Finance Ministers compared – Pravin Gordhan vs Malusi Gigaba

President Jacob Zuma has reshuffled his cabinet, which included firing finance minister Pravin Gordhan and deputy finance minister Mcebisi Jonas.

Zuma said he made the changes “to improve efficiency and effectiveness”.

The changes bring younger MPs and more women into the National Executive “to benefit from their energy, experience, and expertise”, said Zuma.

Zuma claimed that the new ministers will be more efficient and effective than former ministers.

No relevant experience

The President will have a hard time explaining how new finance minister Malusi Gigaba brings more experience and expertise to the position than Gordhan.

Gigaba does not have any Treasury or South African Revenue Services experience, which is important for continuity in the finance department.

It did not take long for analysts to question Zuma’s decision, which is seen as an attack on the Treasury.

“The market will struggle to digest Gigaba. We think this is bad for the market and for SA,” said Nomura analyst Peter Attard Montalto.

“We view this as an open attack on Treasury to replace people who are conservative and anti-corruption with people loyal to Zuma.”

NKC African Economics MD Noelani King agreed, saying that this is probably not good news for the markets – as Gigaba doesn’t have any real finance experience.

The graphic below provides a comparison of the relevant experience, expertise, and qualifications of former finance minister Pravin Gordhan and his replacement Malusi Gigaba.

Pravin vs Malusi

Now read: Zuma fires Gordhan

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Finance Ministers compared – Pravin Gordhan vs Malusi Gigaba