President Jacob Zuma has reversed his disastrous decision to appoint little-known MP David van Rooyen as finance minister, bringing Pravin Gordhan back to steady the ship.
After the announcement that he had fired the respected Nhlanhla Nene played havoc with the markets and the rand exchange rate, the president said in a statement he had received “many representations to reconsider my decision”.
He had, after “serious consideration and reflection”, decided to reinstall Gordhan, who was finance minister during Zuma’s first term as president.
He said Gordhan would ensure “an even stronger alignment between the budget and the medium-term strategic framework”, the government’s five year blueprint to give effect to the National Development Plan, “in the interest of stimulating more inclusive growth and accelerated job creation while continuing the work of ensuring that our debt is stabilised over the medium term”.
Van Rooyen, thrust into the most powerful ministerial post despite having no national or provincial government experience last week, vacates the post after being sworn in on Thursday and will now fill Gordhan’s Co-operative Governance and Traditional Affairs post.