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Axing Gordhan will result in immediate downgrade - economist

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Cape Town – South Africa will in all likelihood be downgraded immediately should President Jacob Zuma fire Finance Minister Pravin Gordhan in the near future, Nomura emerging markets economist Peter Attard Montalto said in a company note on Thursday.

Numerous reports have surfaced in the past weeks of an imminent Cabinet reshuffle, which could see ministers such as Gordhan, Trade Industry’s Rob Davies, Tourism Minister Derek Hanekom and Health Minister Aaron Motsoaledi removed from their Cabinet posts.

Loyalists of President Jacob Zuma (the Zuma camp) want access to the National Treasury and especially tighter controls over the Public Investment Corporation (PIC).

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