JOHANNESBURG (AP) — South Africa’s third finance minister in less than a week reassured the country on Monday that the economy will be steadied, which saw the currency stabilize.
Pravin Gordhan, who was finance minister from 2009 to 2014, returned to the job, after an announcement by President Jacob Zuma late on Sunday. Gordhan replaces David van Rooyen, who was sworn in last Thursday, when he replaced Nhlanhla Nene, after a surprise removal the night before.
The announcement late Sunday that Gordhan will once again head the finance ministry saw South Africa’s currency, the rand, improve to 15.26 rand to $1 by the close of business. Gordhan is widely viewed as a safe choice.
“I have been associated with the finance family for almost two decades. I am relatively familiar with the terrain and its challenges,” Gordhan said in his first public address since replacing the relatively unknown and inexperienced van Rooyen.
The quick succession of finance ministers saw the Johannesburg stock market lose nearly 3 percent of its value. Gordhan’s reappointment signals a move by Zuma to strengthen Africa’s second largest economy. “I represent the new scenario,” he said.
The rand dropped to a record low of 16 rand to $1 last week when Zuma fired Nene, replacing him with van Rooyen, a former mayor and member of parliament.
Zuma’s decision drew much criticism from opposition parties, the finance sector and citizens on social media.
On Twitter, the hashtag campaign #ZumaMustFall led to a proposed march to the Union Buildings, South Africa’s administrative seat of government in the capital Pretoria, to call for Zuma’s resignation.
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