South African Treasury Boss Says He Has Requested Early Exit

JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s Treasury, Lungisa Fuzile, said on Wednesday he has asked to leave government in May, one year before his contract expires, but that his departure was unlikely to trigger an exodus of other top officials.

He has discussed his departure with Finance Minister Malusi Gigaba and may delay his exit if necessary to ensure a smooth transition and preserve the institutional integrity of the Treasury, Fuzile, who is the director-general, said in an interview in Cape Town. He is leaving for family reasons, he said.

“It is not that I am leaving a house on fire, it is not that I am being chased away,” Fuzile said. “I have discussed it with minister Gigaba and we have agreed on the principle that the exit must be informed by the need to ensure a smooth transition. It is highly improbable that there will be an exodus” of other officials, he said.

Fuzile, 51, said he had informed former Finance Minister Pravin Gordhan of his plans to leave a day before Gordhan was fired on March 31. He’s been in the post for six years. The cabinet last year extended his original five-year term for 24 months.