S. Africa axes finance minister after four days

“In this regard, I have, after serious consideration and reflection, taken the following decision; I have appointed Mr Pravin Gordhan, the current Minister of Cooperative Governance and Traditional Affairs as the new Minister of Finance”.

Reuters reports that Gordhan will address a news conference on Monday. “I wouldn’t expect to see much of an extension of the rebound beyond today’s move”, UBS strategist Manik Narain said. The markets responded well to a familiar face.

Zuma has not said publicly why he replaced the two ministers.

South African President Jacob Zuma appointed his third finance minister in a matter of a week, amidst market upheavals.

President of South Africa, Jacob ZumaTHE South African government has renewed its determination to revive the country’s sliding economy.

Credit agency Fitch downgraded South Africa earlier this month, leaving South Africa just one notch above “junk” status.

The Economic Freedom Fighters said Gordhan’s re-appointment is a joke, and no amount of explanation can save the ruling ANC from this embarrassment. And was Nene fired for not allowing it, or for something else? This allegedly brought the anger of the airline’s chairwoman, Dudu Myeni, known as a close ally of Zuma.

Mr Nene had also refused to rubber-stamp spending on a huge nuclear power programme.

The brief tenure of Mr van Rooyen and the uncertainty it caused may have damaged South Africa’s reputation further, analysts say. He added: “Mr Zuma must think about his position very seriously”. Uniting all South Africans behind a common goal is his priority, and he’ll work hard to “stabilize the situation” as soon as possible, he said.

On Monday, the rand rose up to 15.30 to the USA dollar in the afternoon after a week of depreciation, while the financial index at the Johannesburg Stock Exchange (JSE) gained around eight percent. The rand lost 9% against the dollar, and government bonds slumped, forcing Zuma to make a U-turn.

The rand also recovered in spectacular fashion after the news broke.

Pravin Gordhan is a South African politician of Indian Origin.

Some National Executive Committee members had called for an emergency meeting.

“I have received many representations to reconsider my decision”.

In response to Sunday’s appointment Democratic Alliance leader Mmusi Maimane said that Mr Gordhan must stand up to Mr Zuma and ensure he stopped “playing Russian roulette with our economy”. Gordhan held the post previously from May 2009 to 2014.