Chris Hart: Nothing can prevent SA's slide to junk
Cape Town - South Africa needs to be an extremely favourable investment destination if it wants to rescue the ailing economy and prevent it from reaching junk status, according to Chris Hart.
A downgrade is likely on the cards for South Africa, said Hart, who was embroiled in a Twitter row and subsequently resigned from Standard Bank [JSE:SBK] following harsh criticism.
"I think the downgrade is baked in the cake. There is nothing I can see that is on the table that is going to prevent that from happening and that is a shame."
He said escalating taxes and tightening regulations are making it more costly to do business in the country.
"We need to find ways on how to make South Africa a more attractive destination for investors. Without economic growth, we are going to go backwards."