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Gigaba denies Cabinet reshuffle led to the downgrades

Economy
Johannesburg - Finance Minister Malusi Gigaba, in his first appearance in Parliament on Tuesday after his appointment at the end of March, denied that the Cabinet reshuffle led to the downgrades last month and a weaker end.

Gigaba told MPs they would do their best to avoid another downgrade.The downgrades came immediately after President Jacob Zuma fired Finance Minister Pravin Gordhan.

The rand also lost more than 10 percent of its value after the reshuffle. However, Gigaba said there were a number of factors that led to the downgrades.

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Read also: WEFAfrica2017: Gigaba denies #CabinetReshuffle weakened rand

This followed a question by DA MP, David Maynier, that the Cabinet reshuffle had triggered the downgrades.Gigaba said the South African economy had been growing at a slow pace since 2008.

The last time the economy grew above 5 percent was before the 2008 period. Gigaba said they cannot seek to blame the downgrade with a Cabinet reshuffle.

BUSINESS REPORT ONLINE

 

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