ANC: We’re not responsible for Zuma’s reshuffle
The ANC says Zuma’s decision to appoint Pravin Gordhan was not the result of pressure from the party.
JOHANNESBURG - The African National Congress (ANC) has now officially welcomed the appointment of Pravin Gordhan as the new finance minister and says President Jacob Zuma's decision was not the result of pressure from the party.
At the same time, ANC stalwart and former Member of Parliament Professor Ben Turok says Zuma should reconsider his position as president after the chaos following the removal of Nhlanhla Nene as finance minister last week.
LISTEN: ANC's Ben Turok: This is the turning of the tide for Zuma
Last night, Zuma said he had reconsidered his decision to appoint David van Rooyen to the National Treasury following representations that had been made to him.
Gordhan will now take over as Finance Minister and van Rooyen will take over the Cooperative Governance and Traditional Affairs Department.
The ANC's Zizi Kodwa says this shows Zuma behaves in a democratic manner.
"What is important is that the president, having appreciated the negative outcry after the appointment of van Rooyen, clearly he listened and appreciated the sensitivity of the portfolio."
He was then asked if this decision was the result of pressure from the ANC on Zuma.
He says, "Not at all. I think the president is the kind of person who listens and has the kind of leadership that is important for the country."
That means we don't at this stage know who convinced Zuma to change his position.
Turok says Zuma has made the worst decision of his career.
"The man at the top has lost it. I really think he's rattled. I am speechless with amazement at this kind of behaviour. It is incredible and unacceptable and I think Zuma must think about his position very seriously."
He appears to be joining Barbara Hogan who said on Friday Zuma should resign.
LISTEN: Open Letter to the President
MONITORING THE MARKETS
Analysts will be monitoring the markets very closely this morning after the rand's slight recovery last night and this morning.
The markets have just opened with no way of telling which way it will go after last week's losses due to the removal Nene as finance minister.
The rand though continues to recover some lost ground, following Gordhan's sudden reappointment.
Gordhan is no stranger to the market.
He is known to be market friendly and fiscally conservative.
But analysts say it will take some time to regain the lost confidence brought on by the unexpected changes.