South African opposition parties aim at President Jacob Zuma

South African President Jacob Zuma has ordered his finance minister to return from an overseas investment trip, the presidency said on March 27, 2017, fuelling speculation that a cabinet reshuffle is imminent.

Some of Zuma’s allies say Gordhan’s importance is over-exaggerated and his close relationship with investors and ratings agencies shows that he is allied to vested interests. “I think it’s coming once the funeral is over, it’s just a matter of time”. The benchmark 10-year rand bond dropped, sending yields 13 basis points up to 8.86 percent, the highest level since February 7.

Zuma had earlier summoned the rest of the ANC’s top six to an urgent meeting in Pretoria.

South Africa’s rand erased its advance to become the worst performer in emerging markets after President Jacob Zuma’s order to abort an global roadshow served as a wake-up call to the country’s political risks.

Cape Town – In the absence of any official communication from the government to deny mounting speculation that Finance Minister Pravin Gordhan might be replaced, the Presidency’s chief operations officer posted a message on her personal Facebook page to school journalists on how the Cabinet works.

Zuma, 74, has been warring with Gordhan, 67, over control of state finances nearly since he reappointed the finance minister in December 2015.

Gordhan’s comment on Tuesday that he was still finance minister also cheered markets.

Mapaila said Zuma and Gordhan did not have to be friends to work together.

A source associated with the trip said: “It is a mess”. Ramaphosa, Mantashe and Mkhize dismissed the findings and said they reserved the right to publicly oppose any decision to fire Gordhan, the person said.

“In any event, tensions within the ruling African National Congress will escalate this year”, added Ashbourne. “[.] Even if Mr. Gordhan himself is not removed from office, a reshuffle could still have a significant market impact”.

Government bonds weakened, meaning that the government’s borrowing costs will increase.

Pressure has piled on Zuma over his plan to sack Gordhan.

The currency gained as much as 0.8 percent against the dollar after being 1.3 percent weaker before the report. Gordhan previously asked the state attorney to stand in court for him.

JOHANNESBURG (AP) – South Africa’s two main opposition parties took aim at President Jacob Zuma with one appealing to the highest court to order impeachment proceedings and the other announcing it will launch a vote of no confidence in the president. “This action has pulled the rug from under our feet”, said a statement by Business Leadership South Africa, a group representing the country’s biggest corporations. “The fact that he continues to be persecuted nearly beggars belief given the acute vulnerability of South Africa’s economy and creditworthiness”.