I’m an early riser. Yesterday especially so, as it was another Pravin Gordhan coming out parade. The day when his Budget Address put the seal on what my pal Matthew Lester calls the greatest comeback since Lazarus.
Pravin was confident and assured, as you’d expect of one with his credentials. A decade running SARS, half as long guiding Treasury through the tricky post GFC period. Then a couple of years having an unexpected but important look at SA’s disastrous local municipalities. That President Jacob Zuma believes his lightweight choice Des van Rooyen would be a better Finance Minister explains much about why SA is in such trouble.
Many were pulling for Gordhan yesterday, especially the five dozen CEOs he’d met with recently. The former pharmacist did his best to push the positive spin – returning continuously to watchwords of resilience, committed and resourceful. Before Nenegate that cheerleading he might have carried the day. This time there was no win for spin.
The Rand fell 40c. Bonds weakened by 20 basis points. This was largely the result of traders expecting too much. But it was also a reminder that trust, once broken, takes years to rebuild. Business leaders not privy to those intimate discussions are sceptical. They want to see results before believing. Pravin is capable of delivering. But only if his toxic boss stays out the way.
