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South Africa's President Zuma sacks finance minister South Africa rand falls after President Zuma sacks Gordhan
(about 9 hours later)
South Africa's President Jacob Zuma has sacked Finance Minister Pravin Gordhan after days of speculation that rocked the country's markets and currency. South Africa's rand plunged more than 5% overnight after President Jacob Zuma sacked Finance Minister Pravin Gordhan.
Mr Gordhan will be replaced by Malusi Gigaba, said a statement issued late on Thursday by the president's office. Eight other ministers were reshuffled as the Mr Zuma overhauled his cabinet.
Earlier this week, President Zuma recalled Mr Gordhan from planned events in the UK. Mr Gordhan was seen by many as a bulwark against corruption in an administration that is facing growing criticism.
The president said in a statement that his midnight cabinet reshuffle was about a "radical socio-economic transformation".
Malusi Gigaba, previously the Minister of Home Affairs, has replaced Mr Gordhan
Sfiso Buthelezi will become Deputy Finance Minister, replacing Mcebisi Jonas.Sfiso Buthelezi will become Deputy Finance Minister, replacing Mcebisi Jonas.
President Zuma also made a number of other changes in the cabinet.President Zuma also made a number of other changes in the cabinet.
"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," President Zuma's statement said. "I have directed the new ministers and deputy ministers to work tirelessly with their colleagues... to ensure that the promise of a better life for the poor and the working class becomes a reality," President Zuma's statement said.
Earlier this week, President Zuma recalled Mr Gordhan from planned events in the UK.
Last October, Mr Gordhan was charged with fraud - but the charges were later dropped.Last October, Mr Gordhan was charged with fraud - but the charges were later dropped.
He has described the allegations as politically motivated.He has described the allegations as politically motivated.
Mr Gordhan has been seen as standing up to President Zuma in cabinet and has warned against corruption becoming rampant. 'This is about politics' - Alastair Leithead, BBC News
President Jacob Zuma said his reshuffle was all about a "radical transformation" but by sacking detractors and hiring loyalists it was clearly about politics.
Earlier this week, Mr Gordhan was in London reassuring investors to have confidence in his country's economy, but his sacking will have the opposite effect.
His replacement is a man with little economic experience but a keen supporter of the president.
There will be a sharp economic and political reaction to this move by a president still fighting off allegations of corruption and what is known as "state capture", over the political influence of a controversial family.
A nuclear power station deal with Russia worth billions, could now be back on, and commentators will wonder if radical transformation refers to his recent comments about taking land without compensation to give to the people.
Mr Gordhan had been seen as standing up to President Zuma in cabinet and has warned against corruption becoming rampant.
The South African Communist Party, an ally of the governing African National Congress, had earlier lodged a formal objection to plans to dismiss Mr Gordhan, who is widely respected internationally.The South African Communist Party, an ally of the governing African National Congress, had earlier lodged a formal objection to plans to dismiss Mr Gordhan, who is widely respected internationally.
Many senior ANC figures also opposed the finance minister's removal.Many senior ANC figures also opposed the finance minister's removal.
Meanwhile, the Democratic Alliance, South Africa's main opposition party, said it would call a vote of no-confidence in President Zuma in parliament.Meanwhile, the Democratic Alliance, South Africa's main opposition party, said it would call a vote of no-confidence in President Zuma in parliament.
Mr Gordhan's recall from the UK caused South Africa's rand to lose nearly 5% of its value against major currencies earlier this week.
Pressure has been growing on Mr Zuma to step down amid numerous allegations of corruption.Pressure has been growing on Mr Zuma to step down amid numerous allegations of corruption.
He denies the claims. He has been accused of allowing members of the Indian-born Gupta family to wield undue influence in his administration in a scandal known as "state capture".
The replaced Deputy Finance minister Mcebisi Jonas alleged that he had been offered the job of finance minister by one of them.
Mr Zuma denies the claims.