March 31, 2017 / 6:45 AM / in 4 months

South African CEOs see severe consequences after cabinet reshuffle

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South Africa's Finance Minister Pravin Gordhan walks with his deputy, Mcebisi Jonas as they walk from their offices to a court hearing in Pretoria, South Africa, March 28,2017.Siphiwe Sibeko

JOHANNESBURG (Reuters) - South African President Jacob Zuma's decision to dismiss Finance Minister Pravin Gordhan has severe consequences for the economy and is a setback to the work done to avoid a credit ratings downgrade, a group of business leaders said on Friday.

"This decision, and the manner in which it was taken, is likely to cause severe damage to an economy that is in dire need of growth and jobs," said the CEO Initiative, an organisation that includes the chief executives of Nedbank (NEDJ.J), Standard Bank (SBKJ.J), the JSE (JSEJ.J) and Investec (INLJ.J).

Reporting by TJ Strydom; Editing by Alison Williams

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