April 1, 2017 / 9:32 AM / 2 years ago

South Africa's new finance minister wants radically transformed economy

PRETORIA, April 1 (Reuters) - New South African Finance Minister Malusi Gigaba said on Saturday he was committed to maintaining South Africa’s investment-grade credit ratings, which analysts have said are threatened after the removal of his predecessor Pravin Gordhan.

Addressing a news conference, Gigaba also signaled a shift to the left, saying “we need to radically transform the South African economy”.

President Jacob Zuma’s midnight sacking of Gordhan shook South African markets on Friday, undermining his authority and threatening to split the African National Congress that has governed since the end of apartheid. (Reporting Mfuneko Toyana; Writing by Ed Stoddard Editing by Jeremy Gaunt)

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