Gordhan returns as finance minister

See what South Africans had to say on social media.

In what looks like an attempt at damage control before the markets open, President Jacob Zuma announced on Sunday night that Minister of Cooperative Governance and Traditional Affairs Pravin Gordhan will take over his former job as Minister of Finance.


This follows the dramatic removal of former finance minister Nhlanhla Nene late on Wednesday December 9, which led to a dramatic weakening of the local currency and a R169 billion drop in share values on the JSE.


The rand also recovered in spectacular fashion after the news broke. The exchange rate appreciated from R15.88 to R15.04 against the dollar.

Calls for Zuma’s removal have been circulating on social media in the wake of Nene’s sacking and more than one march is being organised in support of these calls.
 At 21:34 on Sunday night the Presidency issued a statement in which Zuma says he received many representations to reconsider his decision.


Reuters reports that Gordhan will address a news conference on Monday.

UPDATE: The office of President Jacob Zuma says Gordhan will not be sworn in on Monday because he is already a minister, Reuters reports.

 

Here is the full statement released by the presidency:


Announcement of New Ministers of Finance and Cogta

On the 9th of December 2015, I announced the appointment of a new Minister of Finance, Mr David van Rooyen.

I have received many representations to reconsider my decision.

As a democratic government, we emphasise the importance of listening to the people and to respond to their views.

In this regard, I have, after serious consideration and reflection, taken the following decision;

Finance

I have appointed Mr Pravin Gordhan, the current Minister of Cooperative Governance and Traditional Affairs as the new Minister of Finance.

Minister Gordhan will return to a portfolio that he had held proficiently during the fourth administration.

He will lead government again in the following;

  • Ensuring an even stronger alignment between the Budget and the Medium Term Strategic Framework (MTSF) 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.
  • Promoting and strengthening the fiscal discipline and prudence that has characterised our management of public finances since the dawn of freedom.
  • Working with the financial sector so that its stability is preserved under the broad umbrella of the Twin Peaks reform.
  • Ensuring that the National Treasury is more acceptable to all sections of our society.
  • Adherence to the set expenditure ceiling while maintaining a stable trajectory of our debt portfolio, as set out in the February 2015 Budget.

COOPERATIVE GOVERNANCE AND TRADITIONAL AFFAIRS

I have also decided to appoint the current Minister of Finance, Mr David van Rooyen, as the new Minister of Cooperative Governance and Traditional Affairs.

Mr Van Rooyen, a former Executive Mayor, will also be bringing to COGTA the finance and economic sector background gained in serving in the Finance Portfolio Committee and Economic Transformation Cluster as whip in National Assembly. He has been mandated to take forward the Back to Basics programme and further improve cooperation between the three spheres of government.

I wish both Ministers all the best in their new deployments.

 

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The comedy show continues, perhaps someone had the balls to point out to the emperor that he isn’t wearing any clothes.

The man is clearly out of his depth and had no idea his actions would cost so much money. He must still fall!

Hallelujah. We can all have a happy Christmas. But, more importantly for us all, Zuma is losing his ability to make unilateral decisions, his political demise is in sight. Go democracy.

Zuma must still go – SA will not have any chance of recovery until he is out of office.

Agreed 100000000%, he is a most appalling human being and dreadful for SA

Of course the real win for ALL South Africans is for Zuma to go today. Then the Rand would strengthen a great deal, a proper decent capable moral uncorrupt cabinet could be appointed and after a few years the most dreadful nightmare caused by the current ANC could be reversed. So one will see in the following weeks how the change to a proper Finance Minister will help and then one can imagine how a change from a childish uneducated womanising fool (and some say a massively corrupt man) to a person with opposite strengths will help South Africans especially the poorest ones. We have to get rid of zuma very quickly before he breaks everything.

Just about, bring in the clowns now. The fat lady is about to sing!!! What is going on here? What is this piki-piki…mabolane that the president is playing?

This is so embarrassing for us as a country. Just when I thought we had seen it all. I wonder what the President will dream up for us next.

There is going to be a big shuffle! I smell the panic. Heads leaving the trough and trying to hide. Guptas beware.

The tokoloshe from rural Zulu-land is alive and well and is now the president of South Africa. This evil spirit of destruction will wreak havoc unless he is stopped civil society, for the Zulus can’t stop him.

This has been an exercise of extreme corruption. It stinks of manipulation. Zuma and his buddies (Guptas?) knew this would happen, shorted the rand big-time and are now reaping the profits on the firmer exchange rate.

Any chance of the shorts being investigated ????

I would love to see it happen, but he and the pals will have done it through nominees and trusts. @Antoinette, what about a bit of digging?

Every T

Every Trust is registered in the Masters office and the Trust Deed shows the names of the beneficiaries and Trustees -it is public knowledge for those who wish to enquire.
All that is needed is the name and registration number of the Trust

The JSE can always trace the originator of a trade irrespective of whether the trade was made by or on behalf of a person, Trust, company or nominee — and if it is a nominee, the nominee cannot evade divulging where its funds come from – that is now covered by FICA.

Van Rooyen by all accounts knew a long time ago that he would be appointed -who in Zuma’s intimate circle also knew, and has made money at the direct expense of thousands of South Africans

Cabinet needs to remove him this week, unfortunately he is surrounded by his yes men, Van Rooyen, Peterson, minister of Minerals and others.
The petition won’t help as there are 33 million idoits in the rural areas that will vote him back in.

Maybe the DA can charge him with treason, or we wait until it can be explained to the 33 million rural voters why fuel and food costs so much next year.

Welcome back Mr Minister (Gordhan) and compliments where due, Well done Mr President, it may not have been easy, but well done, to the ex Min van Rooyen, bye bye…..see you never….now President Zuma, may we please get one final Christmas present, scrap the current E-Toll structure in favour of a small additional fuel levy, government get its money, we pay per tank and Bob’s your uncle, NO Sir, not that Bob.

The marchers must continue. We need to get rid of Dudu and Hlaudi and anyone else who is also doing great damage to the country. I am thinking of the failed health and education systems. They do not need more money they just need to be run properly.
If we stopped the corruption and waste you would not need a tax increase and the people would still get more.

Once you are corrupt and have become part of a corrupt circle of people , you cannot actually change -your continued existence, wealth and acceptance in your circle of bought “friends” depends on continuing your corruption.

SA cannot be saved unless Zuma steps down and those who profit from his activities can no longer enrich themselves.
The corruption killing our society will not suddenly disappear with any change that is short of him stepping down — it will just go underground for a bit or worse still the citizens of SA will be subjected to more ridiculous political/economic blunders and even more ridiculous explanations for the blunders while people are steadily stripped of everything they and their parents worked for.

The market watches and prices in everything. The auditing of town councils, what happens at Eskom, Post Office, SAA, SABC, security, laws passed, the police and judicial system, corruption (whether state or private), the education system what is happening at universities etc., etc. and we pay for it in lack of investment, value of the Rand and interest on bonds. Mainly the poor pay for it in wastage of taxes. Put up the taxes and the market will respond accordingly.

It is no good ‘insulting’ the market as some were doing today. Like one’s clients the market cannot be fought. Alter the freedom of the press, or transparency and the market will respond.

However, behave well, slowly improve all of the above and the market will reward one by decreasing the cost of borrowing, investing in the country, revaluing the currency etc.

Our problem is not mainly about Nene, Gordhan or van Rooyen it is the Zuma administration. It must go. There is no recovery, confidence is blown. One can work with the NDP and, dare I say it, one can work with many in the ANC.

What a (short term) relief!! But damage done. Trust by investors received a hard blow. The rot within our system underlined by the arrogant bull-in-the-china shop action. The problem is not only JZ. It is his whole “team” and the system they installed over the last 8 years. These must go if we are to revert to the road of success.

didn’t understand why PG was moved from the position in the first place.
I guess he has an opportunity to get his ex deputy to help fix the mess at SARS.

PG was removed so the finance ministry could be hijacked by JZ and company. Zuma needs to be charged with economic sabotage. He must be removed from office or even those he put in place to prop him up will fall.

#ZUMAMUSTFALL

South Africa cannot afford incompetence and I’ll behaved behavior fro the top of government. This issue will now not be resolved until Zuma has been recalled, sacked and replaced.

#ZUMAMUSTFALL

I am reprinting Phillip O’connor’s comment on change .org because I am not on facebook and therefore cannot press the “like ‘ option for his comment -but the comment is worth repeating ” -Thanks Philip

” Phillip O’connor · Hillcrest, KwaZulu-Natal
This does not change anything. Zuma must go, we are the only country in the world to have three finance miisters in 1 week. What else will he pull out of his bag of tricks? We cannot let up on the petition, he must step down now! Mr Gordhan is a capable and experienced man, but it will take more than this to rescue our country and correct the damage done”

Hooray. Pleased to know that there is at least two people who are not on facebook. 😀

I did sense (and comment about) a bit of panic in Friday’s statement(s) releases, so some form of corrective action was to be expected.

To think how many politicians and corporate CEO’s the world over have fallen on their swords for far, far less, how this political abomination of a man continues to stroll along is mind boggling.

Credit must go to those, locally and probably abroad, who played a role behind the scenes as the voices of reason and logic, South Africa in its entirety is eternally grateful, but the psychopath remains at the helm, and now that he has shown his true colors and the lengths to which he’ll go, we are more uneasy and worried than ever.

So the ANC is now left with egg on their faces, maybe this was one stupid decision that went too far, but make no mistake, they are not done yet, they will never stop.
Dear ANC voter, if this hasn’t made you reflect and re-consider how you vote and who you vote for, nothing ever will.

Who bought banking stock last week? Made some money today you did.

End of comments.

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