President Jacob Zuma has axed Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas.
The new Finance Minister is the former Home Affairs Minister Malusi Gigaba, and his deputy Sifiso Buthelezi is former adviser to President Jacob Zuma and economist.
Economist, Iraj Abedian, says this is the biggest change since 1996.
Both the minister and his deputy are replaced by people who aren't known in terms of finance, and do not have any track record.— Iraj Abedian, economist
They have to start from ground zero, build up their credibility and knowledge of how National Treasury works, and what are constitutional requirements. And begin to learn how capital markets locally and internationally operate and interact with new Treasury.— Iraj Abedian, economist
These are huge amounts of learning that in the best of times take years to accumulate. We have to see what's the new dispensation is all about.— Iraj Abedian, economist
The culture here has been that when the new minister comes, new DGs are introduced.... that's one issue that the market look very closely.— Iraj Abedian, economist
Listen to the full interview with Iraj Abedian for more details...
This article first appeared on 702 : 'Gigaba and his deputy have zero knowledge of how Treasury works'