'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...


Recommended

by NEWSROOM AI
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.

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
'I’ve never invested in the stock exchange. I know it too well'

'I’ve never invested in the stock exchange. I know it too well'

Bruce Whitfield interviews Prof Lorenzo Fioramonti (UP) about his attitude toward money (hopes, fears, successes, failures, etc.).

Feasibility study for Gautrain expansion completed but no approval yet

Feasibility study for Gautrain expansion completed but no approval yet

MEC for Transport Ismail Vadi says the feasibility study has been submitted to Treasury for consideration and formal approval.

Magashule has never taken responsibility for anything says Mxolisi Dukwana

Magashule has never taken responsibility for anything says Mxolisi Dukwana

Dukwana accuses Magasshule of taking him to Saxonwold and asking him to sign a project over to the Guptas for R2 million a month.

Judge in Omotoso case dismisses defence application to recuse himself

Judge in Omotoso case dismisses defence application to recuse himself

Judge Mandela Makaula has dismissed the defence application saying it has no merit.

'As long as I'm mayor, I'm not going to sit back and watch criminals take over'

'As long as I'm mayor, I'm not going to sit back and watch criminals take over'

City of Johannesburg Executive Mayor Herman Mashaba says criminals cannot be allowed to threaten service delivery in the city.