Brian Molefe

Cape Town - Reliable sources revealed to Business Report Online that former Eskom boss Brian Molefe will be appointed as South Africa's Minister of Finance.

This is in addition to a cabinet reshuffle being definitely on the cards.

The high-placed sources cannot be named as the news is not yet public.

"As many as 9 ministers will be replaced" the source said confidentially.

This follows the news posted on Business Report Online earlier that "President Zuma instructed current Minister of Finance, Pravin Grodhan and Deputy Minister Mcebisi Jonas to cancel the international investment road show to the UK and US and return to South Africa immediately". 

After this news broke, IOL reported that the rand fell by around 1.7 percent to the dollar after President Jacob Zuma called off the international trip.

Read also: Gordhan to be recalled - sources

Gordhan, his deputy Mcebisi Jonas and business and labour were on a week-long visit to the UK and US to drum up support for international investments.

The international roadshow by Gordhan is one of the trips he has been undertaking in the past few months to woo investors.

IOL also noted Gordhan’s recall intensified speculation of a reshuffle in the Cabinet.

Molefe was widely tipped to have been sworn in as an MP to replace Gordhan, who has seemingly raised Zuma’s ire by being at loggerheads with the controversial Gupta family.

The Gupta’s are close friends of the president and have been accused of state capture, which they have denied.

BUSINESS REPORT ONLINE