Analysts: SA's stability at stake after Zuma Cabinet reshuffle
Somadoda Fikeni says the reshuffle will not do the African National Congress (ANC)’s unity campaign any favours.
JOHANNESBURG – Reacting to President Jacob Zuma's Cabinet reshuffle, some political analysts say the country’s stability is now at stake.
One of them is Ebrahim Fakir, who says the sudden changes at Treasury are cause for concern.
“We can’t be consistently having new people in portfolios which require a degree of stability over time. It doesn’t happen.”
Meanwhile, Dr Somadoda Fikeni says the reshuffle will not do the African National Congress (ANC)’s unity campaign any favours.
“It is likely to simply deepen divisions within the ANC alliance partnership and within the ANC itself and it might just make matters worse with the party heading to the policy conference.”
Economist Russel Lamberti says he cannot imagine a good outlook for the South African economy in the wake of the news of Finance Minister Pravin Gordhan and his Deputy Mcebisi Jonas being fired.
Lamberti says South Africa may be in for a rough couple of weeks, with probabilities of the rand reacting the same way it did when former Minister Nhlanhla Nene was removed and even worse.
“The likelihood is that the foreign investment community, the local investment community are going to see it in a very bad light and it looks like we’re in for another rough ride. It looks like a repeat of December 2015 but this time maybe more rougher.”
(Edited by Leeto M Khoza)