Johannesburg – President Jacob Zuma has replaced Pravin Gordhan with Malusi Gigaba as Minister of Finance, it has been confirmed.
Gordhan's deputy Mcebisi Jonas, who was also sacked, will be replaced by Sifiso Buthelezi.
Zuma is set to release a statement on the cabinet reshuffle soon, the presidency said late on Thursday evening, as unconfirmed reports filtered out of the Union Buildings that he sacked several ministers, among them Gordhan.
According to reports, Zuma has axed nine ministers and six deputy ministers after an impromptu meeting of the African National Congress (ANC) top six.
Zuma met with Deputy President Cyril Ramaphosa, secretary-general Gwede Mantashe, ANC chairperson Baleka Mbete, deputy secretary general Jesse Duarte and treasurer-general and Zweli Mkhize, at Mahlambandlopfu, earlier on Thursday night.
Meanwhile the rand has fallen to R13.41 against the dollar. At around 4pm it was R12.81.
Gordhan's axing follows on days of speculation that he would be replaced after he and Jonas were recalled from an overseas trip to woo investors and interact with ratings agencies.