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Pravin Gordhan appointed new Finance Minister

The Presidency has announced that Gordhan will head the Finance Ministry.

Minister of Cooperative Governance and Traditional Affairs Pravin Gordhan attended a briefing on the state of Johannesburg's water situation on 12 November 2015. Picture: Reinart Toerien/EWN.

JOHANNESBURG - President Jacob Zuma has announced that Pravin Gordhan has been appointed the new Finance Minister, the statement said.

Gordhan returns to a portfolio that he had held proficiently until last year general election when he was redeployed to be Minister of Cooperative Governance and Traditional Affairs.

This comes after Zuma's decision to remove Nhlanhla Nene as finance minister being strongly criticised and saw the rand lose significant value.

Now, Zuma says he has reconsidered that decision.

In a statement, Zuma says he received many representations to reconsider his decision to remove Nene and appoint Van Rooyen.

He says after serious consideration and reflection he has decided to bring Gordhan back to the Finance Ministry.

This development could show that the strong criticism of Zuma over the last few days has had an effect.

It could spark speculation that the ANC had told Zuma his decision to appoint Van Rooyen to the Finance Ministry was unacceptable.

At the same time, the Presidency has appointed David van Rooyen as the new Minister of Cooperative Governance and Traditional Affairs.

President Zuma wished both ministers all the best in their new deployments.