South Africa - 02

South Africa: Zuma Backtracks and Reappoints Gordhan as Finance Minister

On 13 December, just four days after President Jacob Zuma announced that David van Rooyen would replace Minister of Finance Nhlanhla Nene, Zuma backtracked and reappointed former Minister of Finance Pravin Gordhan to the position. In the wake of the national outcry, the rand’s free fall and the market chaos that followed the reshuffle, various groups, including local bank CEOs and ruling ANC leaders who were sidelined during the initial reshuffle, have tried to impress on Zuma why his removal of Nene and appointment of van Rooyen were unacceptable.

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