#Davos: Zuma’s finance minister reshuffle raises eyebrows

SA Reserve Bank Governor Lesetja Kganyago however says it hasn't deterred investors.

The 2016 World Economic Forum will take place in Davos, Switzerland, between 20 and 23 January 2016. Picture: AFP.

Reinart Toerien | 1487 days ago

DAVOS - South African Reserve Bank Governor Lesetja Kganyago says while the reshuffling of the country's finance ministers late last year has raised some eyebrows at the World Economic Forum (WEF) in Davos, it hasn't deterred investors.

Last month, President Jacob Zuma fired Nhlanhla Nene and replaced him with David Van Rooyen, who was quickly replaced with Pravin Gordhan to stop the markets from crashing further.

Kganyago is part of South Africa's delegation to the Davos summit, which comprises seven government ministers and several business heavyweights.

Kganyago admits questions were asked by potential investors about Zuma's decisions.

"They did raise the question of, 'you do not change finance ministers at that rate as it becomes a source of uncertainty', and then we said that we understand that."

But he says they were comforted by Gordhan's reinstatement.

"The president did come out and said he'd heard a lot of representations. He has heard South Africans who had spoken to him and he decided he's bringing back Gordhan, who brought stability back to the Treasury."

LISTEN: World Economic Forum: Pravin Gordhan on investor relations in Davos

Kganyago says South Africa's announcement to keep spending under tight control also soothed foreign investor confidence.

LISTEN: #WEF2016: Davos Desk with Bruce Whitfield - Why I'm concerned

Visit the Eyewitness News World Economic Forum 2016 special feature.

More in Local

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

#Davos: Zuma’s finance minister reshuffle raises eyebrows

Timeline

'Who made you Africa’s spokesperson?' Twitter users react to Motsepe’s apology

'Leave him alone!' Mboweni defends Motsepe over 'Africa loves Trump' quip

‘Which Africa?’ Twitter users react to Motsepe telling Trump Africa loves him

‘Africa loves you,’ Motsepe tells Trump, causing confusion on social media

Comments

Choose an EWN Twitter account

Choose an EWN app