29 May 2022

Busa Statement on the Arrest of Critical Players Allegedly Involved in State Capture and SA S&P Global Rating Upgrade

BUSA welcomes the arrest of critical players allegedly involved in state capture, as detailed in the Report of the Zondo Commission. We called, immediately after the release of Part 1 of the report, that the state must move swiftly to implement the recommendations of the Zondo Commission. These arrests are a manifestation of a welcome urgency on the part of the government to act against those mentioned in the report. We trust the NPA has developed strong cases against those arrested and they will be prosecuted as soon as possible.

We also welcome the announcement by S & P Global that they have upgraded SA from a negative to a positive sovereign rating outlook, although still leaving the SA grading in sub-investment grade status. This is evidence that rating agencies will recognise positive interventions by government that begin to address the serious structural issues in the economy.

We must focus on critical issues and united to address them. Our next step is to attract investment, grow our economy, and create sustainable jobs. It is the only way to solve the severe socio-economic problems facing our country

We trust government will also recognise this and move swiftly to implement critical structural reforms, so that we attract significant investments and get our economy onto a sustainable path to inclusive and sustainable growth.


Cas Coovadia
Business Unity SA CEO
For more information, please contact:
Sizwe Maswanganye
Tel: 011 784 8000
Email: sizwe.maswanganye@busa.org.za

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