Published: Sat, April 01, 2017
Markets | By Erika Turner

EThekwini ANCYL says Gordhan is inciting a revolution

Earlier, African National Congress secretary general Gwede Mantashe, in an unprecedented concession, said the ANC's top six had been unable to stop Zuma.

The new ministers and deputy ministers will be sworn in at 1600 GMT on Friday, President Zuma's office said. Gordhan was replaced with Home Affairs Minister Malusi Gigaba, while Jonas' position will from now on be filled by Sfiso Buthelezi, former businessman and fund manager and currently an ANC MP who has served on the standing committee on finance. South Africa's highest court past year found that Zuma had violated his oath of office by refusing to abide by an order to pay back some of the millions of dollars in public money spent on upgrading his rural home.

"I told the President so, that I would not agree with him on his reasoning to remove the minister of finance", Ramaphosa told reporters. The South African rand fell 2.8 percent against the US dollar after Gordhan's removal, Bloomberg News reported, and has fallen 6.8 percent this week, the largest plunge of 140 currencies tracked by Bloomberg.

Fitch rates South African debt one level above "junk" status.

Through his foundation, he warned of the risk of "very serious social instability" if Mr. Zuma fails to explain the cabinet purge.

He replaces Pravin Gordhan who was controversially sacked in a cabinet reshuffle. South Africa now has a zero-growth GDP, a decreasing tax base and an unemployment rate of 26.5 percent.

Rikers Island to close, New York mayor says
The jail's walls have seen fewer and fewer inmates, a change he credits with how law enforcement handles "lower level crimes", ABC News writes.

Mantashe told a radio station that the reshuffle made him "uncomfortable", and that he did not know where the new Cabinet was formulated or by whom, a possible reference to Jonas's revelation a year ago that the Gupta family meddled in ministerial appointments.

"The annoying, frustrating thing from the South Africa perspective is that you don't want political worries now because things are trending up, things are picking up".

The main opposition party, the Democratic Alliance, said it would file an urgent legal request to try and block the reshuffle and separately push for a parliamentary vote of no-confidence in the President.

Business leaders said in a statement that Gordhan's dismissal would have severe consequences for the economy and was a setback to the work done to avoid a credit ratings downgrade. "He has strengthened himself, he has actually sent a message, even to the branches of the ANC, that he is still firmly in charge and that they shouldn't listen to anyone else but they should look his direction for leadership".

"We came here to a lodge a complaint with the Constitutional Court, asking the Constitutional Court to direct parliament to institute disciplinary proceedings against the president of the Republic of South Africa who was found to have breached his oath of office by this highest court", Malema said. According to Fin24, in a letter copied to other honorary consuls, she noted that "it has been hard enough to defend the Zuma presidency in recent times".

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