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.
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