In Conversation With Herman Mashaba - ActionSA Joburg Mayoral Candidate
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The City of Johannesburg is facing renewed scrutiny following a downgrade in its credit rating outlook by the Global Credit Rating Company (GCR), raising concerns about governance, financial management, and the future of service delivery in South Africa’s economic hub.
The downgrade is linked to what GCR describes as “material uncertainty” in the City’s financial reporting processes, particularly its failure to publish annual financial statements on time. This issue has had immediate consequences, including the Johannesburg Stock Exchange suspending the City from trading, signalling a serious lapse in regulatory compliance.
ActionSA leader and Johannesburg mayoral candidate, Herman Mashaba, has strongly criticised the City’s leadership, framing the downgrade as evidence of a deepening governance crisis. He argues that the situation reflects systemic failures in accountability, fiscal discipline, and administrative oversight.
With a municipal budget of approximately R90 billion, Johannesburg plays a central role in the country’s economy. Any instability in its financial management has the potential to impact not only local service delivery—such as water, electricity, and infrastructure maintenance—but also broader investor confidence in the city.
The downgrade is linked to what GCR describes as “material uncertainty” in the City’s financial reporting processes, particularly its failure to publish annual financial statements on time. This issue has had immediate consequences, including the Johannesburg Stock Exchange suspending the City from trading, signalling a serious lapse in regulatory compliance.
ActionSA leader and Johannesburg mayoral candidate, Herman Mashaba, has strongly criticised the City’s leadership, framing the downgrade as evidence of a deepening governance crisis. He argues that the situation reflects systemic failures in accountability, fiscal discipline, and administrative oversight.
With a municipal budget of approximately R90 billion, Johannesburg plays a central role in the country’s economy. Any instability in its financial management has the potential to impact not only local service delivery—such as water, electricity, and infrastructure maintenance—but also broader investor confidence in the city.
