![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/04\/Tenures.jpg\")
<\/a><\/p>\n“The minister\u2019s first one hundred hours, in what he called the \u201chot seat\u201d, has been a monumental shambles – the rand tanked, ten-year bond yields spiked and the country was downgraded to \u201cjunk status\u201d by Standard & Poors,” said Maynier.<\/p>\n
The shadow minister continued: “This should not come as a surprise considering the minister\u2019s weekend press conference, which was called to \u201crestore confidence and restore calm\u201d, but then proceeded to do exactly the opposite.”<\/p>\n
Among other things, Maynier argued that pledging \u201cradical economic transformation\u201d; and institutional changes at National Treasury, was unlikely to have generated any confidence in the market.<\/p>\n
Maynier continued that it got worse when the minister could not explain what \u201cradical economic transformation\u201d meant and was forced to concede there was still \u201ca whole lot of clarification that we have to do.”<\/p>\n
He said that the minister further compounded the problem at today\u2019s press conference,\u00a0 which was called to do damage control following the downgrade to \u201cjunk status\u201d, when he suggested that he was \u201ccommitted to inclusive growth\u201d, but had not abandoned \u201cradical economic transformation\u201d.<\/p>\n
“The minister’s damage control exercise was an own goal because it will give oxygen to the narrative that there is policy uncertainty and it will not go down well with the ratings agencies, which are concerned about possible \u201cpolicy shifts\u201d following the midnight cabinet reshuffle.<\/p>\n
“The fact is that the minister is just not up to the job and there is now a strong impression that: Malusi Gigaba is just Des Van Rooyen in a designer suit,” the shadow minister said.<\/p>\n
The DA posted the following image on Twitter:<\/p>\n