'Gigaba's pick for Treasury DG first big test as Finance Minister'

All eyes are on Finance Minister Malusi Gigaba to see whether he can win the trust and respect of the markets, says Business Day Deputy Editor Carol Paton.

Paton argues that Gigaba will face 10 tests which will help South Africa and international markets determine where he stands in terms of his fiscal priorities.

There are a lot of choices that he as Finance Minister is going to be able to make along the way.

Carol Paton, Deputy Editor at the Business Day

Last week, credit ratings agencies S&P and Fitch both downgraded South Africa to junk status in the wake of President Jacob Zuma's Cabinet reshuffle.

Treasury's Director General (DG) Lungisa Fuzile resigned after the reshuffle which saw Pravin Gordhan and his deputy Mcebisi Jonas booted from the finance ministry.

Read: Treasury DG Lungisa Fuzile explains (on The Money Show) why he quit

According to Paton, Gigaba's first major test will be who he appoints in Fuzile's place.

She explains that Gigaba could either appoint a Treasury insider or someone chosen from "a list drawn up from somewhere else" - a phrase which was previously used to describe the newly appointed Cabinet ministers.

I think who he appoint as DG is going to be the first big, big test.

Carol Paton, Deputy Editor at the Business Day

This comes amid speculation that ANC MP Brian Molefe may be given the position of Treasury DG.

There is no doubt that there is a question mark over Brian Molefe's integrity.

Carol Paton, Deputy Editor at the Business Day

If he wants to succeed as Finance Minister, which I think he does, these are the things that people are going to be watching out for.

Carol Paton, Deputy Editor at the Business Day

Paton unpacked the other tests which await Gigaba, including enforcement at state-owned enterprises such as the SABC.

Take a listen:


This article first appeared on CapeTalk : 'Gigaba's pick for Treasury DG first big test as Finance Minister'


Recommended

by NEWSROOM AI
Read More
JSE investigates suspicious trades right before Zuma recalled Gordhan

JSE investigates suspicious trades right before Zuma recalled Gordhan

The Money Show’s Bruce Whitfield interviews Shaun Davies, Director of Market Regulation at JSE.

Treasury DG Lungisa Fuzile explains (on The Money Show) why he quit

Treasury DG Lungisa Fuzile explains (on The Money Show) why he quit

He had been seen as crucial to maintaining stability at the Treasury after Gigaba replaced Gordhan as minister.

 Treasury director general resigns

Treasury director general resigns

Azar Jammine says Lungisa Fuzile's resignation will raise further suspicions of the capture of National Treasury.

Zuma stays, ANC full confidence in Finance Minister Malusi Gigaba

Zuma stays, ANC full confidence in Finance Minister Malusi Gigaba

ANC's Gwede Mantashe says newly appointed ministers are very capable comrades who have valuable skills.

Gigaba claims S&P forewarned him of downgrade in confidence

Gigaba claims S&P forewarned him of downgrade in confidence

The new Finance Minister addressed the media and said he could not share the information prior to the announcement.

Opinion: The fact of the matter is Gigaba lied, says Redi Tlhabi

Opinion: The fact of the matter is Gigaba lied, says Redi Tlhabi

Finance Min. Malusi Gigaba revealed he knew about S&P's downgrade and Redi Tlhabi says it's a little too late to disclose info.

Popular articles
Steenhuisen voted DA's interim leader, Meyer chosen as interim federal chair

Steenhuisen voted DA's interim leader, Meyer chosen as interim federal chair

John Steenhuisen and Makashule Gana were both gunning for the DA's top position left vacant following Mmusi Maimane's resignation.

SAA doesn't have cash flow to pay unions what they want, says airline exec

SAA doesn't have cash flow to pay unions what they want, says airline exec

Thousands of SAA workers, including cabin crew, technical and ground staff, began striking on Friday to demand higher pay.

Karatbars – is it a scam? The case for and against…

Karatbars – is it a scam? The case for and against…

Bruce Whitfield interviews senior Karatbars representatives, a financial advisor and someone who was invited to its conference.

We have bent over backwards, it appears unions don't want to settle - SAA

We have bent over backwards, it appears unions don't want to settle - SAA

Sacca president, Zazi Nsibanyoni-Anyiam Mugambi and airlines acting CFO Deon Fredricks weigh in on the strike facing the airline.

Can’t find your phone? Drop everything – thieves can get into your banking app!

Can’t find your phone? Drop everything – thieves can get into your banking app!

Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.

'Unions are making a mistake. SAA is dying. It’s not Eskom – we don’t need it'

'Unions are making a mistake. SAA is dying. It’s not Eskom – we don’t need it'

SAA is on its knees, cap in hand, asking taxpayers for R2 billion this month. Unions must be careful, warns Guy Leitch (SA Flyer).

White pupils at posh Kingswood College refer to black scholars as 'snoobab'

White pupils at posh Kingswood College refer to black scholars as 'snoobab'

"This problem is bigger than just a Kingswood problem. The relevant processes will unfold," says College Head Colleen Vassiliou.

Investors need to understand redress and sensitivities, says Eusebius

Investors need to understand redress and sensitivities, says Eusebius

Eusebius engages callers on the Richard Branson tweet that has been widely criticised for lacking diversity.