Economy

Axed Indian-origin S African Minister rubbishes intel report

Axed Indian-origin S African Minister rubbishes intel report

South Africans woke to find that respected minister for finance Pravin Gordhan and six other ministers and deputies had been fired. "It is the considered view of the Youth League that Mr. Gordhan has lost all forms of political consciousness and as such the ANC must consider taking disciplinary action against this member who incites a revolt against the leadership of the ANC".

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A statement from the president's office just after midnight on Thursday said Zuma had also appointed Sfiso Buthelezi as Deputy Finance Minister replacing Mcebisi Jonas. But analysts noted that the Gupta family has been feuding with the finance minister and deputy minister for months.

"This is the irony of South Africa that we are dealing with and the difficultly is that when you have leadership that is not economically literate as Jacob Zuma is... that fails to understand economic consequences‚ these are the natural effects of it‚" said Maimane.

Interest rates are also likely to move to a higher plane given the implications for South Africa's credit ratings.

His remarks come as Zuma made 20 changes to his Cabinet late Thursday night.

They are anxious over South Africa's economy just at a time when many believed it was starting to stabilise.

"Ordinary South Africans shouldn't pay the price for any nonsense created elsewhere", he said.

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They had been under police surveillance since past year after Bekaj returned from Syria, according to officers. It was the only way of crossing the Grand Canal on foot for the best part of three centuries.

Zuma has reshuffled his cabinet before, but this, say many, was a complete purge.

South Africa's ruling African National Congress lurched deeper into crisis on Friday as top party officials and coalition allies rebelled against President Jacob Zuma's decision to fire his popular finance minister, deepening rifts in the liberation movement that has ruled Africa's most industrialized economy since 1994.

However, South African opposition party, the Democratic Alliance (DA) has received the backing of firebrand Julius Malema's Economic Freedom Fighters (EFF) party to table a motion of no confidence against Zuma for the reshuffle. A steep decline in the rand underlined Gordhan's reputation among investors as a guardian of policymaking stability in South Africa.

"The president has the prerogative to appoint ministers". "In the longer term, however, it may lead to the downfall of Zuma and his patronage, which will certainly be a good thing for South Africa", said economist Dawie Roodt.

Opposition parties are using the political chaos and uncertainty that has been caused as a launch pad to try and have the president impeached or removed from office.

Rumours abound on Friday with some claiming ten South African ministers threatened to resign after the cabinet reshuffle.

Frustration has been growing with Zuma after numerous allegations of corruption.

Zuma is said to have presented the intelligence report to ANC leaders and the SACP as justification for dumping Pravin and Jonas.


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