‎Zuma fires and hires 3 Finance Ministers in 1 week

In a surprise Sunday night announcement, South African President Jacob Zuma replaced newly appointed Finance Minister David van Rooyen with the more experienced Pravin Gordan.

The move is coming after the President sacked Nhlanhla Nene last Wedneday- a move which sent the South African rand to a record low.
Mr Gordhan was widely respected when he served as South Africa’s finance minister from 2009 until 2014.

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Speaking after the appointment, Mohammed Nalla, head of research at Nedbank Capital, said having a finance minister serve just two days did not bode well for South Africa’s reputation.

“International investors are probably thinking: why didn’t the president make a much more considered decision in the first place?” he said.

In his remarks, the leader of the opposition Democratic Alliance party, Mmusi Maimane, said: “This is reckless by President Zuma – he is playing Russian roulette with the South African economy.”

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