South Africa's Jacob Zuma appoints third finance minister in week
Monday, December 14, 2015
On Wednesday, the president sacked Nhlanhla Nene in a move that sent the rand to record lows and sparked a sell-off in bank shares.
His replacement for less than a week, Mr van Rooyen, is a little-known MP.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...