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Zuma drops new finance minister after market backlash

– ‘Russian roulette with our economy’ –

Reaction by opposition parties was swift, suggesting that Zuma had lost control and should be recalled as president by the ruling African National Congress.

Mmusi Maimane, the leader of the main opposition Democratic Alliance party, said: “Zuma must stop playing Russian roulette with our economy.

“How much longer can South Africa afford Zuma to hold office? We need change and a new plan for South Africa.”

The radical left-wing Economic Freedom Fighters, led by populist firebrand Julius Malema, said Zuma had turned South Africa into a “joke” and a “banana republic”.

“The EFF calls for the immediate resignation of Zuma before he plunges the country into a deeper crisis,” the party said in a statement.

Bantu Holomisa, leader of the United Democratic Movement, said the president had “lost control” and the ANC “should recall Zuma immediately”.

With Zuma’s announcement made late at night, local analysts were still absorbing the stunning flip-flop and its likely effect on the markets.

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