JOHANNESBURG: The South African President, Jacob Zuma on Wednesday fired the Finance Minister, Nhlanhla Nene and promised to deploy him to a strategic post.
He was replaced by the ruling African National Congress (ANC) backbencher David ‘ van Rooyen. Zuma did not give reasons for removing Nene who has been in the Finance portfolio for the past 18 months. President Zuma said, “I have decided to remove Nhlanhla Nene as Minister of Finance, ahead of his deployment to another strategic position. The new deployment of Nene will be announced in due course.”
The South African economy has not been performing well. Last Friday two of the world’s credit ratings agencies, Fitch and Standard and Poor’s downgraded South Africa one level above junk -at BBB minus. This leaves the country at the risk of further being downgraded to junk status which will make it impossible to borrow.
The Statistics South Africa released a report which shows that the economy grew by 0,7% in the third quarter of 2015. The rand has taken a fall to a record R15.24 to the dollar. The ANC defended the replacement of the Finance Minister. The ANC spokesperson, Zizi Kodwa said, “The President has exercised his Constitutional prerogative to appoint a new Minister who we believe has what it takes to lead the Ministry.”
The new Minister was the ANC National Assembly Whip for both Finance Portfolio Committee and ANC Caucus’ Economic Transformation Cluster.
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