South Africa's Zuma replaces embattled finance minister Pravin Gordhan
South African President Jacob Zuma has appointed Malusi Gigaba as the country's new finance minister, replacing Pravin Gordhan who was sacked in a cabinet reshuffle, a statement from the president's office just after midnight on Thursday said.
Zuma also said that Sfiso Buthelezi was appointed Deputy Finance Minister replacing Mcebisi Jonas.
"I have directed the new ministers and deputy ministers to work tirelessly with their colleagues to bring about radical socioeconomic transformation and to ensure that the promise of a better life for the poor and the working class becomes a reality," Zuma said.
It was an expected move that had spooked investors this week and sent the currency tumbling.
Zuma's replacement of Gordhan comes as part of a cabinet shuffle that changes 10 of the country's 35 ministers.
Pressure has been growing on Zuma to step down after he recalled Gordhan, who has a strong reputation as a bulwark against corruption, from a trade trip in London earlier this week.
Frustration has been growing with Zuma after numerous allegations of corruption.
South Africa's two main opposition parties took aim at the president on Thursday, with one appealing to the highest court to order impeachment proceedings and the other announcing it will launch a vote of no confidence.
Culled from AP