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 THE NEWSROOM
We shop, therefore we are... The Money Show’s Bruce Whitfield interviews FNB Senior Economist Jason Muscat.
The Money Show’s Bruce Whitfield interviews Red and Yellow Creative School of Business Chairperson Rob Stokes.
The Money Show’s Bruce Whitfield interviews Sars Head of Tax Research Randall Carolissen.
Facebook’s change to what gets shown in your newsfeed will affect many businesses, but the problem is almost 100 years old.
The Money Show’s Bruce Whitfield interviews Stanlib Asset Management Chief Economist Kevin Lings.
The Money Show’s Bruce Whitfield interviews Ntuthuko Shezi, founder of a company that raises cattle on small investors' behalf.
Independent Marketing Consultant in the Technology Space, Andrew Fraser says this looks like a leak and not a hack.
Several communications devices were confiscated from businesses in a raid by Icasa at China Mall on Wednesday.
The Money Show's Bruce Whitfield interviews Rain Director Michael Jordaan about his money beliefs and history.
Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.
WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...
The National Student Financial Aid Scheme (NSFAS) will pilot a new funding model in 2017. NSFAS chairperson Sizwe Nxasana explains.