Macro Analysis /
South Africa

South Africa: Cabinet reshuffle creates fiscal uncertainty

  • Ramaphosa reshuffles cabinet, changing 10 ministers and 11 deputies and taking control of security cluster

  • Finance Minister Tito Mboweni replaced with well-known Enoch Godongwana; market reaction muted so far

  • Godongwana is steady pair of hands, but risk of fiscal slippage has increased; overall reshuffle is risk neutral

South Africa: Cabinet reshuffle creates fiscal uncertainty
Patrick Curran
Tellimer Research
6 August 2021
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