The veteran Indian-origin politician, Pravin Gordhan, 66, has been appointed South Africa’s new Finance Minister by President Jacob Zuma. The appointment comes amid a raging economic turmoil in Africa's second-largest economy. Even there is mounting pressure on the President Jacob to quit the office after he sacked previous Finance Minister Nhlanhla Nene which was also widely-criticized by the general public and media.
The appointment of Pravin Gordhan, as the third finance minister in the present Zuma led government is interesting as two of his predecessors were fired amid economic turmoil in South Africa. Gordhan’s appointment comes after Zuma dismissed his Finance Minister Nhlanhla Nene without providing any reasons.
Mr. Gordhan, though is widely respected when he served as South Africa's finance minister from 2009 until 2014 and his appointment is considered as a move to restore some confidence and boost the market conditions. The president has also assigned Mr. Gordhan with several tasks to address the country’s failing economy. He will be required to make certain fiscal discipline in government spending, and work with the financial sector bringing about the much-needed stability.
The appointment also showed an immediate effect with the currency rising, recovering from just over 16 rand to the dollar to about 15. The Johannesburg stock exchange also recovered from some of recent previous week's losses.