President Jacob Zuma moved on Tuesday to calm the markets amid rising discontent that followed his recent cabinet reshuffle, saying he expected the changes to bring “renewed energy” into his government. But Zuma dodged tough questions from journalists about a ratings downgrade by S&P Global Ratings, which raised concern about last week’s cabinet reshuffle. Zuma was speaking at the official launch of Africa’s first locally designed locomotive at Transnet’s engineering yard. SA’s foreign currency debt was downgraded by S&P on Monday to junk status‚ effectively making it harder for the government to borrow money. Zuma thanked former finance minister Pravin Gordhan and his deputy Mcebisi Jonas for their hard work and contribution to a smooth handover to their replacements. The president fired the two ministers last week and replaced Gordhan with former home affairs minister Malusi Gigaba. Sifiso Buthelezi is the new deputy finance minister. “For over a decade, SA has grappled with the g...
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