New South African finance minister calls for ‘radical reforms’

New South African finance minister calls for ‘radical reforms’
April 02 08:35 2017

South Africa needs to “radically transform” its economy, the country’s new finance minister has said.

The treasury has been seen for too long as belonging to “big business, powerful interests and international investors,” Malusi Gigaba was quoted by the BBC.

“This is a people’s government,” he told his first news conference since President Jacob Zuma fired his respected predecessor, Pravin Gordhan.

Thursday night’s sacking shook markets and divided the ruling party.

Mr Gordhan’s sudden dismissal, part of a reshuffle affecting nine ministers, led to a 5% plunge in the value of the currency, the rand.

The ruling African National Congress’ deputy president, Cyril Ramaphosa, called it “totally, totally unacceptable” and ANC Secretary General Gwede Mantashe also opposed it.