The new South Africa’s Finance Minister, Malusi Gigaba, has signalled a swing to the left, calling for radical transformation of the South African economy.

Gigaba, who replaced Mr. Pravin Gordhan said this during a televised news conference

 “We need to radically transform the South African economy;’’ he said and pledged to maintain fiscal stability.

He also said that he was committed to protecting South Africa’s cherished investment-grade credit ratings, which analysts have said are threatened after the removal of his predecessor Pravin Gordhan.

Radical economic change is the political language of South Africa’s ruling African National Congress (ANC) means the redistribution of wealth, land and opportunity to the black majority.

“The ownership of wealth and assets remains concentrated in the hands of a small part of the population. This must change,” Gigaba said.

He however acknowledged the political challenges he faces.

 “I am fully aware that we are at a highly politicized, polarized and contentious moment in the history of our young democracy.

“I will not be distracted by external issues,” Gigaba, who was previously Home Affairs minister, said.

But he said fiscal policy would not be done simply in the interests of big business and capital.

“For too long, there has been a narrative or perception around Treasury, that it belongs primarily and exclusively to ‘orthodox’ economists, big business, powerful interests and international investors. With respect, this is a people’s government,” he said.