13 June 2017

South Africa: Analysis - Being Malusi Gigaba

Photo: The Presidency
President Zuma accompanied by Atul Gupta, Malusi Gigaba and Nazeem Howa at a Gupta-owned New Age business breakfast.

Who, in their right mind, would want to be Malusi Gigaba? Our Finance Minister is now at the centre of several storms, and under attack from almost all sides. It is a position few would envy. It is hard to see how he gets out of this with any credibility at all, never mind with any senior position in government or the ANC. Much of this, but not all, is of his own making. And it is becoming increasingly clear he simply cannot get away from the Saxonwold Embrace.

On Monday the Finance Ministry announced that it was cancelling a press conference. There is not much that is exciting about that; press conferences are cancelled from time to time. But some press conferences should never be cancelled. Because in their place there is a vacuum to fill. And it gets filled by speculation and sometimes innuendo.

This press conference was to announce government's response to the decision by the Moody's ratings agency to downgrade South Africa to just one notch above junk. They are the last agency to say that people should still invest with us, and it's all hanging by a thread. Gigaba was going to...

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