Fitch’s BMI says ANC in-fighting to hit South African growth

JOHANNESBURG (Reuters) – South Africa’s economic growth will be significantly hampered by increasing political uncertainty in the run-up to the ruling African National Congress’s leadership contest in December, Fitch’s BMI research unit said on Thursday.

In a report, BMI said a turn to more “radical rhetoric and policy positions by the traditionalist wing of the party” would weigh on investor confidence.

Fitch downgraded South Africa’s foreign-currency rating to speculative grade, or junk, following an abrupt cabinet reshuffle in March.

(Reporting by Mfuneko Toyana; Editing by Tiisetso Motsoeneng)

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