CAPE TOWN, March 29 (Xinhua) -- There should be no panic in South Africa about a possible cabinet reshuffle, the African National Congress Youth League (ANCYL) said on Wednesday.
A reshuffle can only be done by the president as it is part of normal government operations and should not be treated as an abnormality, the ANCYL said amid rumours that Zuma was about to sack Finance Minister Pravin Gordhan in a cabinet reshuffle.
On Monday, Zuma instructed Gordhan to cancel the international investment promotion roadshow to the United Kingdom and the United States and return to South Africa immediately.
This gave rise to speculations that Zuma would sack Gordhan in a cabinet reshuffle.
The market reacted to the news negatively, sending the rand tumbling by about five percent against the dollar. On Tuesday, the rand was traded at 13.1150 against the dollar, from a 20-month height of 12.3125. On Wednesday, the rand regained some territory, trading at 12.9386 against the dollar.
The Mail & Guardian newspaper reported on Wednesday that the ANC's top leadership is divided on the axing of Gordhan, thus stopping Zuma from axing Gordhan.
The newspaper said it has reliably learned that Deputy President Cyril Ramaphosa, ANC Secretary General Gwede Mantashe and Treasurer Zweli Mkhize have vehemently opposed the removal of Gordhan.
But the ANCYL threw its weight behind Zuma for a cabinet reshuffle.
The ANCYL reiterated that all ministers serve at the pleasure of the president who is authorized to reshuffle the cabinet as he wants.
The ANCYL also took note of yet another unnecessary panic by the so-called currency markets, which "we have come to know and appreciate that it is not free of abuse and corruption as it is manipulated", ANCYL Secretary General Njabulo Nzuza said.
He said a recent report, which has been shelved by mainstream media, revealed that forex traders and major banks have the power to collude and devaluate the rand as they please.
The ANCYL would like to issue a stern warning that it will continue its campaign against those who are involved in corrupt activities of devaluing the rand and there will be consequences, Nzuza said.
"We reiterate our stance that President Zuma must be given space to operate as per the constitution of the Republic which gives him the powers to appoint, direct and remove Ministers and the country should never be held at ransom," said Nzuza.
The Finance Minister, like any other minister, should implement ANC policy at Treasury and not become a law unto himself, Nzuza noted.
"Taking unauthorized trips and advancing his own "fiscal policy" that ignores the aspirations of our people as per the ANC manifesto can no longer be left unchallenged," Nzuza said.
The ANCYL accused Gordhan of continuing to operate as a law unto himself and behaving as though he is the Prime Minister of this country.
Gordhan "continues to be buoyed by the currency market which has been exposed to be corrupted by profit driven interests who harbor political agendas," Nzuza said.
Nzuza called Zuma to exercise full control over his cabinet and assured that the ANCYL fully supports the president.
"Zuma has a right to appoint whoever he sees fit to any position," Nzuza added.
