"I find it very hard to believe that someone like Gordhan, who has served the country with everything he has and so much pride and total honor, planned to besmirch Zuma and his government overseas", Ramaphosa told local media.
Zuma even faced calls to resign from beyond the grave.
Some experts are saying the falling rand, and government bond prices are indicative of the good reputation of the former finance minister among investors.
Gordhan will be replaced by Malusi Gigaba, said a statement issued late on Thursday by the President's office.
President Jacob Zuma, who faces a growing backlash from within his own party after electoral setbacks and missteps that included a fiasco that threatened the payment of social grants to 17 million, has taken a more populist tone on the economy.
The country's Deputy President Cyril Ramaphosa launched a unprecedented verbal attack on President Jacob Zuma, whose midnight reshuffle sent the rand currency plunging and triggered accusations that he was promoting graft.
Some placards called Zuma a "tsotsi", a South African slang word for "criminal".
Critics labeled the report a fake. Meanwhile, Investec fell 4.30% to 577.50 pence Friday midday in London.
Mkhize also says the ANC needs to admit there are several serving minister whose performance is unsatisfactory, and the ANC leadership can not justify to be seen to have ignored these factors in a reshuffle. "This must change", Gigaba, who was previously Home Affairs minister, said. Already Zuma has foreshadowed land seizures from whites, raising fears that South Africa could follow Zimbabwe's path to economic ruin, which followed the seizures of white farms.
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But Walsh, one of the few top women in the West Wing, was never a likely fit in the Trump administration. The White House has refused to comment on the Times report , but has not dismissed it outright.
Jackson Mthembu, a senior ANC lawmaker, said Gordhan's only crime was "incorruptibility". Zuma is determined to protect himself from future prosecution by making sure that his ex-wife, Nkosazana Dlamini-Zuma, gets the leadership.
"We have been doing our best to reassure rating agencies, investors and South Africans finances are safe in our hands".
His family barred Zuma from attending his funeral.
Hogan urged Zuma "to step down" as her husband had demanded.
Transport Minister Dipuo Petersm Public Service and Administration Minister Ngoako Ramatlodi, Tourism Minister Derek Hanekom and Energy Minister Tina Joemat-Pettersson were axed along with Gordhan. The opposition Democratic Alliance made significant gains in municipal elections past year with the ANC losing control of Johannesburg, Pretoria and Port Elizabeth.
Hanekom tweeted that he learned about his sacking in a release that gave no explanation.
The event in honour of the ANC stalwart - who is described as part of the "golden generation" of freedom fighters - was supposed to be an official government memorial, before authorities postponed it on Friday, without giving a reason.
The crisis may offer South Africa's two main opposition parties an opportunity to make inroads into the ANC's core support. A report by a constitutionally-mandated watchdog past year said the Guptas influenced Zuma in making government appointments.
But to focus on the economy is to miss the wider significance - many feel the very essence of South Africa is at stake. He held discussions with Gordhan and agreed to a meeting with his predecessor soon, it said.
