South Africa's President Zuma Fires Finance Minister Pravin Gordhan, Sparking Backlash
08 April, 2017, 00:14
South Africa needs to "radically transform" its economy, the country's new finance minister has said.
Zuma also continues to face criticism over his acquittal for rape 10 years ago, with four young women holding up signs in protest in front of the president in August as he spoke on live television after the ANC's worst municipal election showing since it took power in 1994. "However it is to ensure that such decisions made can be owned, justified and defended by the leadership collective in the interest of the ANC and the people of South Africa", says Mkhize. "Nothing has to be manufactured in order to create an environment where your integrity has to be undermined and we need to be discredited in order to justify some objective outside of the real intent", he said.
Gordhan became South Africa's finance minister after Zuma's abrupt decision in December 2015 to fire Finance Minister Nhlanhla Nene and replace him with David van Rooyen, a relatively unknown figure, which unsettled markets and prompted a national outcry.
He said both he and Jonas had joined the liberation struggle as youths to help bring South Africa to where it is today.
As for Gordhan, he's already called to wish Gigaba and his new deputy luck and will meet with them on Monday for a formal handover.
Mr. Zuma's dramatic late-night sacking of his finance minister and other cabinet ministers was openly criticized on Friday by senior members of the ruling African National Congress, including his deputy president, Cyril Ramaphosa, who called it "totally unacceptable".
"I told him that I would not agree with him", Ramaphosa told reporters.
The report alleged that Gordhan planned to meet with foreign forces in an attempt to overthrow the state during their planned trip overseas this week.
"There could be potential political ramifications of the cabinet reshuffle, as reflected by indications by opposition parties for a vote of no-confidence and impeachment motion", JPMorgan Chase's Sonja Keller wrote in a note to clients.
"Any undoing of confidence or decline of rating status of country will hurt ordinary South Africans".
But the ANC's top officials appears to be unhappy with Gordhan's sacking.
Zuma's move has been variously interpreted as an attempt to install a minister who would allow populist measures which would reverse the electoral fortunes of the ANC blocked by Gordhan; to gain control of the finance ministry to allow deals favoured by allies in the south African business community; and to control the selection of his successor.
The party that liberated South Africa after decades of white minority oppression is deeply divided over Zuma and facing one of its biggest crises yet.
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