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Cabinet Reshuffle Announced, GDP Data On Tap

SOUTH AFRICA
  • President Cyril Ramaphosa last night unveiled a new Cabinet line-up with two new portfolios, increased the number of ministers in the Presidency to four and appointed ANC deputy leader Paul Masathile to the position of Deputy President. The newly created Electricity portfolio and re-establlished Planning, Monitoring and Evaluation portfolio were handed to Kgosientsho Ramokgopa and Maropene Ramokgopa respectively. President Ramaphosa axed his opponents Lindiwe Sisulu and Nathi Mthwetha but merely moved Nkosazana Dlamini-Zuma, another one of his critics, to a different ministry. With some further tweaks to the Cabinet line-up, the extent of the reshuffle was deeper than expected, as Ramaphosa was seen consolidating his influence over the administration.
  • South Africa's gross reserves fell more than expected to $61.02bn in February from $61.86bn prior versus $61.67bn expected.
  • The country's GDP data for Q4 will be released later this morning.
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