Nenegate: One year on

Nenegate: One year on

Exactly a year ago, President Jacob Zuma announced the removal of Nhlanhla Nene as Minister of Finance.

Nhlanhla Nene-afp

The announcement sent the rand into a tailspin and cost the country an estimated R50 billion.

The financial cost and fears of a credit ratings downgrade to junk status sparked calls for the president to resign. 

Nene was replaced by Des van Rooyen - before he in turn was replaced a few days later by Pravin Gordhan, who had previously - and currently - controls the public purse.

Chief economist from Econometrix, Azaar Jarmine says the economy, particularly the rand, has improved, despite the severe blow.

"The rand is now some 9% percent stronger than it was at the time Nhlanhla Nene was fired," says Jarmine.

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