South Africa's Zuma sacks finance minister, reshuffles cabinet

South Africa’s President Jacob Zuma has sacked Finance Minister Pravin Gordhan from his cabinet.

The decision was reached after Top ANC leaders met with Zuma at his Pretoria residence at his request.

President Zuma: I have decided to make changes to the National Executive in order to improve efficiency and effectiveness. #CabinetReshuffle

— South African Gov (GovernmentZA) March 30, 2017

President Zuma: The changes bring some younger MPs & women into the National Executive in order to benefit from their energy, experience

— South African Gov (GovernmentZA) March 30, 2017

Pres Zuma: I have directed the new Min. & DMs to work tirelessly with their colleagues to bring about radical socio-economic transformation

— South African Gov (@GovernmentZA) March 30, 2017

Gordhan’s sacking comes after days of speculation that has rocked the country’s markets and currency.

Gordhan was appointed finance minister in 2009 before he was appointed cooperative minister in 2014. He was then reappointed finance minister in December 2015.

Rumours of his removal began on the eve of the country’s 2016 budget reading.

#CabinetReshuffle The new Ministers are the following: pic.twitter.com/EoReMCRzhM

— South African Gov (@GovernmentZA) March 30, 2017

Gordhan has been replaced by Malusi Gigaba who previously held the post of Minister of Home Affairs.

BREAKING NEWS: #MalusiGigaba is the new Finance Minister pic.twitter.com/XQsrz0Ys1s

— eNCA (@eNCA) March 30, 2017

Nine ministers along with six deputies were also hit by Thursday’s reshuffle exercise.