News that an Indian origin politician Pravin Gordhan has become finance minister of South Africa has been the talk of the town. It must be noted that he was appointed by the South African president Mr Jacob Zuma and was third financial chief of the country within a week. It is known that finance minister Nhlanhla Nene was sacked from his post by the president of South Africa and he was followed by David Rooyen creating great turmoil. The aftermath of Nene’s sacking was such that South Africa’s currency ‘’Rand’’ value plummeted and this resulted in selloff of bank shares.
There were lots of criticisms thrown at the president of South Africa and it is mainly due to the way he replaced Nene. It was said that reason was not given at the beginning for the announcement. Moreover the decision to replace Nene was not perfect at that critical juncture. The pressure on the economy was unbelievably high. Questions were asked regarding the appointment of Rooyen as finance minister as he did not have enough experience.
It must be noted that Durban born 66 year old Pravin Gordhan’s appointment as new finance minister had sent the value of ‘’Rand’’ soaring again by 5%. Gordhan served as minister of finance in South Africa form 2009 to 2014. Then he was given minister of Cooperative Governance and Traditional affairs post. It must be noted that Mr Gordhan’s role as finance minister would involve strengthening of the financial sector. He would be involved in promoting the fiscal discipline. It is known that Mr Pravin Gordhan completed his degree in pharmacy from the renowned University of Durban and got associated with Natal Indian Congress in the year 1971. In 1974 he was elected to its executive council. Now it is said that Mr Gordhan would be responsible for job creation and would be working towards the stabilization of debts. One main news is South African economy is still regarded as the second largest economy in Africa behind Nigeria
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