Already, Finance Minister Malusi Gigaba has changed his tone since his opening gambit: radical economic transformation has not been mentioned since his first media conference on April 1. A week later, he was saying all the right things: expenditure ceilings will remain in place; fiscal policy will be unchanged; governance in state-owned enterprises improved; and the structural reforms to the economy his predecessor, Pravin Gordhan, promised in February 2016 will materialise. Gigaba is young and ambitious, with presidential aspirations, and wants to succeed as finance minister. The market also wants him to succeed — or rather conform — and is piling on the pressure. In the coming weeks and months, key decisions will tell us which way he is leaning between winning respect in the market and satisfying the groups of crony capitalists that everyone believes put him in the Treasury. There are 10 tests Gigaba will face in the short term: 1. Director-general His first telling decision will ...

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