South Africa’s new finance minister notes ‘mutual suspicion’

I was asked as part of national service to take up this job.

Newly appointed finance minister Malusi Gigaba has radical economic transformation at the top of his agenda.

Gordhan held a press conference today, saying he heard of his sacking via television and dismissing the intelligence report “as absolute nonsense”.

He also introduced changes that intensified company inspections to make sure businesses comply with the requirement to employ a minimum of 60 percent South African citizens. Ultimately, though, this is being seen as a political issue with the president rewarding loyalists. Government bonds have weakened, and analysts are warning that South Africa’s credit rating could fall into junk status.

Mr Gordhan, who also served a previous stint as finance minister between 2009 and 2014, espoused an emphasis on fiscal responsibility and was seen as a safe pair of hands.

Banking shares on the Johannesburg bourse fell more than two per cent. Organisers are asking South Africans to sign the petition on their site to confirm solidarity with the movement.

“I told him that I would not agree with him”, Ramaphosa said.

“I find it very hard to believe that someone like Gordhan, who has served the country with everything he has and so much pride and total honor, planned to besmirch Zuma and his government overseas”, Ramaphosa told local media.

“There are quite a lot of other colleagues and comrades who are unhappy about the situation, particularly the removal of the minister of finance”, said Cyril Ramaphosa, Zuma’s deputy.

“I felt like this list has been developed somewhere else and was given to us to legitimize it”.

Cronje notes the new ministers, who will be sworn in at 6pm on Friday, come in at a time of very weak economic performance as debt levels have increased, the budget deficit remains under pressure, and the government’s tax take as a proportion of gross domestic product is projected to reach a record level.

Jonas and Gordhan remain a united front.

The Anglican Archbishop of Cape Town, Thabo Makgoba, has said the cabinet sackings “constitute an assault on the poor of South Africa”.

Zuma and his followers have been accused of corruption and links with the wealthy Indian Gupta family.

Protestors have already begun to mobilize, organizing a march on to the national treasury office in Pretoria.

He said they interacted with all three ratings agencies this week, meeting with Moodys and Fitch, and holding a teleconference with S&P.

Sfiso Buthelezi will become Deputy Finance Minister, replacing Mcebisi Jonas.

Also Thursday, the Economic Freedom Fighters opposition party applied to the country’s highest court to order parliament to begin impeachment proceedings against Zuma. A factor leading to Gordhan’s recall from worldwide roadshow at short notice on Monday. He plans to remain a member of parliament, and perhaps visit Zuma soon and “have a cup of tea and have a chat”. Now, a group of self-proclaimed “ordinary concerned citizens of this nation” is calling on South Africans to wear black on Monday 3 April 2017 to protest what they are calling the recent “irrational actions” of the president.