Cape Town – The seeming demotion of former finance minister Pravin Gordhan to minister of co-operative governance and traditional affairs has been described as a “shock move” and “a waste of talent”.

President Jacob Zuma appointed Nhlanhla Nene to the position instead.

Nomura’s emerging markets economists Peter Attard-Montalto on Sunday described Gordhan’s new portfolio as “a tiny ministry with little power”.
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