Johannesburg: Indian-origin politician Pravin Gordhan has been appointed as South Africa's new finance minister by President Jacob Zuma, who fired two of his predecessors within a week, amid a raging economic turmoil in Africa's second-largest economy. Gordhan's appointment comes after a huge controversy amid mounting pressure on Zuma to quit after he dismissed Nhlanhla Nene as finance minister, without giving reasons, drawing widespread criticism even from within the ranks of his own African National Congress. He replaced Nene with the little known David van Rooyen. The country's currency, the Rand, plummeted to new lows as the news broke. Credit agency Fitch downgraded South Africa on December 4, leaving the continent's most sophisticated economy just one notch above junk status.
Later, Zuma tried to bring about some calm by saying that Nene had been removed because he was in line for a top position at the new Brics Bank. Gordhan's appointment sent the Rand up almost 5% by Monday night, but failed to quell a tide of criticism of the president. Gordhan was widely respected when he served as South Africa's finance minister from 2009 until 2014.
Zuma assigned Gordhan with several tasks to address the country's failing economy. “Gordhan will lead government again in the interest of stimulating more inclusive growth and accelerated job creation while continuing the work of ensuring that our debt is stabilised over the medium term,” Zuma said in a statement.
