An economist at National Treasury says taxpayers paid the price for the political and economic uncertainty after Nhlanhla Nene was fired as the Finance Minister.

Catherine MacLeod says the move which saw former President Jacob Zuma change three Finance ministers in four days in December 2015 raised government’s borrowing cost, reduced investments as well as economic growth.

She says this had a direct and negative impact on efforts to create employment.

MacLeod says this had a direct and negative impact on efforts to create employment.

MacLeod was giving testimony at the judicial commission of inquiry into allegations of State Capture in Parktown, Johannesburg.

Former President Jacob Zuma appointed Van Rooyen as finance minister after axing Nhlanhla Nene in 2015.

Van Rooyen only lasted three days in the portfolio after which Pravin Gordhan replaced him.

The move is estimated to have cost the South African economy over R500 billion.

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