President Jacob Zuma axed nine ministers and six deputy ministers,\u00a0including finance Minister Pravin Gordhan, as part of a Cabinet reshuffle late on Thursday evening, sending the rand into a free-fall.<\/p>\n
This is according to a number of reports including national broadcaster, the SABC.<\/p>\n
The rand lost 2.51% against the US dollar, at R13.36 by 23h15.<\/p>\n
News24 reported that additional ministers in the firing line included Blade Nzimande (minister for Higher Education and Training), Ebrahim Patel (minister of Economic Developmen<\/span>t), David Mahlobo (minister of State Security), Aaron Motsoaledi (minister of Health) and minister of Trade and Industry, Rob Davies.<\/span><\/p>\n President Zuma summoned the rest of the ANC’s top six, Cyril Ramaphosa, Gwede Mantashe, Jessie Duarte, Zweli Mkhize and Baleka Mbete, to a meeting at short notice to the presidential home, Mahlambandlopfu, earlier in the evening.<\/p>\n Rumours have been circulating for some time among analysts that a cabinet reshuffle is on the cards, with Gordhan and his deputy, Mcebisi Jonas being specific targets for removal.<\/p>\n Speculation and fear kicked up on Monday, when the\u00a0president cancelled an international investor roadshow, and ordered Gordhan and Jonas back to the country \u201curgently\u201d.<\/p>\n Upon landing back in the country, Gordhan immediately went to Luthuli House to meet with ANC secretary general Gwede Mantashe. Soon after, rumours started circulating that the minister had resigned.<\/p>\n Gordhan has faced an immense amount of pressure since being placed in the role of finance minister after Zuma\u2019s ill-thought-out move to fire Nhlanhla Nene in December 2015.<\/p>\n He has faced trumped up fraud charges (which were ultimately dismissed) and opposition and often violent commentary from Zuma supporters.<\/p>\n Analysts have widely understood that Gordhan represents an \u2018anti-Zuma\u2019 faction within the ANC, that stands opposed to the system of patronage built up by Zuma during his presidency.<\/p>\n Gordhan, in the role of finance minister, is allegedly seen as a barrier to many lucrative contracts and deals, which were necessary for Zuma and his supporters to continue making money from the state.<\/p>\n This includes access to finances for the R1 trillion nuclear deal, as well as multi-billion rand bailouts for state-owned companies headed by many of Zuma\u2019s personal friends.<\/p>\n Gordhan is\u00a0also a significant opponent to state capture, and the Gupta family\u2019s proximity to the president and state contracts, and had on many occasions openly opposed them \u2013 most notably\u00a0in a court battle seeking to absolve National Treasury from intervening in the family\u2019s business affairs.<\/p>\n News24\u00a0 reported that Zuma faces a rebellion within his own party upon firing Gordhan, with about 12 ministers considering resigning their positions and then fighting for the president\u2019s removal, according to four people familiar with the situation.<\/p>\n Deputy president Cyril Ramaphosa and some deputy ministers may also resign, the people said, asking not to be identified because the information isn\u2019t public.<\/p>\n
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