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Criticism mounts over Zuma’s move to call Gordhan back

Business Unity South Africa President Jabu Mabuza, who has been travelling with Gordhan, says the decision is unfortunate, as the roadshow is important for investment.

FILE: Finance Minister Pravin Gordhan.  Picture: Reinart Toerien/EWN

JOHANNESBURG – There’s been sharp criticism in a number of quarters, including the banking association, following the decision to instruct Finance Minister Pravin Gordhan and his team to withdraw from the international roadshow in London.

The rand lost around 3% against the dollar after the decision was announced.

The Rand reacts to Gordhan recall.  Picture: Christa Eybers/EWN

How did the currency react after the Presidency instructed the Minister of Finance and his deputy to return to South Africa from an international roadshow?

Business Unity South Africa President Jabu Mabuza, who has been travelling with Gordhan, says the decision is unfortunate, as the roadshow is important for investment.

“The unexpected and unexplained cancellation of the roadshow is, in our view, ill-timed and ill-advised.”

ETM Analytics’ George Glynnos says: “The timing is a bit unfortunate because the rand strengthening could have helped reverse the economics cycle for South Africa. This comes as yet another blow.”

Bank shares on the JSE came under major pressure on Monday, the same scenario as when Nhlanla Nene was fired as Finance Minister in December 2015.

(Edited by Zamangwane Shange)

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