The country on Friday woke up to a new finance minister after President Jacob Zuma effected a far-reaching Cabinet reshuffle, with Malusi Gigaba replacing Pravin Gordhan. ANC MP Sfiso Buthelezi replaces Mcebisi Jonas as deputy finance minister. The rand weakened by 3%, from R12.80 to R13.35 when the news broke. It could weaken further when the news sinks in on Friday morning. The move follows a meeting of the ANC’s top six on Thursday night at which Zuma informed them of his decision. Gordhan’s removal is set to have far-reaching consequences for Zuma and the ANC. Gigaba is seen as a close ally of the president and is among his loyalists in the current Cabinet. But there was not much detail as the Presidency made the special announcement late on Thursday night. Zuma stepped back from his initial pick for finance minister at the request of his top five colleagues in the ANC — his initial choice was former Eskom boss Brian Molefe. Gordhan had not been told late last night that he had ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.