'Gigaba and his deputy have zero knowledge of how Treasury works'

President Jacob Zuma has axed Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas.

The new Finance Minister is the former Home Affairs Minister Malusi Gigaba, and his deputy Sifiso Buthelezi is former adviser to President Jacob Zuma and economist.

Click here to read the full list of President Zuma's new Cabinet appointments.

Economist, Iraj Abedian, says this is the biggest change since 1996.

Both the minister and his deputy are replaced by people who aren't known in terms of finance, and do not have any track record.

Iraj Abedian, economist

They have to start from ground zero, build up their credibility and knowledge of how National Treasury works, and what are constitutional requirements. And begin to learn how capital markets locally and internationally operate and interact with new Treasury.

Iraj Abedian, economist

These are huge amounts of learning that in the best of times take years to accumulate. We have to see what's the new dispensation is all about.

Iraj Abedian, economist

The culture here has been that when the new minister comes, new DGs are introduced.... that's one issue that the market look very closely.

Iraj Abedian, economist

Listen to the full interview with Iraj Abedian for more details...


702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Pravin Gordhan out, Malusi Gigaba in

Pravin Gordhan out, Malusi Gigaba in

After much speculation since Gordhan was called back to SA, President Zuma has executed a late night Cabinet reshuffle.

Cabinet reshuffle imminent, Zuma concludes meeting with ANC top six

Cabinet reshuffle imminent, Zuma concludes meeting with ANC top six

This comes amid mounting speculation about a Cabinet reshuffle that is largely expected to see Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas sacked.

Why Jacob Zuma is so desperate to get rid of Pravin Gordhan

Why Jacob Zuma is so desperate to get rid of Pravin Gordhan

EWN’s Stephen Grootes explains - in simple terms - why such an "outstanding minister" is under threat of losing his job.

'Bogus intelligence report not the first attempt at discrediting Treasury'

'Bogus intelligence report not the first attempt at discrediting Treasury'

Ferial Haffajee says these reports should not be be dismissed as they have serious consequences on the lives of South Africans.

How to keep your wealth intact (should Jacob Zuma fire Pravin Gordhan)

How to keep your wealth intact (should Jacob Zuma fire Pravin Gordhan)

We have learned a thing or two from Nene-gate, says Galileo Capital Personal Financial Advisor Warren Ingram.

Gupta ally seeks declaratory order in bid to buy Habib Overseas Bank

Gupta ally seeks declaratory order in bid to buy Habib Overseas Bank

Habib Overseas Bank is being punted as black empowerment deal by prospective buyer Vardospan.

Opinion: Fake intelligence report? We've been here before, says Redi Tlhabi

Opinion: Fake intelligence report? We've been here before, says Redi Tlhabi

The so-called intelligence report allegedly claims Pravin Gordhan held secret meetings while overseas to plot regime change in SA.

[CARTOON] A Close Call?

[CARTOON] A Close Call?

EWN's Chipp & Curtis take a sardonic look at the seemingly fraught relationship between President Zuma and Pravin Gordhan.

"SACP are bringing the fight"

"SACP are bringing the fight"

Daily Maverick's Ranjeni Munsamy says statements made at Kathrada funeral and SACP briefing signals a political turning point.

Gupta allies approach the courts to buy a bank

Gupta allies approach the courts to buy a bank

An urgent High Court application launched to get the SA Reserve Bank to sign off licence for Vardospan to buy Habib Overseas Bank.

Mapaila confirms Zuma told SACP of plans to axe Gordhan

Mapaila confirms Zuma told SACP of plans to axe Gordhan

SACP objects to Zuma's plan to replace finance minister and his deputy saying they do a good job "protecting our national purse".

President Robert Mugabe mulls a cabinet reshuffle ahead of 2018 elections

President Robert Mugabe mulls a cabinet reshuffle ahead of 2018 elections

Zimbabwe's Information Minister Chris Mushowe's job could be on the line as speculation grows of a Cabinet reshuffle.

Phosa asks ANC's NEC to stop worrying about their jobs and put the country first

Phosa asks ANC's NEC to stop worrying about their jobs and put the country first

Former ANC treasurer general Matthews Phosa reflects on Ahmed Kathrada's call for the President to step down.

5 things you should know about Guptas vs Pravin Gordhan

5 things you should know about Guptas vs Pravin Gordhan

The Money Show’s Bruce Whitfield interviews amaBhungane Centre for Investigative Journalism Investigator Susan Comrie.

Global Investors are less 'headline grabby' than SA investors - Refilwe Moloto

Global Investors are less 'headline grabby' than SA investors - Refilwe Moloto

Ambassador Advisory's Moloto says this week's events are not all doom and gloom.

Standard Bank asks court to block Zuma and Cabinet from Gupta-banks saga

Standard Bank asks court to block Zuma and Cabinet from Gupta-banks saga

Standard Bank asked court to rule that entire executive not be permitted to intervene in its dispute with the Gupta companies.

Gordhan says he will begin a new chapter if he is sacked as Finance Minister

Gordhan says he will begin a new chapter if he is sacked as Finance Minister

The press took an opportunity to speak to the minister at Ahmed Kathrada's funeral service at Westpark cemetery on Wednesday.

Business community concerned about rumours of Gordhan removal

Business community concerned about rumours of Gordhan removal

BLSA's Mark Lamberti says stable finance ministry is applauded by local and international investors and no disruption is needed.

Banks insist Oakbay’s call for Gordhan to intervene in its dispute is unlawful

Banks insist Oakbay’s call for Gordhan to intervene in its dispute is unlawful

The argument was made on day two of Gordhan’s court action against Gupta-owned companies.

Gordhan gets standing ovation amid Cabinet reshuffle speculations

Gordhan gets standing ovation amid Cabinet reshuffle speculations

The Cabinet meeting will take place later today after the funeral of struggle veteran Ahmed Kathrada.

"Jacob Zuma doesn't care about ANC and South Africa"

"Jacob Zuma doesn't care about ANC and South Africa"

Political analyst Prince Mashele says the ANC has to teach President Zuma a lesson if he reshuffles Cabinet to benefit himself.

Gordhan/Gupta legal battle could impact powers of Finance Minister

Gordhan/Gupta legal battle could impact powers of Finance Minister

Finance Minister wants the High Court to make a declaratory order that he cannot intervene in affairs of banks and Gupta family.

Guptas vs Gordhan – it’s open war!

Guptas vs Gordhan – it’s open war!

The Money Show’s Bruce Whitfield interviews Intellidex MD and Financial Analyst Stuart Theobald.

'Cagey' Gordhan confirms he's still Finance Minister outside court

'Cagey' Gordhan confirms he's still Finance Minister outside court

Barry Bateman confirms Pravin Gordhan says he has received no explanation yet why he was asked to cut short his overseas trip.

Gupta-owned companies want financial intelligence report struck from record

Gupta-owned companies want financial intelligence report struck from record

The FIC report in Minister Pravin Gordhan's court application shows 60 suspicious transactions linked to Gupta-owned companies.

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

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

Standard Bank's Goolam Ballim, RMB's Greg Kennelly, Business Unity SA’s Jabu Mabuza and futurist Daniel Silke weighs in.

Popular articles
Dr Mbuyiseni Ndlozi opens up about his thesis

Dr Mbuyiseni Ndlozi opens up about his thesis

Ndlozi explains the significance of the the first chapter of his thesis: 'Trauma in the archives'.

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.

So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Is it normal to have a curved penis? Dr Shingai explains

Is it normal to have a curved penis? Dr Shingai explains

Urologist Dr Shingai Mutambirwa says penile curvature is only a concern if it impedes a man's ability to have penetrative sex.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?