The story and graphic in the Financial Times tells us a different story from what the rating agencies seemingly tell us about South Africa’s financial state. But this country’s financial newspapers will not tell you this story.

Despite being in junk, the FT says “Foreign investors pile into South African bonds despite fears”.

Also remember the Nomura Institute economist who exposed the rating agencies. He said South Africa was financially sound.

Like the Nomura economist, our own Khaya Sithole said if there had to be a downgrade, it should have happened 18 months ago. Nothing in the last 18 months had changed. In fact, Gordhan had overseen an economy that had not grown in years.