Last year was a difficult year with low economic growth, a declining currency, an increasing budget deficit and a substantial trade shortfall. The shock firing of Finance Minister Nene in December threatened to put the country into a downward economic spiral. The reappointment of Pravin Gordhan as Minister of Finance partially restored credibility to this crucial post. However, it has left South Africa entering 2016 with record currency lows, a need to re-establish fiscal discipline and restore confidence with our (mainly off-shore) creditors and investors.
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