South Africa’s leader has delegated the experienced Pravin Gordhan as his third back priest inside of a week. He replaces the minimal known David van Rooyen who had just been in the occupation since Thursday.
A week ago, President Jacob Zuma sacked past Finance Minister Nhlanhla Nene in a generally reprimanded move that sent the rand to record lows and created money markets to tumble. The improvements come in the midst of worry over South Africa’s battling economy.
Mr Gordhan was generally regarded when he served as South Africa’s account pastor from 2009 until 2014.
Who is Pravin Gordhan?
• Trained and worked as a pharmacist in Durban
• One of the main negotiators in the drafting of South Africa’s democratic constitution from 1991-1994
• Ran South Africa’s revenue service from 1999-2009
• Served as finance minister from 2009-2014
• Re-appointed finance minister in 2015
But the new finance minister has a hard job with unemployment currently above 25%, growth sluggish and credit rating agency Fitch recently downgrading South Africa to one notch above “junk” status.
The brief tenure of Mr van Rooyen and the uncertainty it caused may have damaged South Africa’s reputation further, analysts say.
Mohammed Nalla, head of research at Nedbank Capital, said having a finance minister serve just a few days did not bode well.
“International investors are probably thinking: ‘Why didn’t the president make a much more considered decision in the first place?'” he said.