President Jacob Zuma of South Africa on Monday ordered Pravin Gordhan, finance minister to return from an investor roadshow to Britain and the US because he “did not give permission for the trip”.
Gordhan, who was appointed in 2015, after the sudden sack of his predecessor, was in London for the first leg of a week-long non-deal investor roadshow in Britain and the US.
Weak economic growth and tensions within the ruling party African National Congress (ANC) have put South Africa’s investment grade credit rating at risk.
The rand fell as much as 1.7 per cent following the report, while bonds weakened sharply. Banking shares on the Johannesburg bourse fell more than 2 per cent.
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“They were told last night or this morning to come back. The presidency did not give permission for the trip,” a government source said.
Gordhan’s team on the trip to London, Boston and New York included deputy finance minister Mcebisi Jonas and treasury director general Lungisa Fuzile, as well as business executives and union leaders.
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