PRAVIN GORDHAN - THE MAN IN THE HOT SEAT

Most of us by now must be aware of a probable downgrading of South Africa's sovereign credit rating to junk status by one or more of the rating agencies. The country is looking to one man, Pravin Gordhan, to prevent a downgrade to junk status. The country has embraced him in the mistaken belief that he is a miracle worker. A worker of extraordinary ability indeed, but helpless in preventing the devastating consequences of a downgrade. Minister Gordhan is a true patriot. Men and women with comparable ability and understanding of the plight of South Africa's economy would rather face an Arctic winter, dressed in shorts, than the hot seat of finance minister. South Africa's economy will suffer enormously when hit with junk bond status, but it can improve, provided the government allows Gordhan to do his job without interference. In this regard, the minister must have unfettered authority to reorganize poorly performing parastatals. No state-owned sacred cow must be exempt from Treasury's long-arm of command and control. In addition, anti-business legislation must be dismembered, including so-called indigenous legislation which is a profound disincentive to foreign investment. The remedial list is a long and daunting one, but can be addressed provided cabinet ministers whose portfolios impact on the economy pay particular attention to the idiom directed at fools who rush in where wise men fear to tread. Good luck Minister Gordhan - you are going to need it!