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Zuma to meet business leaders

Economy
Johannesburg - President Jacob Zuma will meet business leaders on Friday to discuss the country’s credit-rating downgrades and the surprise cabinet reshuffle that saw the ousting of former finance minister Pravin Gordhan, according to a person familiar with the matter.

Zuma will meet members of the CEO Initiative to assure them of the government’s willingness to bolster investor confidence, said the person, who asked not to be identified.

S&P Global Ratings and Fitch Ratings cut South Africa’s sovereign credit rating to junk after Zuma’s decision to fire Gordhan and his deputy, Mcebisi Jonas on March 31.

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President Jacob Zuma

Gordhan was replaced by former Home Affairs Minister Malusi Gigaba.

Read also: Gigaba assurance boosts the rand

The CEO Initiative, a body representing leaders of some of South Africa’s largest companies, criticised the ousting of Gordhan and Jonas, describing it as an “ill-timed and irrational dismissal of a trusted and well-respected minister of finance and deputy finance minister”.

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