With Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas highly touted to be replaced in a Cabinet reshuffle, the question remains who will replace them.
Rumours are rife that Gordhan and Jonas will soon be removed by President Jacob Zuma following a surprise recall on Monday from an international investor roadshow, barely a day after they started the week-long excercise to the UK and US.
Gordhan and his entourage landed in South Africa on Tuesday morning after Zuma ordered them to come home immediately. The rand felt the brunt on Monday, weakening from a near two-year high of R12.31 to last trade at R13.04/$.
Nomura emerging markets economist Peter Attard Montalto said he believes a Cabinet reshuffle will extend wider than just the finance ministry.
“In terms of the political dynamic of a reshuffle, Zuma will see the need to remove the perceived threat of SACP Cabinet members. The following names have been unveiled “Brian Molefe, Des van Rooyen, Sfiso Buthelezi, Kgosientsho Ramokgopa, Nkozosana Dlamini and ZumaMakhosi Khoza,