Widely respected South Africa’s finance minister (2009-2014) and 66-year-old Veteran Indian-origin politician Pravin Gordhan has been appointed South Africa’s new Finance Minister by President Jacob Zuma.
- He will replace David van Rooyen who was appointed on 10 November 2015.
- Gordhan’s appointment raised the Rand up almost 5%.
Gordhan would be responsible to ensure fiscal discipline in government spending and work with the financial sector to bring about stability.
About Pravin Gordhan
In 2009, President Jacob Zuma appointed Gordhan as Minister of Finance.
- From 1991 and 1994, he chaired the Convention for a Democratic South Africa.
- He was previously the Commissioner of the South African Revenue Service (SARS) from 1999 to 2009.
- In 2014, Gordhan was appointed as the Minister of Cooperative Governance and Traditional Affairs.
- University of South Africa, Honorary Doctor of Commerce
- University of Cape Town, Doctor of Law (Honoris Causa)
- Central University of Technology, Doctor of Technology (Honoris Causa)
Credit agency Fitch downgraded South Africa on December 4, leaving the continent’s most sophisticated economy just one notch above junk status. South African economy has been under strain recently but is still the second-largest economy in Africa behind Nigeria.
South African Capitals – Pretoria, Cape Town, Bloemfontein
South African Currency – South African Rand