ANC Rejects Call For Zuma To Stand Down

On Wednesday, the president sacked previous Finance Minister Nhlanhla Nene in a move that sent the rand to record lows.

Zuma first appointed Gordhan to the financial ministry in 2009, replacing Trevor Manuel. On that note, global markets and businesses had a trust in him that he was on the right track to improve the economy of this country.

South African President Jacob Zuma has replaced newly appointed Finance Minister David van Rooyen with the more experienced Pravin Gordhan in a surprise Sunday night announcement.

Cape Town – The ANC’s National Working Committee (NWC) gave no recognition of the damage done from the flip-flopping of finance ministers in the past few days and nothing to save South Africa from junk status, said emerging markets economist Peter Attard Montalto. The South African government has officially denied the reports.

Zuma met with the Congress of South African Trade Unions, the South African Communist Party, bank CEOs and ANC officials Friday and through the weekend. Today Zimbabwe is as poor as a church mouse.

South Africa’s Beeld newspaper, citing an informed person, said Gordhan’s appointment was preceded by a crisis meeting between Zuma, politicians and representatives of the private sector on Sunday afternoon.

Although every citizen had a right to march or demonstrate, the ANC did not share the sentiments of the organisers of planned demonstrations calling for President Jacob Zuma’s resignation, the ruling party said on Tuesday.

66-year-old Gordhan’s appointment comes after a huge controversy amid mounting pressure on Zuma to quit after he dismissed Nhlanhla Nene as Finance Minister, without giving reasons, drawing widespread criticism even from within the ranks of his own African National Congress. Mr Zuma said he had made the changes after “listening to the people”; the ANC elaborated, explaining that the decision was “occasioned by public concern stressing the need for experience and market assurance on the person who will champion the finance and fiscal policy of the country”. The country narrowly missed entering a recession with less than 1 percent growth, said Statistics South Africa. They also described his latest appointment as a sign Zuma was losing control.

“Rumors about a romance and a child are baseless and are created to cast aspersions on the President”, Zuma’s office said in a statement dismissing a list of rumors.

Gordhan said the government was acutely aware of the financial impact of the change in ministers last week.