Rand rallies below R18/$ as Godongwana retains finance post

South Africa’s rand extended a post-election rally after President Cyril Ramaphosa announced a new cabinet that he said would prioritise rapid and sustainable growth.

Analysts at Rand Merchant Bank said Ramaphosa’s retention of Enoch Godongwana as Finance Minister was particularly significant for domestic markets. The reappointment signals a continuation of a prudent fiscal approach and adherence to projections outlined in the February budget and medium-term expenditure framework, they said.

Ramaphosa also included members of the DA — considered business-friendly by investors — in his cabinet, with leader John Steenhuisen named agriculture minister. The coalition government was formed after the ANC lost its parliamentary majority.The currency weakened toward 19 when it became clear that the ANC would lose more support than initially expected in the May 29 vote.

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