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South Africa leaders divided after President Zuma sacks Gordhan South Africa leaders divided after President Zuma sacks Gordhan
(about 2 hours later)
South Africa's Deputy President Cyril Ramaphosa has described the sacking of Finance Minister Pravin Gordhan as "totally unacceptable".South Africa's Deputy President Cyril Ramaphosa has described the sacking of Finance Minister Pravin Gordhan as "totally unacceptable".
His late night dismissal on Thursday led to a 5% plunge in the value of the currency, the rand.His late night dismissal on Thursday led to a 5% plunge in the value of the currency, the rand.
Mr Gordhan was seen as a bulwark against corruption in an administration that is facing growing criticism.Mr Gordhan was seen as a bulwark against corruption in an administration that is facing growing criticism.
He was one of several victims as President Jacob Zuma conducted a major overhaul of his cabinet.He was one of several victims as President Jacob Zuma conducted a major overhaul of his cabinet.
Mr Zuma said the midnight reshuffle was about a "radical socio-economic transformation".Mr Zuma said the midnight reshuffle was about a "radical socio-economic transformation".
Mr Ramaphosa told state broadcaster SABC that he would not resign in response to the sacking but continue to " serve the people". Mr Ramaphosa told state broadcaster SABC that he would not resign in response to the sacking but continue to "serve the people".
In a spirited farewell press conference at the treasury's office in Pretoria, Mr Gordhan defended his economic record, and dismissed speculation by that he had recently held meetings in London aimed at undermining Mr Zuma. Why has this caused such a fuss?
Malusi Gigaba, previously the Minister of Home Affairs, has replaced Mr Gordhan. Pravin Gordhan was seen by many as a safe pair of hands when it came to managing the economy.
Sfiso Buthelezi will become Deputy Finance Minister, replacing Mcebisi Jonas. He was keen to keep a tight rein on spending and resisted calls from the president to increase government expenditure.
President Zuma also made a number of other changes in the cabinet. This was Mr Gordhan's second stint as finance minister after first serving from 2009 to 2014.
"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. He was reappointed in 2015 to replace brought in little-known David van Rooyen, less than a week after he took over from Nhlanhla Nene.
Earlier this week, President Zuma recalled Mr Gordhan from planned events in the UK. Why was he sacked?
Last October, Mr Gordhan was charged with fraud - but the charges were later dropped. It is unclear why Mr Gordhan was sacked but local media are pointing to an alleged intelligence report which accuses him of working with foreigners to undermine Mr Zuma's administration.
In a spirited farewell press conference at the treasury's office in Pretoria, Mr Gordhan defended his economic record, and dismissed speculation that he had recently held meetings in London aimed at undermining the president.
The two men did not see eye to eye on government spending, the BBC's Milton Nkosi reports, and that led to a rift between them. Ultimately, though, this is being seen as a political issue with Mr Zuma rewarding loyalists.
Earlier this week, the president recalled his finance minister from planned events in the UK.
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.
'This is about politics' - Alastair Leithead, BBC News What is being said about the sacking?
President Jacob Zuma said his reshuffle was all about a "radical transformation" but by sacking detractors and hiring loyalists it was clearly about politics. Comments by the Deputy President Cyril Ramaphosa that Mr Gordhan's sacking was "totally unacceptable" captures the overwhelming sentiment of some top leaders in the ruling African National Congress (ANC).
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. ANC chief whip Jackson Mthembu said Mr Gordhan and his deputy Mcebisi Jonas had integrity and were incorruptible.
His replacement is a man with little economic experience but a keen supporter of the president. The Anglican Archbishop of Cape Town, Thabo Makgoba, has said the cabinet sackings "constitute an assault on the poor of South Africa".
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. ANC Youth League leader Collen Maine has however praised the cabinet changes calling the new Finance Minister Malusi Gigaba "experienced and intelligent".
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. What impact could this have? Lerato Mbele, BBC News
Mr Gordhan had been seen as standing up to President Zuma in cabinet and has warned against corruption becoming rampant. The rand is experiencing a setback just when it had started to recover from the political uncertainty and international volatility that plagued it in the past year.
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 bond markets, this is where government debt is sold and the values are directly linked to the prospects of the economy have also reacted negatively.
Many senior ANC figures also opposed the finance minister's removal. For foreign investors that is a boon, but for South African taxpayers subsidising the state it does not represent value for money.
Meanwhile, the Democratic Alliance, South Africa's main opposition party, said it would call a vote of no-confidence in President Zuma in parliament. Ultimately ordinary people will feel the pressure of these political moves, a weaker currency means the cost of basic imports such as fuel and some foods will go up.
Pressure has been growing on Mr Zuma to step down amid numerous allegations of corruption. A country whose reputation is dented, may ultimately lose face with international ratings agencies and finally be downgraded to "junk status" when the economic assessments are done again in June.
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". What other changes have been made?
The replaced Deputy Finance minister Mcebisi Jonas alleged that he had been offered the job of finance minister by one of them. Apart from the nine ministers who have been affected by the changes Mr Zuma also appointed 10 deputy ministers.
Mr Zuma denies the claims. Sfiso Buthelezi will become Deputy Finance Minister, replacing Mcebisi Jonas.
"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 said in a statement.