Gigaba swings left, wants radically changed economy
Gigaba says he is committed to protecting SA’s investment-grade credit rating
New finance minister Malusi Gigaba signalled a swing to the left on Saturday, saying “we need to radically transform the South African economy” while pledging to maintain fiscal stability. Gigaba also said during a televised news conference that he was committed to protecting SA’s cherished investment-grade credit ratings, which analysts have said are threatened after the removal of his predecessor Pravin Gordhan. “The ownership of wealth and assets remains concentrated in the hands of a small part of the population. This must change,” Gigaba said. Gigaba said he would not be “reckless” when it came to funding for controversial plans to add more nuclear power to SA's energy mix. “The principle stands that it will be implemented at a pace and scale that the country can afford ... I don’t think we will or should try to be reckless about it,” Gigaba said in response to a question about the programme. He acknowledged the political challenges he faces. President Jacob Zuma’s midnight sac...
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