South Africa’s third Finance Minister in the past five days was appointed as President Zuma announced Pravin Gordhan as the new Minister of Finance to replace David Van Rooyen.
The rand recovered almost 80c to the US dollar on Sunday evening following the appointment of former finance minister Pravin Gordhan in his old post.
The move follows the the shock axing of Nhlanhla Nene last week and the broad fallout on South African markets.
Gordhan was appointed as the new finance minister in an about turn just four days after David van Rooyen took over from Nene.
The rand recovered to R15.09/$ from R15.88 immediately after the news broke late on Sunday, after the unit briefly breached R16/$ in nervous trade on Friday.
Zuma has lost control
President Jacob Zuma has lost control and should be recalled with immediate effect, UDM leader Bantu Holomisa said on Sunday.
“Its clear President Zuma has lost control. He is actually panicking beyond comprehension as we speak,” he said.
“How much longer can South Africa afford Zuma to hold office,” asked DA leader Mmusi Maimane. “We need change and a new plan for South Africa.”
Maimane said the ANC was too busy focusing on internal succession fighting, that they are not strong enough to deal with issues that truly affect the country.
“The best way to get Zuma removed from office is for South Africans to vote against the ANC in more cities across the country,” he said. “If they lose more cities next year, they won’t be able to sustain propping him up.”