By Zuko Komisa
According to analysts, Finance Minister Enoch Godongwana, who’s battling allegations of sexual harassment may have to be forced to step down as this poses a new threat to the rand.
Godongwana has said that claims of sexually harassing a masseuse were fabrications and extortion efforts.
After his wife left the room to go shopping, a 23-year-old woman who accused Godongwana of sexually harassing her at a posh lodge in the Kruger National Park told the police that the minister began fondling her and gave her instructions on what to do on his body.
These accusations first appeared in the media a week ago, and the minister vehemently rejected them, claiming that his wife was present for the entire massage.
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Kaya Biz with Gugulethu Mfuphi speaks to George Glynos, the managing director and chief economist at ETM Analytics about the future of the Ministry of Finance.
LISTEN TO FULL CONVERSATION HERE:
Glynos explained how Godongwana’s allegations pose a significant threat to the South Afrian Rand.
“I don’t think it helps the rand, but in the main, the rand’s weakness isn’t a function of the rumour mill, but very much what is happening with the dollar at the moment.”
“The dollar is gaining ground against most currencies. That has been the heart and soul of most of the recent movements.”
“There’s a lot of concern about the allegations surrounding Minister Godongwana because he is of course a highly respected Minister. “
“At least from the investors and the people I speak to aboard, they rate him as one of the best Finance Ministers we have had since Trevor Manuel.”
The last thing you want is economic uncertainty, and when you have someone who’s well respected who’s believed to have the ear of the intellegencia within the ANC as well while gaining the respect of foreign investors, the threat of him going is a little bit disturbing. “
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