Fitch downgrades South Africa's credit rating to junk status

24 via Getty Images

24 via Getty Images

Police fired rubber bullets and tear gas to disperse an ANC crowd in central Johannesburg, injuring at least one person, broadcaster eNCA reported.

"We must move forward with the South Africa of our dreams - not South Africa that will enrich a few cronies", Solly Mapaila, of the South African Communist Party, told the rally in Pretoria. "We must all not retreat until Zuma steps down and a new president is inaugurated in South Africa".

Gordhan, a person of Indian origin, has become a symbol of the fight against corruption for refusing to approve several projects that would allegedly benefit businessmen close to Zuma.

Pravin Gordhan, who was sacked as finance minister in late-night Cabinet reshuffle a week ago, was widely respecte for his anti-corruption stance.

Mr. Zuma's party, the African National Congress (ANC), is struggling to stamp out an internal revolt against him. The 74-year-old, who has been named in hundreds of corruption charges, denies any wrongdoing. "Such behavior has no place in a democratic society", the party said.

Daniel Zweni, who proudly held a sign which read "impeach the leech", came out in support from the perspective of a South African who is exhausted of not being able to find lasting employment 23 years into democracy. The system now has problems throughout.

The sacking of Gordhan, the finance minister, led to a slide in the value of South Africa's rand currency and an nearly immediate downgrading by global ratings agency Standard and Poor's.

Worldwide ratings agencies have downgraded South Africa and this will lead to high interest rates levied on home, vehicle and student loans, to high food prices and to a bigger fiscal debt.

"The bottom line is we are paying for the consequences of the political regime that has lost direction", said Gary van Staden, analyst at NKC African Economics.

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New Jersey's $2.34 is up 50.3 cents from past year . "Syria produces very little oil and does not export to the world market". Motorists across the First Coast are paying almost 17 cents more on average than they were last week, according GasBuddy.

"The people of South Africa will never accept the destruction of our country".

"There is a change coming", said Potgieter. "White people want to protect their wealth. Now there is more mobilisation". Members of the ANC party's youth wing also gathered outside its headquarters at Luthuli House to shield it from protestors. "You get roads, homes, free medical aid if you are pregnant".

Zuma and the ruling party, which suffered big losses in municipal elections past year, have been weakened by other scandals around the president.

Elize Kruger, analyst at NKC Research, said the news was a "blow" to the country's economy, which is already stuck in a "low-growth trap".

Investors fear a slew of populist measures which may further weaken a flagging economy.

This should come as no surprise given that Gigaba was trying to convince the ratings agencies that he could hold the fiscal line and implement "radical economic transformation", which was simply not credible.

A pro-Zuma and ANC supporter.

"Tensions within the ANC will mean that political energy will be absorbed by efforts to maintain party unity and fend off leadership challenges", Fitch said in its statement.

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