Gordhan's trip last week took place against the backdrop of mounting concerns that Africa's most advanced economy could lose its investment-grade rating by mid-year, potentially raising borrowing costs for government and firms alike.

On Tuesday credit rating agency Moody's moved a step closer to cutting South Africa's rating to junk while data showed the current account deficit widening further and more South African firms heading overseas to invest.

Appointed after a predecessor's sudden sacking, Gordhan has been trying to win back UK and U.S.-based investors and repair the damage from "9-12", the day in December when President Jacob Zuma suddenly changed his finance minister.

It took the subsequent appointment of Gordhan, respected for a previous stint at the ministry, to calm markets.

But "9-12" was seen to have seriously dented South Africa's institutional credibility, adding to investor worries about an economy growing at less than 1 percent and struggling with a host of problems including high inflation, drought, a balance of payments hole, weak commodity prices, frequent labour unrest and power shortages.