‘Rand dropped 20 cents before we finished reading that headline’

On Monday The Presidency ordered Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas to come back home in a one-sentence statement that provided no reasons.

Gordhan and Mcebisi was on a roadshow to the United Kingdom and United States to promote South Africa as an investment destination.

The rand weakened immediately when the news broke (see image below).

The Money Show’s Bruce Whitfield interviewed Standard Bank Chief Economist Goolam Ballim, RMB forex trader Greg Kennelly and Business Unity South Africa’s Jabu Mabuza.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

These roadshows are meant to soothe investor concerns… to give them the confidence that South Africa is on a stable trajectory.

Goolam Ballim, Standard Bank

Markets have sold off.

Goolam Ballim, Standard Bank

The ball is in the President’s court.

Goolam Ballim, Standard Bank

The rand was getting stronger then dropped 20 cents before we could finish reading that headline.

Greg Kennelly, Rand Merchant Bank

A weaker rand makes the cost of living go up and the Reserve Bank has to hike interest rates.

Greg Kennelly, Rand Merchant Bank

I’m in London with the Minister.

Jabu Mabuza, Business Unity South Africa

The unexpected and unexplained cancelling of the roadshow is ill-timed and ill advised.

Jabu Mabuza, Business Unity South Africa

We were invited by Government on this trip.

Jabu Mabuza, Business Unity South Africa

This is a good example of how to shoot yourself in the foot.

Daniel Silke, Political Futures Consultancy

President Zuma and the Guptas are under substantial pressure.

Daniel Silke, Political Futures Consultancy

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


Recommended

by NEWSROOM AI
Read More
MTN to try out mobile money in Nigeria, its largest but most troubled market

MTN to try out mobile money in Nigeria, its largest but most troubled market

The Money Show’s Bruce Whitfield interviews MTN Group CEO Rob Shuter.

[Live, real-time experiment] Find out which food delivery app is SA's best

[Live, real-time experiment] Find out which food delivery app is SA's best

Andrew Ross of Chaos Theory experiments on-air to see which food delivery app is the best one to use.

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

The Money Show’s Bruce Whitfield interviews branding and advertising expert Andy Rice about Merc's stirring new ad.

'Advisors' sucker panicked South Africans into buying rubbish offshore property

'Advisors' sucker panicked South Africans into buying rubbish offshore property

The Money Show’s Bruce Whitfield interviews Ian Edwards of wealth manager Austen Morris Associates.

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

The Money Show’s Bruce Whitfield interviews Telkom Group CEO Sipho Maseko.

'I don’t spend much. I drive an old car. I’ve never been in debt'

'I don’t spend much. I drive an old car. I’ve never been in debt'

Bruce Whitfield interviews analyst Chris Gilmour about his attitude toward money (hopes and fears, successes and failures, etc.).

Popular articles
[LISTEN] DA MP Glynnis Breytenbach withdraws her candidacy for NDPP post

[LISTEN] DA MP Glynnis Breytenbach withdraws her candidacy for NDPP post

Breytenbach was one of 12 candidates shortlisted for the position.

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

The Money Show’s Bruce Whitfield interviews Telkom Group CEO Sipho Maseko.

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

The Money Show’s Bruce Whitfield interviews branding and advertising expert Andy Rice about Merc's stirring new ad.

Former state security boss Mo Shaik on why minister is revetting spies

Former state security boss Mo Shaik on why minister is revetting spies

State Security Minister, Dipuo Letsatsi-Duba, has announced that all agents and staff of SSA will be re-vetted.

'I don’t spend much. I drive an old car. I’ve never been in debt'

'I don’t spend much. I drive an old car. I’ve never been in debt'

Bruce Whitfield interviews analyst Chris Gilmour about his attitude toward money (hopes and fears, successes and failures, etc.).

[LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

[LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

Steinhoff’s Web of Deception: An Explainer with Financial Mail journalist Warren Thompson.