ACDP calls for the recall of President Zuma
* says Zuma must be held accountable for rand plummeting & impact on the financial markets as a result of axing Minister Nene
* ACDP would support motion of no confidence brought against President in Parliament.”
ACDP leader, Rev Kenneth Meshoe MP, while welcoming the appointment of Pravin Gordhan as Minister of Finances, has called for the recall of President Zuma following the last week’s shock axing of Minister Nene, and the resultant impact on the financial markets.
“The ACDP welcomes last night’s appointment of Pravin Gordhan as Minister of Finances. This follows the shock decision last week to axe Minister Nene and replace him with the relatively unknown David Van Rooyen. The appointment of Gordhan is a belated effort to restore market confidence following the rand plummeting to record lows and the stock exchange taking a hammering after this decision.
The damage has been done, and President Zuma must be held accountable. Even before Nene’s firing, two ratings agencies had given a negative assessment of South Africa’s sovereign credit rating, leaving it just above junk status. The axing of Nene was the final straw for many investors who withdrew funds from the country, resulting in huge losses to the South African economy (estimated R169 billion loss on the stock exchange and R52 billion loss on the bond market – albeit that there has been a recovery today following Gordhan’s appointment).
President Zuma’s appointment of David Van Rooyen in Gordhan’s place as Minister of Cooperative Governance and Traditional Affairs also does not inspire confidence, given Van Rooyen’s poor track record as Executive Mayor of Merafong.”
Rev Meshoe concluded, “It is for these reasons that the ACDP is supporting calls from a broad cross-section of society, including veteran ANC members such as Barbara Hogan and Prof Ben Turok for President Zuma to be recalled. We would support a motion of no confidence brought against him in Parliament.”