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News Room

SA economy makes U-turn following Gordhan reappointment

Compare Guru
2015-12-14
South African President Jacob Zuma has named his second minister of finance in just four days, re-appointing former minister of finance, Pravin Gordhan.

South African President Jacob Zuma has named his second finance in just four days, re-appointing former minister of finance, Pravin Gordhan.

Since the announcement that Nhlanhla Nene would no longer serve as the country's minister of finance, a public outrage has ensued with the majority of the nation calling for Zuma's immediate resignation.

The public petition received over 50 000 signatures in it's first day and 'Zuma Must Fall' protest marches have been organised in strategic points all around South Africa.

Since Gordhan's reappointment late last night, the South African economy has seemingly made a U-Turn which proves how investors had penned the country as the "comeback kid of 2016".

Gordhan previously held the post of Minister of Finance from 2009 to 2014.

The currency has recovered by 80 cents before markets opened on Monday morning, showing restored confidence.

Zuma commented late last night, "I have received many representations to reconsider my decision. As a democratic government, we emphasise the importance of listening to the people and to respond to their views."

Van Rooyen, who had little to no public representation will now manage Gordhan's previous role of Minister of Cooperative Governance and Traditional Affairs.

“It may well have been the case that an unprecedented amount of criticism from within the ANC, as well as the gravity of the financial market sell-off, forced a re-think from President Zuma,” Razia Khan, head of Africa economic research at Standard Chartered in London.

“Markets will welcome this news, with a strong likelihood that South African assets will rally. However, further reassurances will likely be needed for any deeper, sustained rally in South African markets.”

Gordhan will ensure “adherence to the set expenditure ceiling while maintaining a stable trajectory of our debt portfolio, as set out in the February 2015 budget,” said Zuma in a public statement.

Gordhan will be sworn in this morning at 10am in the capital, Pretoria.

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