Following President Zuma’s controversial cabinet reshuffle at the end of March 2017, Treasury has undergone some major changes:

  • Malusi Knowledge Nkanyezi Gigaba has replaced Pravin Gordhan as Minister of Finance
  • Sifiso Buthelezi has replaced Mcebisi Jonas as Deputy Finance Minister

Treasury is recruiting for a replacement for The Director General of National Treasury, Lungisa Fuzile, who has resigned.

Here are some facts about the new Minister of Finance (political head of Treasury):

  • Born in 1971 in KwaZulu Natal, Gigaba is the youngest finance minister in South Africa’s history
  • SA’s fourth Finance Minister in two years
  • Formerly the Minister of Home Affairs
  • BA Degree in Education and a Master’s Degree in Social Policy
  • Former President of the African National Congress Youth League
  • Member of the African National Congress’ National Economic Committee (NEC)
  • Member of the National Working Committee of the ANC
  • Member of Trade and Industry Portfolio Committee

Whilst Minister of Home Affairs, Gigaba introduced some major changes such as the travel requirement that all minors produce (in addition to their passport) an Unabridged Birth Certificate for all international travel to and from South Africa.  He also addressed the high rates of immigrant employment in the country by introducing inspections to ensure that all businesses in South Africa have a workforce of at least 60 percent SA citizens.

The South African economy has been badly shaken by these recent events and the road to recovery is likely to be long and difficult.

It is ‘crunch time’ and Minister Gigaba has a colossal job ahead of him in re-establishing trust and the respect of the international markets.