- Nov 14, 2012
Full ArticleEvidence in the form of WhatsApp messages show how President Jacob Zuma’s allies laughed and found the economic downgrades faced by the country hilarious.
Messages sent in an exclusive WhatsApp group which includes two of Zuma’s children – Thuthukile and Edward, SAA chairperson Dudu Myeni and Minister of Water and Sanitation Nomvula Mokonyane display how these influential people, considered Zuma’s allies, reacted in a nonchalant manner to the country’s economic downgrades, with several of them ‘laughing’ it off.
According to the Sunday Times, a WhatsApp group called the ‘Black Economic Empowerment Foundation’ sent back and forth messages about the downgrade, with Black Business Council president Danisa Baloyi ignorantly telling the group that many South Africans don’t have ‘billions on the stock exchange’ and that most black people were born in junk status and wouldn’t be bothered.
Last week two ratings agencies, Standard and Poor’s and Fitch, downgraded the rate at which the government borrows debt, effectively ensuring that this would be done at a higher cost, which has a ripple effect on the rand-dollar exchange rate, investments and bank shares.