Zuma gives South Africa 3 finance ministers in 5 days

Pravin Gordhan, a widely respected Indian-origin politician, has been appointed South Africa’s new Finance Minister by President Jacob Zuma, becoming the third finance chief of the country in a week amid a raging economic turmoil.

Zuma sacked Nhlanhla Nene last week, and appointed Van Rooyen as finance minister, but then after an outcry – both publicly and from within the ANC – removed Van Rooyen on Sunday and appointed Pravin Gordhan as the new finance minister. “A democratic government has a duty to listen and respond appropriately”.

Yesterday evening (13 December), the president backtracked, appointing the experienced Gordhan to the position and moving Van Rooyen to Gordhan’s portfolio of co-operative governance and traditional affairs.

Marches to call for Mr Zuma’s removal as president are being planned for five cities in South Africa during Wednesday’s public holiday. Nene had previously said he would sign off on a nuclear deal only if he felt South Africa could afford it. A cabinet spokesperson denied the report. The rand lost 9% against the dollar, and government bonds slumped, forcing Zuma to make a U-turn.

The president provoked outrage and an investors, when he fired Nene, who had held the post for about 18 months, and replaced him with a little-known lawmaker, David van Rooyen.

Although his appointment has already restored some market confidence, Gordhan has the tough task of reviving Africa’s most industrialized economy and the second-largest on the continent.

Booysen believes that Zuma’s sudden decision to bring Gordhan back was due to embarrassment from last week’s decision to choose a finance minister with very little credibility to replace Nene. “It is something that one has to earn and something that one has to sustain over a period of time”, said Mr Gordhan, who was also finance minister from 2009 to 2014.

Apparently shaken by the response, Zuma on Saturday took the unusual step of denying that he had a romantic relationship with SAA board chairwoman Dudu Myeni, who had pressed hard for a new deal with Airbus.

The move sparked a freefall in South Africa’s markets and stirred up political controversy.

However, spokesman Zizi Kodwa said top party officials had not contemplated such drastic action.

She was giving feedback on a national working committee of the African National Congress, squashing rumours on social media that Zuma had been recalled as president.

The nation’s opposition party, the Democratic Alliance, accused Zuma of playing “Russian Roulette” with the nation’s economy.