THREE FINANCE MINSTERS IN ONE WEEK

R4 billion jet crashed South African economy

Something as ridiculous as going through Pravin Gordhan can only happen in South Africa. Yep, never mind the consequences to poor South Africans and the business sector, especially importers because the ZAR just got flushed down the toilet for the n~th time since the "ousting of apartheid." Over the past four years the the Rand has lost so much value that it's starting to resemble the free fall of the Zimbabwean Dollar under  Robert Mugabe's presidency.

South Africa as a whole is still reeling from this ridiculous move made by President Jacob Gedleyihlekisa Zuma, who reshuffled his cabinet for the second time in five days. After appointing  unknown lawmaker David van Rooyen and axing Nhlanhla Nene on Wednesday the rand tumbled to a historic low and bond yields jumped to the highest point they have ever been in seven years. This appointment gave the global community a sense of insecurity making them feel their investment in South Africa is turning sour hence they disinvested as fast as the river Nile flows during a flash flood. Forced by the market reaction and that of South Africans from all sectors including fellow politicians within the ANC. Jacob Zuma reconsidered the folly of his decision and hastily reappointed Pravin Gordhan as Finance Minister. As a consequence the rand  immediately improved after a week of market turmoil which triggered the  #zumamustfall campaign, as well as a planned march with a petition to remove the president from power.

President Zuma  is panicking beyond comprehension because his whim was in fact political suicide leaving him more vulnerable than ever for bringing South Africa on the bring of a recession. His political wrangling arose over a planned nuclear deal and questionable spending at the struggling national airline carrier. And there is speculation that Zuma axed Nene because of his refusal to approve the purchase of new Airbus jets  from airline chairwoman, Dudu Myeni, who was known to be a close ally of President Zuma.

However, the South African Rand firmed by as little as one Rand closing of R15.88 which is nowhere near to what it was before 2011. I distinctly remember a time when the 1 ZAR was worth 2 USD but since we've had 5 presidents. It appears that tribalism is beyond good governance seeing  that  JZ was elected into office not because he was the best man for the job but that it was the Msholozi clan's turn to lead the people of South Africa even though he had no formal education as a child.