S.A’s business leaders slam Zuma over firing of FinMin

South African business leaders have expressed deep concern over the recent cabinet reshuffle by President Jacob Zuma, particularly the firing of Finance Minister Pravin Gordhan. The CEO initiative, an organization that includes executives from Nedbank, Standard Bank, the Johannesburg Stock Exchange (JSE), and Investec, warned that the decision and the manner in which it was taken could cause severe damage to an economy that is already struggling for growth and job creation. The reshuffle, which took place just before midnight last week, saw a significant overhaul with twenty positions being changed. The new cabinet appointments are largely seen as Zuma loyalists, aligning with the views of the ANC Youth League and the ANC Women's League. Many speculate that the move was made to clear the path for Nkosazana Dlamini-Zuma to lead the African National Congress (ANC) at the upcoming December congress, while President Zuma remains in office until 2019. Of particular concern to business leaders is the removal of Pravin Gordhan and his deputy, Mcebisi Jonas, both of whom were highly respected in the business community and internationally for their efforts in maintaining South Africa's investment grade status. Gordhan had been instrumental in working with business, labor, and government to drive economic growth and prevent rating downgrades. The appointment of the new Finance Minister, Malusi Gigaba, who previously served as the Minister of Home Affairs, has raised eyebrows due to his lack of finance experience. Gigaba, considered a Zuma loyalist, hails from the same province as President Zuma, further fueling concerns about the direction of economic policy. The South African economy is already facing challenges, including a deficit in energy production, which is hindering growth. The recent fall in commodity markets and geopolitical tensions in the region are adding further strain, making the situation even more precarious. Unemployment remains a significant issue, particularly among the black population, with approximately 45% of them without jobs. The lack of confidence in the government's economic policies and leadership is further exacerbating the challenges faced by South Africa. Business leaders are calling for stability, predictability, and experienced leadership to navigate the country through these turbulent times and restore investor confidence. As the nation grapples with the aftermath of the cabinet reshuffle, the implications for the economy and the welfare of its citizens remain uncertain. The coming months will be critical in determining the path forward for South Africa and its ability to overcome the current economic hurdles.