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Junk status on the cards after Zuma's night of long knives

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President Jacob Zuma with Finance Minister Pravin Gordhan in better times in 2009. (File, AFP)
President Jacob Zuma with Finance Minister Pravin Gordhan in better times in 2009. (File, AFP)

Johannesburg - President Jacob Zuma fired Finance Minister Pravin Gordhan and eight other cabinet members in a high-stakes power play that may threaten his own presidency and place the nation’s investment grade credit rating at risk.

Gordhan was replaced by Home Affairs Minister Malusi Gigaba, who has no financial or business experience, while ANC MP Sfiso Buthelezi takes over from Mcebisi Jonas as deputy finance minister.

The cabinet overhaul came in a late-night move that threatens to split the 105-year-old ruling African National Congress and trigger a revolt against the president. The rand extended losses, heading for its worst week in more than a year.

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