In a surprise move that has sparked off further controversial comments, South African President Jacob Zuma has replaced newly appointed Finance Minister David van Rooyen with the more experienced Pravin Gordhan in a Sunday night announcement.
David van Rooyen has been deployed as the new Minister of Cooperative Governance and Traditional Affairs.
Zuma had sacked previous Finance Minister Nhlanhla Nene last Wednesday in a move that sent the rand to record lows, and replaced him with Mr van Rooyen.
A widely respected Gordhan, served as South Africa’s finance minister from 2009 until 2014.
Like magic, his re-appointment sent the currency up, recovering from just over 16 rand to the dollar to about 15 by Monday morning, according to currency site xe.com
Here’s a statement from President Zuma’s Office:
Announcement of New Ministers of Finance and COGTA
- Ensuring an even stronger alignment between the Budget and the Medium Term Strategic Framework (MTSF) in the interest of stimulating more inclusive growth and accelerated job creation while continuing the work of ensuring that our debt is stabilised over the medium term.
- Promoting and strengthening the fiscal discipline and prudence that has characterised our management of public finances since the dawn of freedom.
- Working with the financial sector so that its stability is preserved under the broad umbrella of the Twin Peaks reform.
- Ensuring that the National Treasury is more acceptable to all sections of our society.
- Adherence to the set expenditure ceiling while maintaining a stable trajectory of our debt portfolio, as set out in the February 2015 Budget.
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