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
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.
Recommendedby NEWSROOM AI
Fuelled by skyrocketing demand at home and abroad, the SA avo industry is thriving, says the SA Avocado Growers Association.
The Money Show’s Bruce Whitfield interviews Daily Maverick Publisher Styli Charalambous.
VAT at 17%... yoh! Bruce Whitfield interviews Lee Kasumba, who is exploring Mozambique’s central port city of Beira.
You've probably never heard of Chuck Feeney. Nevertheless, he’s one of the strangest, most impactful people who has ever lived.
"I will still gladly bet my life on the quality of our product," says Pratley Group CEO Kim Pratley.
The Money Show’s Bruce Whitfield interviews distinguished Africa correspondent Lee Kasumba, who is in Mozambique’s central city.
But can they be trusted? Are they independent? Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.
Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)
The Money Show’s Bruce Whitfield interviews Sugar Creek financial expert and author of “My Money” Gerald Mwandiambira.
Bruce Whitfield interviews Francois Janse van Rensburg, author of “Making Money through Buy-To-Let in South Africa".
The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.
Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.
WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...
Elon Musk, as you’d expect, hails from an exceptional family. Bruce Whitfield interviews his Capetonian father.