Tuesday , October 24 2017
Home / Motherland News / SA rand falls as Zuma sacks finance minister

SA rand falls as Zuma sacks finance minister

South Africa’s rand plunged more than 5% overnight after President Jacob Zuma sacked Finance Minister Pravin Gordhan.

Nine other ministers were sacked as the president overhauled his cabinet.

Mr Gordhan was seen by many as a bulwark against corruption in an administration that is facing growing criticism.

President Jacob Zuma said in a statement that his midnight cabinet reshuffle was about a “radical socio-economic transformation”.

Malusi Gigaba, previously the Minister of Home Affairs, has replaced Mr Gordhan

Sfiso Buthelezi will become Deputy Finance Minister, replacing Mcebisi Jonas.

President Zuma also made a number of other changes in the cabinet.

“I have directed the new ministers and deputy ministers to work tirelessly with their colleagues… to ensure that the promise of a better life for the poor and the working class becomes a reality,” President Zuma’s statement said.

ShareShare on Facebook0Share on Google+0Tweet about this on TwitterShare on LinkedIn0
Brand Envoy

About Anttention media

Check Also

South Africa: 32-year-old woman stabbed to death by her ex-boyfriend inside restroom of a shopping mall ‘He slit her throat from ear to ear’

32-year-old Siphokazi Khumalo was attacked with a knife by her ex-boyfriend in the bathroom of …