Depends on the degree and so on. For example, my standard (non masters) bachelors degree (BSc. Civil Engineering from UCT) is seen as superior to any UK based universities standard Bachelors degree in Civil Engineering, by the Institute of Civil Engineering in the UK.
Based on my degree level I can apply directly to be a Chartered Engineer, where as someone with a UK bachelors has to apply for the intermediate step of being an Incorporated Engineer and work at that level for a few years before he can register as a Chartered Engineer.
Essentially my degree is seen on par with a UK based Masters degree in Civil Engineering.