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South Africa’s new president, Jacob Zuma announced his new cabinet yesterday (Sunday) and there were a few surprises. One big question was if Trevor Manuel would remain as the minister of finance but it was not meant to be. Zuma has decided to go with Pravin Gordhan as the new minister of finance in South Africa. Gordhan headed the South African Revenue Service (SARS), SA’s tax authority. Under his leadership, SARS received great admiration for steadily raising income.
Gordhan’s appointment signals the end of Trevor Manuel’s 13 year reign as the minister of finance, making him the world’s longest-serving finance minister. Under Manuel, the South African economy did well as investors approved of the tight monetary and fiscal policies he kept in place.
But Manuel will not be totally out of the picture, he will still remain part of the South Africa government. Manuel will take up a role to head a powerful new planning body in the South Africa government. It will be interesting to see how the markets and investors react to the appointment of Gordhan now that their ‘darling’ Manuel is no longer in the top finance position. There should not be much reaction as Gordhan is expected to do well in his new position. And with Manuel still being part of the picture, we do not expect much changes in the economic policies.
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i lyk ANC, one can be appointed as minister of finance while he holds a degree in Pharmacy, i think universities should Scrap B.comm Acc,B.Acc and B.Fin.Man and introduce the newly formulated degree,Bachelor of Pharmacy in Finance B.PF
