President Jacob Zuma has fired finance minister Pravin Gordhan and his deputy, Mcebisi Jonas, in a move that could be a devastating assault on the country’s economy. Zuma announced the changes to the cabinet on Thursday night, naming Malusi Gigaba as the new finance minister and Sifiso Buthulezi as his deputy, who is currently a member of parliament. In a fall reminiscent of that witnessed in the wake of Nenegate in December 2015, the rand continued its free fall against major currencies on Friday morning.  At 8.16am, the rand was at R13.4656 to the dollar from an overnight close of R13.2644. New ministers:

Minister of energy, Mmamoloko “Nkhensani” Kubayi Minister of transport, Joe Maswanganyi Minister of finance, Malusi Gigaba Minister of police, Fikile Mbalula Minister of public works, Nathi Nhleko Minister of sports and recreation, Thembelani Nxesi Minister of tourism, Tokozile Xasa Minister of public service and administration, Faith Muthambi Minister of home affairs, Hlen...

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, ProfileData 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. Got a subscription voucher? Redeem it now