South Africa's rand weakened early on Tuesday after President Cyril Ramaphosa appointed a new electricity minister to try to solve the country's worst power cuts on record, and added other allies to the cabinet ahead of elections next year.
South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File.
JOHANNESBURG, March 7 - South Africa's rand weakened early on Tuesday after President Cyril Ramaphosa a new electricity minister to try to solve the country's worst power cuts on record, and added other allies to the cabinet ahead of elections next year.ETM Analytics had forecast markets would not respond positively to the reshuffle, saying in a note "it offers no fresh strategy to deal with any of the crises South Africa is currently facing".
Cabinet changes had been widely expected since Ramaphosa was re-elected leader of the governing African National Congress at a party leadership contest in December, paving the way for him to run for a second term in 2024. In a televised address to the nation, Ramaphosa said he had chosen Kgosientsho Ramokgopa for the newly created role of electricity minister and appointed the ANC's No. 2 official, Paul Mashatile, as deputy president.
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