South Africa: David van Rooyen fired and Pravin Gordhan hired

The rand recovered to 15.09 rand from 15.89 rand against the USA dollar immediately after the news broke late Sunday night.

The rand is seen posting its strongest daily percentage gain on Monday since 2008, according to Reuters, due to relief at Gordhan’s appointment.

“Our economy has expressed enormous ill-confidence in President Zuma as it was sent into a tailspin, losing over two hundred billion rand in value in the past days, and forcing up South Africa’s sovereign debt costs that will ultimately steal funding from the poor”, Maimane said.

On the 9 of December 2015, I announced the appointment of a new Minister of Finance, Mr David van Rooyen.

On Wednesday, the president fired Nhlanhla Nene, an abrupt announcement that saw South Africa’s currency reach record lows against the USA dollar and a sell-off in bank shares.

Analysts and politicians believe the president was caught off guard by the market reaction, as well as intense reaction from South Africans from all sectors, including from within his own party.

Zuma’s statement said that Myeni’s “relationship with the president is purely professional”.

Gordhan, who had been under attack over allegations that a “rogue” intelligence unit was allowed to operate at the SA Revenue Service under his watch, said he regarded it as his “responsibility to serve and to help the country onto a path of economic growth and recovery”.

Zuma said in his statement, “I have received many representations to reconsider my decision”.

After just four days, Zuma appointed Pravin Gordhan finance minister – a post he held between 2009 and 2014.

Gordhan’s appointment sent the Rand up nearly 5 per cent last night, but failed to quell a tide of criticism of the president.

His most hard job will be to manage South Africa’s R1.8 trillion debts.

Turmoil in Africa’s second largest economy underscores political maneuvering over a planned nuclear deal and alleged financial mismanagement at the struggling South African Airways.

UDM leader Bantu Holomisa said Zuma has lost control and should be recalled with immediate effect.

“We take account of the concerns of the rating agencies and investors, and we shall endeavor to protect the investment grade rating of South Africa”, he said. Briefing journalists on Monday, he confidently displayed the economic nous that until last week made South Africa’s financial institutions respected both at home and overseas.

The party added that Zuma was not pushed into appointing Pravin Gordhan.