Fitch undermines South Africa's plan to turnaround economy

South African President Cyril Ramaphosa's multi-billion dollar plan to turnaround the economy will do little to lift the country's sluggish economic growth rate, ratings agency Fitch said on Tuesday.

"South Africa's latest economic plan is unlikely to deliver a significant boost to economic growth," said Fitch, which rates Pretoria's foreign and local currency debt at subinvestment, adding that rand's recent plunge would also hinder the plan.

"The plan does include measures that could support growth, but many relate to long-standing policy ideas that have been slow to implement," Fitch said of the plan announced by Ramaphosa on Friday to pull the economy out of recession.