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Cyril is sadly not SA’s saviour, says economist

Cape Town - Deputy President Cyril Ramaphosa has failed to rise to the occasion to rescue South Africa, according to at least one economist.

The Presidency released a statement just after midnight announcing that Pravin Gordhan would be replaced by Malusi Gigaba – becoming the fourth finance minister in the last 15 months. Sfiso Buthelezi took over the role of deputy finance minister from Mcibisi Jonas.

READ: Treasury welcomes Gigaba with a warning

“In these difficult times one would have wanted to see clear leadership from Ramaphosa, for instance by resigning from Cabinet and leading the charge against President Jacob Zuma (not against the ANC) in parliament,” said Professor Jannie Rossouw, head of the school of economic and business sciences at Wits University.

“Ramaphosa did not do this, so it is clear he in not Cyril our saviour,” he told Fin24. “Who is then the ANC leader to say this is enough?”

The ruling party faced strong public backlash and came under severe criticism from political parties, business leaders and civil rights groups, following Zuma’s Cabinet culling, in which five ministers and three deputy ministers were booted out of office.

The Cabinet reshuffle, described as the night of the long knives and Zuma’s midnight ministerial massacre, sent the rand heading for its worst week in more than a year. It plunged 8% this week, the most of 150 currencies tracked by Bloomberg.

“In short, all this shows that Zuma does not care for the country,” said Rossouw.

READ: Ramaphosa: 'Totally unacceptable' for JZ to fire Gordhan

Although Ramaphosa expressed his displeasure over Zuma's Cabinet reshuffle, he told journalists that he will not resign.

"I think it is totally unacceptable that he fired someone like Gordhan, who has served the country excellently”, he said in Bloemfontein on Friday at the launch the National Strategic Plan on HIV, TB and STIs.
 
Asked if he would step down, Ramaphosa said “No. I will stay to serve the people."

Fight the good fight and win

Meanwhile, Barbara Hogan, the widow of Ahmed Kathrada, said she hoped that the few good remaining ministers would stay in their positions and fight for the country.

"This is not the time to vacate your positions good ministers, because these other forces are so hell-bent on their agenda that if good ministers resign, they will just pack them with people who will do whatever they are told to do," she said at a briefing by the Ahmed Kathrada and Nelson Mandela foundations.

READ: This is not the time to vacate your positions, good ministers - Hogan

"Fight the good fight, rather be driven out fighting the good fight than hand over to some dark forces, better still, rather fight the good fight and win."

Hogan also commented on the so-called “Operation Checkmate” that Zuma used as the basis to oust Gordhan and Jonas. The alleged intelligence report accuses Gordhan, Jonas and Treasury director general Fuzile Lungisa of planning secret meetings with international investors to undermine Zuma’s Presidency.

"This means that the president is not applying his mind in making decisions about one of the most critical issues about this country – who is going to lead the party? This is an indictment," she proclaimed.

Praise for Gordhan and Jonas

Dr Kenneth Creamer, economist from Wits University, said Gordhan and Mcebisi have made a name for themselves as ethical and hard-working political office-bearers.  

“Both Gordhan and Jonas have a long and proud track-record of trying to manage South Africa's public finances in such a way as to build a more inclusive, non-racial and non-sexist society,” he told Fin24.

“Gordhan and Jonas have always sought to do the right thing even when they have faced sinister, faceless smear campaigns and have been unfairly criticised by self-seeking, political opportunists.”

President Zuma's decision to fire the duo without just cause is wholly unacceptable and creates significant risks for South Africa, Creamer warned.
 
“President Zuma's decision is likely to weaken good governance, harm the economy and see public resources, which should be used to provide services to the poor, being redirected to the pockets of corrupt individuals.”

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