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Gordhan to be recalled - sources

Economy

Cape Town - Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas have been instructed to return immediately to South Africa and cancel the international investment promotion road show to the UK and US.

This is according to high-placed sources, who cannot be named because the reshuffle has yet to be made public.

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National Treasury announced that Finance Minister Gordhan, his deputy Mcebisi Jonas, director general Lungisa Fuzile, key National Treasury officials, and business and labour representatives would embark on a non-deal international investor roadshow this week. Picture: Reuters

It is expected that Gordhan will be replaced by Brian Molefi as Minister of Finance. More cabinet reshuffling is expected.

Up to nine ministers might be replaced before the end of March, sources confirmed to Business Report Online on Monday. 

This news comes as Gordhan is set to lead a high-level delegation to the US and UK to meet credit rating agencies and investors.

Read also: Gordhan unperturbed by Molefe reports

This latest round of international roadshows was a follow-up to similar ones held last year where Team South Africa, made up of the social partners of government, labour, and business, were able to convince credit rating agencies and investors that they were working together to tackle structural problems facing South Africa.

Molefi’s appointment as a Member of Parliament had raised rumours that he was set to oust Gordhan, who has been said to be in the firing line over his taking on the Gupta family, who are said to be close friends of President Jacob Zuma.

The Guptas had been accused of capturing the state, although this has been hotly denied by both the controversial family and Zuma.

BUSINESS REPORT ONLINE

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