South Africa’s President shocks markets as he fires finance minister

By bne IntelliNews December 10, 2015

South Africa’s President Jacob Zuma announced late on December 9 he has fired finance minister Nhlanhla Nene without giving any reasons. The news sent shock waves through the political system and among investors and the reaction was mostly negative, the Business Day commented.

“I have decided to remove Mr Nhlanhla Nene as Minister of Finance, ahead of his deployment to another strategic position,” Zuma said in a statement, adding that the new deployment will be announced in due course.

Zuma noted that Nene has done well on the post during a difficult economic climate and “enjoys a lot of respect in the sector locally and abroad”.

Zuma appointed lawmaker David Van Rooyen to succeed Nene.

African National Congress (ANC) insiders said van Rooyen was not well known even to them, according to the Business Day.

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