic stability.
The possibility that foreign investors will invest money in SA is getting even smaller, and the time it takes, if possible, to get out of junk, makes investors steer clear of South Africa.
Meanwhile, the Minister of Finance, who is in Washington,, had an interview with the third rating agency Moody’s, and said that they may follow the example of the other two rating agencies and downgrade South Africa to junk status.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News
