David Mabuza’s return paves way for new cabinet
Rand in its biggest one-day drop in three months
David Mabuza’s swearing-in as an MP has opened the way for President Cyril Ramaphosa to announce his cabinet, as pressure mounts against Pravin Gordhan, one of his key allies in his fight against corruption and state capture. Ramaphosa is expected to announce his reconfigured cabinet on Wednesday, with Mabuza now primed to retain the position of deputy president of the country, with the ANC’s integrity commission said to have cleared him of any wrongdoing. News of Mabuza’s swearing-in sent the rand to a two-month low against the dollar on Tuesday. The local currency also had its biggest one-day drop in more than three months. The currency was 2.15% weaker at R14.7413/$ at 5pm, as the political intrigue cast doubt on pre-election confidence that a commanding victory for the ANC would give Ramaphosa the political capital he needs to root corrupt elements out of the government. The cabinet is also being watched by the investment community, which is keen on Ramaphosa’s policy reform pro...
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