Baptism of fire awaits ‘tainted’ Malusi Gigaba
The new finance minister has his work cut out for him as he will have to steer a sluggish economy, fend off junk status and reassure investors
New finance minister Malusi Gigaba will have to steer an economy that is barely growing, fend off a junk credit rating and reassure investors that he will protect the National Treasury’s independence. That is a tough task for the 45-year-old, who trained as a teacher and is a rookie when it comes to finance and business. Gigaba has been at the forefront of South African politics for more than two decades, serving as head of the ANC Youth League (ANCYL), an MP and minister of public enterprises and then home affairs. He succeeds Pravin Gordhan, a favourite of investors who was dumped after months of sparring with President Jacob Zuma for control of the Treasury. Gigaba has got off to a rocky start. The rand weakened early on Friday following news of his appointment and activists and a labour-union group have threatened to occupy the Treasury to prevent it falling into the hands of Zuma and his allies. The reaction to his appointment has been overwhelmingly negative. "The market will ...
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